The following 3 fields - Regulatory Name, Regulatory Rate, and Contract Imputed Rate are displayed only if the Imputed Interest check box is selected in Contract Setup (i.e. Setup > Administration > Products > Contract screen).

The value in these fields are automatically populated from setup on selecting a Instrument with imputed interest and clicking on Load Details.

The regulatory rate is populated on loading an instrument with the Interest Rate defined for that definition in Setup > Administration > Products > Regulatory Rates screen.

Note: If there are no matching records with regulatory rate, the Edits (underlying rules) validation fails (if Edits are enabled) and system does not allow to save the contract information.

While funding if the contract Imputed Rate is greater than 0, system automatically calculates Imputed Interest Amortization schedule. For more information, refer to Imputed Interest section below.

Instrument Details – An instrument is a contract with specific rules tied to it. An instrument associated with the application indicates OFSLL of the type of contract being used for the approved loan. Items defined in the contract are locked in when you select the instrument from drop down list and click on Load Instrument Details. These values cannot be changed on the funding screen.

Any changes to the instrument in account will be handled by monetary/non-monetary transactions.

The system loads all the rules established by the company that are required at the time of funding; for example, the accrual method, billing method, type of billing, tolerance, due dates, extensions and so on.

Select to define the start date from when the interest accrual is to be calculated for this instrument from the drop-down list.

Note:

If you select the Effective Date, then the interest is calculated from the Contract date + Start Days (indicated below).

If you select the Payment Date, then the interest is calculated based on (first payment date + Start Days (indicated below) minus one billing cycle).

Capitalization section

This section displays the capitalization parameters pre-defined at Setup > Contract screen and allows you to modify only the Grace Days value for balance capitalization.

View the capitalization frequency defined at Contract level.

After funding, all the account balances are capitalized to principal in the same frequency except for Balance Frequency where different frequency may be defined for each balance type.

View or Modify the grace days allowed in the frequency (minimum 0, maximum 31) before capitalizing the balances to account. This is also the deciding factor for executing the capitalization batch job which is based on Capitalization Frequency + Grace Days.

However, note that Grace Days are not accounted for Month End type of capitalization frequency and is ignored even if specified.

This is the number of days before the first payment is due that accounts funded with this Loan instrument will be billed for the first payment. Thereafter, the accounts will be billed on the same day every month.

If an account has a first payment date of 10/25/2003 and Pre Bill Days is 21, then first payment due will be on 10/04/2003, and then 4th of every month.

Check this box to indicate if multiple asset rates are applicable for one billing period.

System considers billing period from current due date to the next due date. Multiple rates are fetched only when rate end date (rate start date + rate frequency) ends one or more cycle(s) before the next due date i.e. current rate record does not cover the entire billing period.

For an AUTO PAY type of Payment Mode, ensure that at least one active ACH record exist and for CHECK type of Payment Mode, there are NO active ACH records.

Statement section

This section allows to define the preferences for Mock Statement generation at Master Account level. Generating a Mock Statement helps to mock the asset billing process with a future date and to get an upfront statement indicating future dues of Master and Associated Accounts. In Vacation Ownership industry, such statements are required to forecast future dues based on current Timeshare holdings.

The default populated preference here are propagated from Setup > Administration > Products > Contract screen when the instrument is loaded.

Note: These fields are enabled only for Master Account, i.e. only if the Master Account check box is selected in Origination > Master Account tab. If the option is unchecked even at a later point, system refreshes these fields making them as Read-Only.

Select this check box to indicate if the account is to be included in Mock statement Generation.

Note: Based on this selection, others fields related to Mock Statement below are enabled and becomes mandatory for providing details.

Select the start month of Mock Statements period from the dropdown list.

Note: During the Mock Statement Next Run Date validation if next run date is less than Contract Date or GL Date, system moves the Mock Start Month to same month of next year. For more information, refer to Mock Statement Maintenance in Appendix - Non Monetary transactions sections.

Depending on the type of recourse selected, you can select the following type of recourse reason from the drop-down list.

For recourse type as Partial, system defaults the recourse reason as Partial.

Specify the maximum percentage of recourse allowed. Ensure that the specified amount does not exceed 100% or the amount defined at Contract.

Note: You can specify the recourse either in percentage or as flat amount in the below field.

Specify the agreement number which is to be associated to the application.

Note: On funding, this agreement number is also associated to the account and in-turn helps to group all those accounts with a particular agreement number.