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, and can be linked to a “M” mortgage type loan, so that 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. This type can be linked to a “P” process type so that 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. Interest can be accrued to a “Government Interest Due” bucket. Stored in File: MEMBER5 |
|
M Mortgage |
Similar to the closed-end process type, but 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 CU*BASE 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. |