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Need to be Able to Start Loans, by Getting the APR From the Contract Value. (Doc ID 615297.1)

Last updated on NOVEMBER 05, 2019

Applies to:

PeopleSoft Enterprise Peoplesoft CIS - Version 7.6 and later
Information in this document applies to any platform.

Information in this document applies to any platform.

This document was previously published as Customer Connection Solution 200726409


The customer is not using the SA Type's Interest BF setup for the loan APR. So the APR field in the START/STOP does not get populated. Looking into it further, it seems that they have done their setup in the START OPTION page under the MAIN and CONTRACT VALUE TEMPLATE tabs. But still the APR value does not get populated in the START/STOP SERVICE page and therefore, the page can not be saved. In our system the setup is done Under the SA-TYPE Page, using the Interest Bill Factor field.  Customer does not agree with this functionality of the system.

Here is his comments about the load functionality:
When creating a start for a Loan, the system requires a Payment Amount to
be entered before the start can be completed.  In order to do this the
calculate button should be used.  To accomplish this, the APR must be
known.  On the start, the system will only pull the interest rate from the
Loan SA Type's Bill Factor's BF Value.  This is not correct since the APR
can be held on the SA as a contract value.  The APR cannot be set on the
start screen.  It also will not default from the Start Option.  For Loan
SAs, Start Options are required.

Not being able to enter the APR on the start is not good. If it cannot be
entered on the start, then it should at least look to the BF and if the BF
says Value in Contract Term, it should look for the value from the Start
Options.  If the system is changed to do this, each Loan with a different
interest rate, which will occur for each loan b/c prime is always changing,
the user needs to enter a new Start Option.  That is not great, but it is
better than having to enter a new Bill Factor since the BF is reference in
the SA Type.  Users should not have to touch config tables to perform
simple tasks.  The only work-around is to enter a dummy payment amount,
complete the start, then go to the SA and recalc everything.
Customer does  not want to have a BF for each customer on a Loan.  The interest rate will vary and be set for each customer based on the prime rate at the time the loan was created.




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