1. Lease Origination User Guide
  2. Underwriting
  3. Collateral Tab
  4. Vacation Ownership tab

7.12.3 Vacation Ownership tab

In the Vacation Ownership sub tab you can capture and maintain Timeshare specific collateral details of an account. This tab is displayed only for Home collateral and allows to maintain only one record for the selected account.

In Vacation Ownership or Timeshare industry, points represent monetary equivalent value and in a points-based timeshare ownership system, members/owners use the allotted points to exchange/trade collaterals. OFSLL uses these points for Asst Billing calculations while deriving the transaction amount as detailed in Setup > Asset Billing Rate screen.

Also in Vacation Ownership or Timeshare industry, Tiers are used to classify a membership into different levels based on total points at Master Accounts. Each level of membership offers more perks than previous level. OFSLL supports points-based Tier Calculation at Master Account level using the Formula parameters in Setup > User Defined Parameters screen.

Data in Vacation Ownership tab can also be populated from the following options:
  • Create and Update Collateral Upload files
  • Application Update Service
To maintain Vacation Ownership Elements for an account
  1. Click Vacation Ownership sub tab.
  2. Perform any of the Basic Operations mentioned in Navigation chapter.
  3. In the Vacation Ownership Elements section, view or edit the following information:

    Table 7-54 Vacation Ownership Elements

    In this field View this
    Club Name Select the Club Name from the drop-down list.
    Points Specify the points up to two decimal digit.
    Billing Points

    View the auto populated billing points.

    If the Asset Usage Type Sub Code is selected as FULL, this field is populated with total Points available in Points field.

    If the Asset Usage Type Sub Code is selected as HALF, this field is populated with total Points/2 available in Points field.
    First Year Proration Select the check box for first year proration.
    Resort Identifier Select the Resort Identifier from the drop-down list.
    Association Id Select the Association Id from the drop-down list.
    Building Select the Building from the drop-down list.
    Room/Unit Type Select the Room/Unit Type from the drop-down list.
    Unit Select the Unit from the drop-down list.
    Week Select the Week from the drop-down list.
    Site of Inventory Select the Site of Inventory from the drop-down list.
    Phase Number Select the Phase Number from the drop-down list.
    Usage Type Select the Usage Type from the drop-down list.
    Usage Start Date Select the Usage Start Date from adjoining calendar.
    Plus Membership Type Check this box to indicate Plus Membership Type.
    PR Marking Check this box to indicate PR Marking.
    Signature Grand Father Check this box to indicate Signature Grand Father.
    Club Indicator Check this box to indicate Club Indicator.
    Expiration Date of Asset

    Select the Expiration Date of Asset from adjoining calendar.

    This date is used for Tier Calculation and Point Consolidation in the system.

    Asset Travel Date Select the Asset Travel Date from adjoining calendar.
    Resale Indicator

    Check this box to indicate Resale.

    On disabling this check box system considers Asset Billing Points and Grand Father Points for Tier Calculation using formula Parameters.

    Grand Father Points

    Specify the Grand Father Points.

    These points are used for Tier Calculation in the system using formula parameters

    Additional Attributes - This section consists of additional 15 configurable fields as indicated below

    5 check boxes - Membership 1-5 Opt

    5 drop-down lists - Other Attribute 1-5

    5 Calendar fields - Other Attribute 5-10
  4. Perform any of the Basic Actions mentioned in Navigation chapter.

Tier Calculation

Based on the value defined for Expiration Date of Asset, Resale Indicator, and Grand Father Points, OFSLL supports the following types of Tier calculations at Master Account level using pre-defined formula parameters in Setup > User defined Parameters screen.

Table 7-55 Tier Calculation

Type Formula Parameter Calculation
Total Tier points at the Master account $ASE_TIER_POINTS Sum of Asset Billing Points where Resale Indicator is N and Expiration Date of Asset is greater than GL Date.
Total Grand Father Points at the Master Account $ASE_GRAND_FATHER_POINTS Sum of Grandfather Points where Resale Indicator is N and Expiration Date of Asset is greater than GL Date.
Note: For a non Master Account, system uses Master Account # to pick-up all Associated Accounts.

This section consists of the following topic:

Parent topic: Collateral Tab