Last updated on FEBRUARY 23, 2015
Applies to:Oracle Loans - Version 12.1.3 and later
Information in this document applies to any platform.
There are some loans with the maturity date falling on the weekend or federal holidays, when the loan term period "Months" is used.
We use the holiday adjusted due date calculation practice for billing the borrowers. What it means is, when the maturity day falls on a weekend/holiday, the maturity date will be extended to the next working day. Currently, oracle seeded functionality does not support the business day calendar for loans.
In order to meet our requirements, we calculate the number of days from the terms start date to the extended
maturity date (including the holiday/weekend), enter the XXXX days for 'Term' and use the 'Days' as loan term period as a solution.
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