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 Lender*VP 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 Lender*VP 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.