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Error When Creating Extension: Loan Term Cannot Be More Than Balloon Term (Doc ID 2357414.1)

Last updated on FEBRUARY 05, 2018

Applies to:

Oracle Loans - Version 12.2.6 and later
Information in this document applies to any platform.

Symptoms

When Trying to create an extension on a loan, the following error occurs:

Loan Term cannot be more than Balloon Term

The error only occurs when the loan is created with Balloon Payment Type = Amount. There is no error when Balloon Payment Type = Term.


Steps to Reproduce:

Responsibility: Loan Agent
Navigation
: Dashboard

  1. Create a new loan for 30 Months, and Balloon Payment Type = Amount.  Save the loan and add details.
  2. In the general tab, change the term from '30 Months' to '4 Years'.  Save and approve the loan.
  3. After loan is approved, go to Servicing, and create a Loan Extension.
  4. Extend the loan for one year, and save. Get the error below on saving:

    Loan Term cannot be more than Balloon Term

  5. Check the data in the table, and on the loan. The loan term is < than the balloon term.

    select loan_term, loan_term_period, amortized_term, amortized_term_period
    from lns_loan_headers_all
    where loan_number = 'your loan number'

    LOAN_TERM LOAN_TERM_PERIOD AMORTIZED_TERM AMORTIZED_TERM_PERIOD
    4 YEARS 30 YEARS

Cause

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