API – Loan Setup Collections

General

This article shows a list of all collection options for the loan setup.

Interest Rate Type (loan.rateType)

Variable

Description

loan.rateTypeannually

This is the annual interest rate.

loan.rateType.biweekly

This is the Bi-weekly interest rate. A biweekly interest rate of 1% is the same as an annual interest rate of 26%.

loan.rateType.monthly

This is the monthly interest rate. A monthly interest rate of 1% is the same as an annual interest rate of 12%.

loan.rateType.semiannually

This is the semi-annual interest rate. A semi-annual interest rate of 1% is the same as an annual interest rate of 2%.

loan.rateType.semimonthly

This is semi-monthly interest rate. A semi-monthly interest rate of 1% is the same as an annual interest rate of 24%.

loan.rateType.weekly

This is the weekly interest rate. A weekly interest rate of 1% is the same as an annual interest rate of 52%.

Loan Class (loan.class)

This is a list of all Loan Class types. This is usually the same as the collateral type.

Variable

Description

loan.class.carLoan

This is for car loans

loan.class.consumer

This is for consumer loans

loan.class.mortgage

This is for Real Estate loans

loan.class.other

This is for other loans

Loan Type (loan.type)

This is a list of all loan types.

Variable

Description

loan.type.creditLimit

This is for credit limit loans

loan.type.flooring

This is for flooring loans

loan.type.installment

This is for installment loans.

loan.type.lease

This is for leases

Loan Reporting Type (loan.reportingtype)

Variable

Description

loan.reportingtype.C

This is the line of credit reporting type on a loan.

loan.reportingtype.I

This is the installment reporting type on a loan.

loan.reportingtype.M

This is the mortgage reporting type on a loan.

loan.reportingtype.O

This is the open reporting type on a loan.

loan.reportingtype.R

This is the revolving reporting type on a loan.

Loan Payment Frequency (loan.frequency)

This is a list of payment frequency options.

Variable

Description

loan.frequency.annually

Payments are due once a year.

loan.frequency.biWeekly

Payments are due once every other week.

loan.frequency.custom

Payments are due at a custom interval.

loan.frequency.monthly

Payments are due once a month.

loan.frequency.quarterly

Payments are due once a quarter.

loan.frequency.semiannually

Payments are due twice a year.

loan.frequency.semiMonthly

Payments are due twice a month.

loan.frequency.single

Only a single payment will come due on the loan (full amount of loan due)

loan.frequency.weekly

Payments are due once a week.

Loan Calculation Type (loan.calcType)

This is a list of all options for loan calculation type.

Variable

Description

loan.calcType.interestOnly

This is for interest-only loans.

loan.calcType.rule78

This is for Rule-78 loans (please note that these loans are illegal in many areas; check with the laws in the jurisdiction where your company resides before accruing interest based on the rule of 78s).

loan.calcType.simpleInterest

This is for simple interest loans.

loan.calcType.simpleIntLocked

This is for simple interest locked loans. Simple interest locked means no more and no less than the originally calculated interest amount will come due on the loan.

Days in Year (loan.daysInYear)

This is a list of all options for Days in Year calculations:

Variable

Description

loan.daysInYear.actual

Use the actual number of days in a year.

loan.daysInYear.frequency

Use a number of days in a year that is calculated based on the payment frequency (number of days in a payment period * number of payment periods in a year).

Interest Application (loan.interestApplication)

Here is a list of interest application methods.

Variable

Description

loan.interestApplication.betweenPeriods

Interest is applied between periods.

loan.interestApplication.betweenTransactions

Interest is applied between transactions made on the loan.

Beg/End (loan.begend)

Here’s a list of Beginning/End options

Variable

Description

loan.begend.beg

Interest is paid in the beginning of a payment period.

loan.begend.end

Interest is paid at the end of a payment period.

First Period Days (loan.firstPeriodDays)

Here’s a list of options for number of days in the first payment period.

Variable

Description

loan.firstPeriodDays.actual

Calculations are based on the actual number of days in the first period.

loan.firstPeriodDays.forceRegular

Calculations are based on a regular number of days in the first payment period regardless of the number of days in that period.

loan.firstPeriodDays.frequency

Calculations are based off a regular length first payment period if the length of the period is within one da of a regular period.

loan.firstPeriodDays.unitPeriodOddDays

Calculations are based off a unit period of 30 days for one actual month, even if the actual month has 28 to 31 days, plus any odd days.

First Day Interest (loan.firstdayinterest)

Below is a list of options for the first day interest of a loan.

Variable

Description

loan.firstdayinterest.no

0 - Do not charge interest on the first day of a loan.

loan.firstdayinterest.yes

1 - Do charge interest on the first day of the loan.

Discount Calculation Method (loan.discountCalc)

Below is a list of discount calculation methods.

Variable

Description

loan.discountCalc.full

This option pays only the discount portion of the principal until all the discount has been paid.

loan.discountCalc.percentage

The percentage will calculate the amount of discount by multiplying the principal portion of the payment by the original discount divided by the original principal balance.

loan.discountCalc.percentFixed

Percentage fixed works very similarly to percentage. The principal portion of a payment will always be split in the same percentage as the percent of the original discount to the total loan amount regardless of whether there is any discount due on the loan.

loan.discountCalc.rebalancing

Rebalancing calculates the discount as the unpaid discount divided by the remaining term of the loan.

