Check this box to allow the account to be closed once the account is paid off i.e. system closes the account after the number of days specified in the system parameter has elapsed. This option is selected by default.

If not selected, system ignores the system parameter and does not close the account even if the account is paid off i.e. system keeps the accounts active so that the equity can be traded with other accounts. For information on accounts trading, refer to Appendix - Trading of Accounts chapter.

Note: If the business practice of a financial institution is not to close the accounts then this Indicator need to be unchecked. Mainly in the Vacation Ownership where a Timeshare product can be traded anytime even if the account is paid-off, this feature is used.

Check this box to enable Customer Credit Limit tab in Origination module. Using the Customer Credit Limit tab, an underwriter can define a specific credit limit for the customer while funding the first application and based on that credit limit, subsequent applications can be funded.

For more information, refer to Customer Credit Limit details in User Guide.

Check this box to activate the product.

Note: You can check this box only when Rate adjustment schedule is maintained, i.e., All the products should be variable rate products.

Check this box to skip credit bureau reporting of all Accounts funded with this product type - i.e. on funding an application, that particular account is enabled with this parameter and is excluded when the metro II batch job is run for credit bureau reporting.

This option can also be enabled/disabled at individual account level in Servicing by posting Skip Credit Bureau Reporting Maintenance nonmonetary transaction.

However note that existing behaviour of Stop Bureau Account condition would still be applicable.

Select the account type for the product, from the drop-down list.

*Note: The Credit Bureau Portfolio Type and Credit Bureau Account Type fields determine how the portfolio is reported back to the credit bureaus.

Select the billing cycle for the product, from the drop-down list.

Note: This field is not editable and the billing cycle is selected as MONTHLY by default if the lease calculation method is selected as RENT FACTOR.

Check this box to allow flexible repayment for the Product. When you check this check box, the Flexible Repayment Allowed box of Repayment Options section available under Funding tab > Contract sub tab > Replacement sub tab of Funding screen.

Note: On the Repayment sub screen of Contract link on Funding screen, you may only enter the desired repayment schedule type in the Repayment section’s Type field if the Flexible Repayment Allowed is selected.

Select the index rate rounding factor for the product, from the drop-down list.

Note: For more information, refer Appendix C: Rounding Amounts and Rate Attributes.

Note: For each Usage or Rental details defined in Asset Type screen, you can define only one record for each asset type (i.e. one for Usage and one for Rental).

Based on the selected option, OFSLL handles the lease calculation and billing. For more information on Usage based leasing, refer to Appendix : Usage Based Leasing chapter and for Rental based leasing, refer to Rental Agreement section in Lease Origination User Guide.