Mercury Release Notes

  • Updated

Mercury April 01, 2024, Patch Release Notes

Purpose of this document

This is a living document, and its contents may be updated often. Make sure that you have the latest version for use.

This document provides information about the bugs fixed in the Q2 Loan Servicing and Marketplace patch releases.

The contents of this document are applicable to all customers who have installed the mentioned Q2 Loan Servicing and Marketplace patch.

This release note may be updated after the first release. Any changes to the contents of this release note are listed in the Change Record section.

Intended audience

The audience of this document includes business users, implementers, and system administrators.

Prerequisites for use

This document assumes a basic knowledge of the product concepts, the product release, and the Salesforce platform.

Glossary

Term

Description

Interest Posting Transaction

For interest posting enabled loans, an Interest Posting Transaction (IPT) is created on every interest posting date (specified on loan contract) to indicate the interest accrued till that date, which is due from the customer.

Investment Order

Investment Order is the investor's commitment to invest in a particular loan.

Investor Payout job

The Investor Payout job is used to update the investment amount that is used to be paid to the investors, on the Investment Order.

Interest Accrued

Interest Accrued is the interest that has been incurred on a loan or other financial obligation but has not yet been paid out.

Investment Order Interest Accrual Job

The Investment Order Interest Accrual Job is run independently to accrue interest for all investment orders on daily basis.

Maintain Delinquency flag

Delinquency flag value means the time period a cardholder has been delinquent. Select the Maintain Delinquency check box to maintain the delinquency of a contract.

Prepayment Penalty Fee

Prepayment Penalty Fee is a fee that a lender may charge when a borrower repays the loan before the scheduled maturity date or repays more than the due at that point in time.

Backdated Payoff Quote

A backdated payoff Quote can be generated on a date that is in the past and is greater than the Last Accrual Date (LAD). This quote is calculated for a period starting from the next day after the LAD to the payoff quote date.

Future Dated Payoff Quote

The future dated payoff quote can be generated for a date in the future with an option to select if the bills and fees are going to be paid on time.

Interest Posting Transaction

For interest posting enabled loans, an Interest Posting Transaction (IPT) is created on every interest posting date (specified on loan contract) to indicate the interest accrued till that date, which is due from the customer.

Interest Accrued

Interest Accrued is the interest that has been incurred on a loan or other financial obligation but has not yet been paid out.

Installment Payment

Installment payment is the regularly scheduled payment that includes repayment of a portion of the principal amount borrowed, and also the payment of interest on the debt.

From the Hydrogen release, borrowers can repay the future schedules in advance at any point in time in Flexible-AMZ type loans irrespective of the due date. This feature allows the lenders to collect payment for future installments including principal and interest. This is achieved by closing the interest posting transaction by calculating the extra interest expected to be posted from the current date to the installment date. Until the installment date, the loan account is locked and no other loan actions, such as rate change and term extension can be performed.

For this option to be available, the Installment Payment flag must be enabled.

Application Date

Application Date is the date of contract creation.

Contract Date

Contract Date is the date of first disbursal.

Loan Payment Transaction (LPT)

During the life of the contract, borrowers make payments against bills and charges created against the loan. Every borrower payment in loan is recorded as a Loan Payment Transaction.

Reschedule Threshold Crossed flag

This flag is a field in the Loan Payment Transaction object. It is set to true when the Transaction Amount on the LPT for a loan is higher than the predefined reschedule threshold value resulting in the triggering of the rescheduling of that loan.

Issues fixed in Q2 Loan Servicing Mercury 3.4028.156

On attempting to upgrade the Investment Order using the custom script, the system is displaying an error message (Jira ID:PDRFF-3364/ND-8438)

Issue description

For users with over 400k Investment Oders, on attempting to upgrade the IOs using the custom script, the system is displaying the following error message:

Important

Error on line 48, column 1: System.LimitException: loan:Too many query rows: 50001

Resolution

The issue is now resolved, and the system is not displaying any error message while upgrading the IOs using the custom script.

Issues fixed in Q2 Loan Servicing Mercury (3.4028.154)

On a Backdated payoff, the system is not closing a Flexible Amz loan (Jira ID: PDRFF-2568/ND-7275)

Fixed Version

This issue has been fixed in the following version:

  • Q2 Loan Servicing Mercury (3.4028.154)

Issue Description

For a Flexible AMZ loan, in case of a backdated Payoff before the LAD , the system is currently consider the open IPT of the next billing cycle, which has the amount calculated from the LAD date to System Date and hence the contract status is not getting updated to Closed - Obligation Met

Example to understand the behavior after the fix

  1. Create a loan contract with the following values on March 1, 2013:

    • Loan Type = FAMZ Loan

    • Loan Amount =$10,000

    • Interest Rate =10%

    • Terms =10

    • Time Counting Method = Month And Days

    • Interest Posting Frequency = Monthly

    • Payment Frequency = Monthly

  2. Approve and disburse the loan.

  3. Create loan with Pre Bill Days = 5

  4. Without making payment, move the CUrrent System Date to April 11, 2013.

    The values are updated as follows:

    • Interest Accrued = $25.10

    • Interest Remaining = $83.33

    • Today's Payoff = $10,018.43

  5. Create a backdate Loan Payoff LPT of $10,108.43 as per above Payoff Quote with Transaction Date as March 21, 2013.

    This is the Loan Payoff LPT.

    The values are updated as follows:

    • The loan contract is closed with the status as Closed -Obligation Met. (Before the fix the systemwas updating the status incorrectly to Active-Bad Standing)

    • The closed IPTs post March 21, 2013, are marked as Paid.

    • The IPT of May 01, 2013, will remain Open with Interest Posted as $0.

    • Bill-1 generated for April 01, 2013, will remain unpaid and primary.

    • After paying off Loan with amount posted till last LAD, the remaining amount from the LPT goes to Excess. Excess = $25.10

Resolution

The issue is now fixed. The system is now closing a Flexible Amz loan even on a Backdated payoff.

The system is creating Excess LPTs even for the loans with Closed - Obligation met status Closed -Obligation met status (Jira ID: PDRFF-2784/ND-7477)
Fixed Version

This issue has been fixed in the following version:

  • Q2 Loan Servicing Mercury (3.4028.154)

Issue Description

As the Excess for Amortization Based Loans job is not checking the status of contract, the system is creating Excess LPT every day after a loan payoff. Ideally, the system must not create excess LPTs for a closed contract.

Resolution

The issue is now fixed and the system does not create Excess LPTs after the Loan is Closed -Obligation met status.

Change record

c

Change Date

Description of Change

1

April 01, 2024

Published the patch release notes for: Q2 Loan Servicing 3.4028.154

2

October 28, 2024

Published the patch release notes for: Q2 Loan Servicing 3.4028.156

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