Create a Condition on a Payment Spread
During its life cycle, a loan contract may move through various stages and statuses.Based on the status of the contract, you can define a different order in which the payments received from the borrower must be applied to satisfy the charges and bills generated on the contract. These scenarios are called conditions. For example, you can define the condition as a loan in Active-Bad Standing status, and specify a spread order of interest, fees, and principal to apply the borrower payment to.
When you create a loan contract, you can include multiple combinations of conditions and payment spreads.
Prerequisites
None.
Steps
Perform the following steps to create a new condition on a payment spread:
Log in to your Salesforce account.
Click Service Configuration.
Select New Condition on Payment Spread.
Select the Parameter. For example, Status.
Select the Operator. For example, =
Select the Value from the list. For example, Active-Bad Standing.
Click Save.
A condition on a payment spread is created, and added to the available conditions in the Condition On Payment Spread page.
To use a custom spread without associating it with any specific condition, specify the Parameter and Value fields as True.
When there is no condition defined, the default spread is used to apply borrower payments to bills and charges, which is Fees, Interest and Principal.