The Customer Service screen’s Maintenance sub tab enables you to post an array of monetary and nonmonetary transactions for any given account. The transactions that are available depend on responsibility of the Oracle Financial Services Lending and Leasing user, nature of account, and whether the account is a Lease.
Appendix A : This appendix catalogues the baseline transaction codes and parameters available on Customer Service screen’s Maintenance sub tab. Instructions on how to use the Maintenance sub tab are located in Customer Service chapter of this User Guide.
This section catalogues the transaction codes and parameters required to complete the following monetary tasks for Lease:
Late charges occur when payment is not made within the grace period or by the day after payment is due. The due date is determined by the contract.
Late charges appear in LC Due field on the Dues section of Summary tab of the Customer Service screen. This is the first screen to appear on the Customer Service screen when you load an account.
To adjust a late charge
Transaction |
Parameters |
Adjustment To Late Charge - Add |
Txn Date Amount |
Adjustment To Late Charge - Subtract |
Txn Date Amount |
To waive a late charge
Transaction |
Parameters |
Waive Late Charge |
Txn Date Amount |
Nonsufficient fund fees are posted when a payment does not cover the amount owed. The fee that the system automatically applies to an account is recorded during setup.
Nonsufficient fund fees appear in the NSF Due field on the Dues section of Summary tab of Customer Service screen. This is the first screen to appear on the Customer Service screen when you load an account.
To adjust a nonsufficient funds
Transaction |
Parameters |
Adjustment To Nonsufficient Fund Fee - Add |
Txn Date Amount |
Adjustment To Nonsufficient Fund Fee - Subtract |
Txn Date Amount |
To waive a nonsufficient funds
Transaction |
Parameters |
Waive Nonsufficient Fund Fee |
Txn Date Amount |
Repossession expenses include any costs incurred while obtaining the asset, including legal fees or storage costs.
Repossession expenses appear in Other Due field on the Dues section of the Summary tab of Customer Service screen. This is the first screen to appear on the Customer Service screen when you load an account.
The adjustments will also appear in the corresponding column of Customer Service screen’s Account Balances screen for expense repossession/foreclosure Balance Type-- Waived, