Difference between revisions of "Setting up Loan Support"
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Revision as of 13:09, 24 May 2013
Contents
Overview of Loan Support
Loan Support, or LSP, is a configuration within DDI-Connect that allows loans to be supported by investments. There are multiple steps involved in configuring your system for loan support.
Configure your Loan System Settings for LSP Margin and LSP Frequency
- Within Loan System Settings, on the Settings tab, click the drop down arrow to set the LSP margin that you want the system to use in calculating LSP Base Rate
- On the same tab, click the drop down arrow to select the LSP Frequency that you wish to use. This tells the system the frequency with which the Loan Support Processing should calculate and adjust rates for LSP loans
Modify Loan Type Maintenance
Configure Loan Type Maintenance to have a base/current interest rate on the settings tab
Configure Loan Add/Maintenance for LSP Loans
Configure each loan for loan support information within Loan Add/Maintenance
- On the Adjust tab, modify the following:
- Update the Adjustment method to Classic LSP
- Set the first adjustment date in the Adjustment Date field
- For the Adjustment Freq(Months), enter the number of months you want to have the LSP calculated. For example, if you wish to have the LSP calculated every three months, you would enter a 3 in this field
- In the Per Adjust Max, if you wish to establish a maximum percentage that the loan support rate can be adjusted each time the calculation is performed, enter it here. If you do not wish to establish a maximum percentage amount, leave this field at 0
- In the Lifetime Adjust Max field, you have the ability to set a maximum percentage that the loan support rate can adjust over the lifetime of the loan. If you do not wish to establish a maximum lifetime adjustment rate, leave the field at 0
- On the Due tab
- In the Required Support field, enter a percentage of the required amount of investment support a borrower has to have before the Base LSP support rate kicks in. If you do not wish to establish a minimum required support amount and want to calculate based on any loan support, leave this field at 0
