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Paydown Amount Should Consider as Loan Paydown Instead of Principal Paydown in Unscheduled Paydown (Doc ID 2520707.1)

Last updated on DECEMBER 04, 2019

Applies to:

Oracle Lease and Finance Management - Version 12.1.3 and later
Information in this document applies to any platform.

Goal

Problem Summary
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Paydown amount should consider as Loan Paydown instead of Principal paydown in Unscheduled Paydown

Existing Functionality:
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Considering Paydown amount as Principal Paydown only and accumulated interest up to Paydown date is recovering from next installment amount.
For Paydown amount system is inserting Principal Paydown stream dated with Paydown date.
System Revising the contract with revised payment amounts for balance contract term.

Expected Functionality:
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There should be an option to consider Paydown amount as Loan Paydown or Principal Paydown.
As per customer's Global policy always Paydown amount should consider as Loan Paydown.
Loan Paydown amount should apply to accumulated Interest up to Paydown date and remaining only should apply to Principal Paydown.
To calculate revised Payments term for remaining term consider IIR is locked.
Same IIR should be maintained before revision and after revision.
As per customer's business process they have chosen to use Revise Payments option only in Unscheduled Paydown process.
All the existing contracts Interest Calculation Method is Fixed and Revenue Recognition method is Streams. Number of Days in month is 30 and in year is 360.
Also using external Pricing engine i.e. Supertrump

Steps to reproduce the issue
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Navigate to Lease Center.
Select a Loan Contract.
Navigate to Requests tab --> Select Unscheduled Paydown option from Lov --> Select New action button.
Unscheduled Paydopwn page will open.
Select Revise Payments Radio Button.
Enter Paydown Date and Paydown Amount.
Select calculate Payments.
Verify New Revised Payments.
Accept Paydown amount.
System will revise the contract automatically and Paydown amount will insert as new stream

 

Solution

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In this Document
Goal
Solution
References


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