August 2024 Change Record
New features
The following table lists the new features added to Q2 Loan Servicing User Guide for Master Facility for the August 2024 release:
| Serial Number | Feature | Link to the section |
|---|---|---|
| 1 |
Amortization Schedule Storage Optimization (for Simple Loans product type only) |
Following new sections have been added: |
Enhancements
The following table lists the new enhancements made to the existing features in the Q2 Loan Servicing User Guide for Master Facility for the August 2024 release:
| Serial Number | Enhancement | Link to the section |
|---|---|---|
| 1 |
A new field named Additional Interest Paid has been added in the contract page to include the additional interest amount within the Total Amount Paid. (Applicable only for Simple Loans types of product child loans) |
|
| 2 | You cannot create a charge when a loan is closed. |
Create a fee or charge |
| 3. |
Payment mode for Closure-Tolerance and Rebate LPTs now use Internal Transfer to differentiate from other LPTs (Payment mode for Closure-Tolerance LPTs applicable only for Simple Loans and Amortization based types of child loans Payment mode for Rebate LPTs applicable only for Simple Loans) |
The required content has been updated in the following sections: |
| 4. |
LAD will not update the parent Master Facility loan if it does not have Additional Interest Component in it for payments for a revolving parent loan, disbursements, and principal adjustments in a child loan. (Applicable only for Simple Loans types of product child loans) |
The required content has been updated in the following sections: |
| 5. |
EMI amounts can now be generated based on the varying interest rates defined in the Interest Rate Schedule for a Simple Loan and an Amortized Loan product. (Applicable only for Simple Loans and Amortization based types of child loans) |
A new section is created as follows: Following sections have been updated accordingly: |