API – Loan Setup

Introduction

This article discusses the specifics of the setup of a loan, working with loan setup entities, and what entity fields refer to.

Working with Loan Setup Entities

When using a request with a loan entity, you will need to wrap the "LoanSetup" JSON object inside of a separate JSON object for the loan entity; this is not needed for working directly with the loan setup entity. For example, if you add a loan setup entity through the loan entity, the body for my POST/PUT request would look similar to the following:

{
...Loan Entity Fields Here...
"LoanSetup":{
...Loan Setup Fields Here...
}
}

However, if you create a loan setup entity directly, the body of your request would look as follows:

{
...Loan Setup Fields Here...
}

The URL for the request is the same as the URL for the loan. For example, to edit the Loan Setup for the loan with an ID of "123", the URL would be as follows:

PUT    https://loanpro.simnang.com/api/public/api/1/odata.svc/Loans(123)

Entity Field Overview

Below is the JSON format of a LoanSetup entity.


"LoanSetup": {
    "loanAmount": "12000.00",
    "discount": "500.00",
    "underwriting": "0.00",
    "loanRate": "12.0212",
    "loanRateType": "loan.rateType.annually",
    "loanTerm": "36",
    "contractDate": "2015-05-07",
    "firstPaymentDate": "2015-05-08",
    "amountDown": "0.00",
    "reserve": "5.00",
    "salesPrice": "12000",
    "gap": "1120.",
    "warranty": "2500",
    "dealerProfit": "1000",
    "taxes": "125.25",
    "creditLimit": "15500",
    "loanClass": "loan.class.carLoan",
    "loanType": "loan.type.installment",
    "discountSplit": "1",
    "paymentFrequency": "loan.frequency.monthly",
    "calcType": "loan.calcType.simpleInterest",
    "daysInYear": "loan.daysInYear.frequency",
    "interestApplication": "loan.interestApplication.betweenTransactions",
    "begEnd": "loan.begend.end",
    "firstPeriodDays": "loan.firstPeriodDays.frequency",
    "firstDayInterest": "loan.firstdayinterest.yes",
    "discountCalc": "loan.discountCalc.straightLine",
    "diyAlt": "loan.diyAlt.no",
    "daysInPeriod": "loan.daysinperiod.24",
    "roundDecimals": "5",
    "lastAsFinal": "loan.lastasfinal.no",
    "curtailPercentBase": "loan.curtailpercentbase.loanAmount",
    "nddCalc": "loan.nddCalc.standard",
    "endInterest": "loan.endInterest.no",
    "feesPaidBy": "loan.feesPaidBy.date",
    "graceDays": "5",
    "lateFeeType": "loan.lateFee.3",
    "lateFeeAmount": "30.00",
    "lateFeePercent": "10.00",
    "lateFeeCalc": "loan.lateFeeCalc.standard",
    "lateFeePercentBase": "loan.latefeepercentbase.regular",
    "paymentDateApp": "loan.pmtdateapp.actual",
"maxInterestAmount": "0",
"financeChargeAsMIA": 1
  }
}

The following table contains a list of all the variables:

Variable

Description

loanAmount

This is the amount that has been lent out to the borrower

discount

This is the difference in the face value of the loan and the amount the lender acquired it for (ex. If the loan has a worth of $1500 and it was purchased for $1000, the discount would be $500)

underwriting

This is the amount of the underwriting fee

loanRate

This is the interest rate on the loan; its frequency is based on the loanRateType field

loanRateType

The frequency of the interest rate (weekly, monthly, annually, etc.). A 1% monthly interest rate is equivalent to a 12% annual interest rate. See Loan Setup Collections

loanTerm

The number of periods for the loan

contractDate

The date the contract was signed

firstPaymentDate

The date that the first payment will come due for the loan (cannot be before the contract date)

amountDown

A record of the amount the borrower put down (does not affect loan calculations at all)

reserve

An amount held back from the dealer or source company to insure against bad loans (does not affect loan calculations)

salesPrice

The original sales price of the collateral (does not affect loan calculations)

gap

The amount of the GAP insurance

warranty

The amount covered by warranty

dealerProfit

The amount of profit that the dealer made off of the loan (does not affect calculations)

taxes

The amount paid in taxes for the loan; please note that leases use an Escrow bucket for this (does not affect calculations)

creditLimit

The Credit limit of the loan (for loans of type Credit Limit)

loanClass

The loan class; the class of the loan collateral. See Loan Setup Collections

loanType

The type of the loan. See Loan Setup Collections

discountSplit

Whether or not the discount should be split over the life of the loan (1 – yes, 0 – no)

paymentFrequency

The frequency on which payments come due (the length of the periods)

calcType

The calculation type for the loan

daysInYear

The method to “calculate days in year” when performing loan calculations. See Loan Setup Collections

interestApplication

How interest is applied to the loan. See Loan Setup Collections

begEnd

See Loan Setup Collections

firstPeriodDays

How the number of days in the first payment period on the loan should be calculated. See Loan Setup Collections

firstDayInterest

Whether or not to charge interest on the first day of the loan. See Loan Setup Collections

discountCalc

How discount is calculated. See Loan Setup Collections

diyAlt

Calculation for Days in Year Alternate. See Loan Setup Collections

daysInPeriod

The number of days in a period for custom period length. See Loan Setup Collections

roundDecimals

The number of decimal places to round to for calculations (between 2 and 7)

lastAsFinal

See Loan Setup Collections

curtailPercentBase

See Loan Setup Collections

nddCalc

See Loan Setup Collections

endInterest

See Loan Setup Collections

feesPaidBy

See Loan Setup Collections

graceDays

The length of the grace period before a late fee is applied (between 0 and 30)

lateFeeType

The type of the late fee. See Loan Setup Collections

lateFeeAmount

The amount of the flat late fee

lateFeePercent

The percentage of the late fee

lateFeeCalc

See Loan Setup Collections

lateFeePercentBase

See Loan Setup Collections

paymentDateApp

See Loan Setup Collections

maxInterestAmount

This option lets you determine the maximum amount of interest you'd like to set on a loan. If your determined maxInterestAmount is higher than the finance charge (which is determined by the interest rate on the loan), the system will default to the finance charge. When you put any value in this field, "financeChargeAsMIA" will be set to 0.

financeChargeAsMIA

This sets the calculated finance charge (determined by the loan's APR) as the default. (1 - true, 0 - false)


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