Loan Process Types

Following are valid Process Type codes for configuring loan category codes:

Process Type	Description
E - Closed-End	The most common, this process type allows for a fixed term, fixed payment consumer loan using a normal amortization calculation. With this type, after the full amount of the loan has been disbursed, it is not possible to make additional disbursements on the loan. Stored in File: MEMBER5
O - Open-End	Used for open-end type loans where additional disbursements must be handled through a loan officer. (Also see the “L” process type below.) Stored in File: MEMBER5
C - Construction	Used for construction type loans. It can be linked to a “M” mortgage type loan, so when the loan matures, it can automatically roll over into a mortgage loan. Stored in File: MEMBER5
L - Line of Credit	Used for open-end type loans where automated payment changes and automated loan disbursements are allowed. Stored in File: MEMBER6
S - Student Loans in Interim	Used for student loans subject to Student Loan Processing. Contact LenderVP before configuring student loans on the core. This type can be linked to a “P” process type, so when the loan matures, it can automatically roll over into a “Student Loans in Payout” type loan. Interest can be accrued to a “Government Interest Due” bucket. Stored in File: MEMBER5*
P - Student Loans in Payout	Used for student loans subject to Student Loan Processing Contact LenderVP before configuring student loans on the core. Interest can be accrued to a “Government Interest Due” bucket. Stored in File: MEMBER5*
M - Mortgage	Similar to the closed-end process type, but it can be linked to escrow accounts and can use a 360-day interest calculation type. Stored in File: MEMBER5
V - Online Credit Cards (Visa, MasterCard, etc.)	Used for online credit card loan products. Stored in File: MEMBER6 For information about the unique configuration features for these types of loans, refer to the Online Credit Card Processing Configuration Guide.