Rules Applied – Actions

Introduction

This article serves as the last piece to our Rules Applied topic. In our other articles, such as Rules Applied – Basics and Rules Applied – Intermediate, we cover what Rules Applied are and how you can use them yourself, respectively. In this article, we specifically discuss actions—the changes to a loan that LMS makes when the criteria for a rule is met. Here, we'll break down the different types of actions and explain the available options.

Rules Applied Actions

Actions are split into categories within the Rules Applied settings. When you set Rules Applied up, you set the actions that they take by clicking 'New Action'.

We'll explain each of the categories below.

Loan Settings

The loan settings actions specifically allow you to change the loan settings of a loan. You can also change custom field values if loan settings custom fields have been created in your company account. The following options are available:

Action

Description

Agent User

This allows you to update the agent user of the loan.

Credit Status

This allows you to update the credit status of the loan.

Loan Status and Sub-Status

This allows you to update the loan status to open, repossessed, etc.

Credit Bureau

This allows you to update the credit bureau type such as auto loan, secured, etc.

AutoPay Status

This allows you to suspend or continue AutoPays

Primary/Secondary ECOA Codes

This allows you to assign an Equal Credit Opportunity Act (ECOA) Code to the loan.

EBilling

This allows you to enable or disable electronic billing.

Repossession Date

This allows you to set or update a repossession date.

Reporting Type

This allows you to determine a reporting type such as line of credit, installment, etc.

Closed Date

This allows you to set a closed date for the loan.

Merchant Processor Group

This allows you to set a merchant processing group for the loan.

Liquidation Date

This allows you to set a date for liquidation.

Payment Type Default

This allows you to determine how payments are applied to the loan.

Follow Up Date

This allows you to set a follow up date.

Source Company

This allows you to to attach a source company to the loan.

Convenience Fees

This allows you to set convenience fees.

Portfolios

This allows you to categorize the loan within portfolios.

Account Tools

The account tools section allows you to use a few tools such as account activation, deactivation, archiving, and deletion. The following options are available:

Action

Description

Account Activation

This updates the loan to an active status.

Account Deactivation

This updates the loan to an inactive status.

Account Archive

This option archives the loan.

Account Delete

This option deletes a loan from your account.

APD Reset

The APD Reset section allows you to adjust the amount past due on accounts. This is typically used to adjust a loan's delinquency bucket information. The following options are available:

Action

Description

Type of Adjustment

This allows you to adjust the amount past due to either a fixed dollar amount or a zero balance.

Days From Rule Applied Date

This allows you to specify how many days after the rule that the amount past due will actually reset.

Amount

This is the dollar amount that the amount past due will be adjusted to.

DPD Reset

This allows you to reset the number of days the account is past due to zero.

The amount past due rules applied actions will not apply if the amount past due on the account is not greater than $0.00.
Using Delinquency Buckets In Rules

Delinquency buckets can be utilized in Amount & Days Past Due rules applied. In fact, here's an example of how you could use them. Let's say that if a certain percentage of the payment has been made, we want to reset the amount and days past due to 0. The rule used to do this will look like the following:

(<= (-> status-delinquent-bucket-balance :LARGEST-BUCKET :amount-due) (* (-> status-delinquent-bucket-balance :LARGEST-BUCKET :scheduled-payment) 0.1))

The delinquency bucket balance variable has a property called LARGEST-BUCKET. This will pull information for the highest numbered bucket. In other words, if the system has information for a loan on buckets 1, 2, and 3, bucket 3 will be identified as the largest bucket and its information will be pulled.

The rule above will evaluate to true if the amount due in the largest bucket is less than or equal to 10% of the payment amount for that bucket. Remember, each bucket corresponds to a specific payment. The 0.1 can be easily changed in this rule to the decimal equivalent of any percentage of the payment. This rule can then be used to reset the amount and days past due.

Bankruptcy

The bankruptcy section allows you to update the bankruptcy status on accounts. The following options are available:

Action

Description

Who's Filing

This determines which customer associated with the loan will be filing for bankruptcy. This can be set as null.

Filing Date

This determines which date the bankruptcy status will be filed.

Change Due Date

The Change Due Date section allows you to update the due dates for accounts. The following options are available:

Action

Description

Due Date To Modify

This determines if the next due date or a subsequent one will be updated.

Base Date To Evaluate Changes

This determines the date you are basing the change on.

Modify Base Date By

This works in tandem with the Base Date. Here, you determine the amount of time to add to the Base Date. If you determine to use days as your measure of time, an additional field with adjustable days will become available.

If there is no valid next due date for a loan, the change due date rules applied will not work.

Credits

The Credits section allows you to automatically add credits to accounts. The following options are available:

Action

Description

Credit Type

This determines the waterfall application of the applied credit. A list of your waterfall applications can be found under Settings > Loan > Payment > Type.

Amount

This determines the amount the credit will apply. This field may be populated with a dynamic amount added or subtracted by a static amount. If the credit amount is meant to be only a static value, then Amount must be set to "Base Zero" with the static amount filled in for the numeric value.

Category

This determines the category of credit that will be applied. You can view and create credit categories via Settings > Loan > Labeling > Credit Categories.

Charge Off

This determines whether the credit will be applied as a credit or a charge-off.

Reset Days & Amount Past Due

This determines whether the days and amount past due will be reset on the account once the credit is applied.

Info

This determines the title of the credit once it has been created on an account.

Date

This determines the date that the credit will be applied. The numeric value next to the date selection is the amount of days that will be added or subtracted to the date selection. For example, if the date selection is Current Date and the numeric value is set to five, then the credit apply date will be the current date plus five days.

Customer Tools

The Customer Tools section allows you to use various customer tools for the primary and secondary customers on an account. The following options are available:

Action

Description

Customer Role

This allows you to determine if the action applies to either the primary or secondary customer.

Validate Primary Address

This runs a USPS validation on the customer's primary address if the service is activated on your account.

Pull OFAC

This runs an OFAC compliance test if the service is activated on your account.

Validate Mailing Address

This runs a USPS validation on the customer's mailing address if the service is activated on your account.

Validate Phone Number

This runs a phone number validation if the service is activated on your account.

Pull Credit

This pulls a customer's credit score information if the service is activated on your account.

Lookup Social Profile

This looks up a customer's social profile information if the service is activated on your account.

Loan Checklist

The Loan Checklist section allows you to check or uncheck items from your custom checklists. These actions are a bit more simple than the other options above. You can simply set checklist items as "checked" or "unchecked". Once the criteria for the rule you set is met, checklist changes will be made.

Stop Interest Date

Lastly, you can use the Stop Interest Date section to either suspend or resume interest accrual. The following options are available:

Action

Description

Type

This determines whether to suspend or resume interest accrual.

Days From Rules Applied Date

This determines when the interest accrual will be suspended or resumed in reference to when the rule criteria is met. Here, you have options such as the current date, various payment date, AutoPay dates, and more.


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