Days in Year Alternate (loan.diyAlt)

Below is a list of options for Days in Year Alternate.

Variable

Description

loan.diyAlt.no

This means no days in year alternate.

loan.diyAlt.yes

This means there is days in year alternate.

Days in Period (loan.daysinperiod)

Below is a list of options for custom days in a period.

Variable

Description

loan.daysinperiod.1

Payment due every day

loan.daysinperiod.1B

Payment due every business day (Monday through Friday)

loan.daysinperiod.2

Payment due every other day

loan.daysinperiod.3

Loan period length is 3 days.

loan.daysinperiod.4

Loan period length is 4 days.

loan.daysinperiod.5

Loan period length is 5 days.

loan.daysinperiod.6

Loan period length is 6 days.

loan.daysinperiod.8

Loan period length is 8 days.

loan.daysinperiod.9

Loan period length is 9 days.

loan.daysinperiod.10

Loan period length is 10 days.

loan.daysinperiod.12

Loan period length is 12 days.

loan.daysinperiod.13

Loan period length is 13 days.

loan.daysinperiod.15

Loan period length is 15 days.

loan.daysinperiod.18

Loan period length is 18 days.

loan.daysinperiod.20

Loan period length is 20 days.

loan.daysinperiod.24

Loan period length is 24 days.

loan.daysinperiod.26

Loan period length is 26 days.

loan.daysinperiod.28

Loan period length is 28 days.

loan.daysinperiod.30

Loan period length is 30 days.

loan.daysinperiod.36

Loan period length is 36 days.

loan.daysinperiod.40

Loan period length is 40 days.

loan.daysinperiod.45

Loan period length is 45 days.

loan.daysinperiod.52

Loan period length is 52 days.

loan.daysinperiod.60

Loan period length is 60 days.

loan.daysinperiod.72

Loan period length is 72 days.

loan.daysinperiod.73

Loan period length is 73 days.

loan.daysinperiod.90

Loan period length is 90 days.

loan.daysinperiod.91

Loan period length is 91 days.

loan.daysinperiod.120

Loan period length is 120 days.

loan.daysinperiod.180

Loan period length is 180 days.

loan.daysinperiod.182

Loan period length is 182 days.

loan.daysinperiod.360

Loan period length is 360 days.

loan.daysinperiod.364

Loan period length is 364 days.

loan.daysinperiod.365

Loan period length is 365 days.

Last as Final (loan.lastasfinal)

Variable

Description

loan.lastasfinal.no

0 - If more interest accrues on a loan that was originally intended, or payments were missed, add payments to the schedule to adjust.

loan.lastasfinal.yes

1 - Make the last loan payment larger to adjust for missed payments or extra interest accrual.

Curtailment Percentage Base (loan.curtailpercentbase)

Variable

Description

loan.curtailpercentbase.loanAmount

This is the original principal balance on a loan.

Next Due Date Calculation (loan.nddCalc)

Determines how to calculate the next due date. See Next Due Date (NDD) Calculation.

Variable

Description

loan.nddCalc.interest.Only

The interest only next due date calculation.

loan.nddCalc.standard

The standard next due date calculation.

End Interest (loan.endInterest)

Variable

Description

loan.endInterest.loanExp

This is the original loan expiration date.

loan.endInterest.no

This is the option of no end interest.

Fees Paid By (loan.feesPaidBy)

Variable

Description

loan.feesPaidBy.date

This is the fees paid by date on a loan.

loan.feesPaidBy.period

This is the fees paid by period on a loan.

Late Fee Type (loan.lateFee)

Variable

Description

loan.lateFee.1

Flat $30.00 fee

loan.lateFee.2

Custom flat dollar amount

loan.lateFee.3

Custom percentage

loan.lateFee.4

Greater between custom flat amount and percentage

loan.lateFee.5

Lesser between custom flat amount and percentage

Late Fee Calculation (loan.lateFeeCalc)

Variable

Description

loan.lateFeeCalc.current

This is the current late fee calculation on the loan.

loan.lateFeeCalc.standard

This is the standard late fee calculation on a loan.

loan.lateFeeCalc.standardFee

This is the standard fee for a late fee.

Late Fee Percentage Base (loan.latefeepercentbase)

Variable

Description

loan.latefeepercentbase.escrow

Regular payment/ Escrow

loan.latefeepercentbase.regular

This is the regular payment

loan.latefeepercentbase.escrowHold

Regular payment + Escrow + Hold

loan.latefeepercentbase.hold

Regular payment + Hold

Payment Date Application (loan.pmtdateapp)

Variable

Description

loan.pmtdateapp.actual

Actual/ Next

loan.pmptdateapp.last

Last/ Next

Loan Fee Past Due (loan.feepastduecalc)

Variable

Description

loan.feepastduecalc.date

This is the fee past due calculation on a loan.

loan.feepastduecalc.immediate

This is the immediate fee past due calculation.

Loan Fixed Term (loan.fixedterm)

Variable

Description

loan.fixedterm.no

This means there is no fixed term on the loan.

loan.fixedterm.yes

This means fixed term is on the loan.

Loan Discount Split (loan.discountsplit)

Variable

Description

loan.discountsplit.no

Recognize discount all in the loan.

loan.discountsplit.yes

Recognize discount over the life of the loan as payments come.


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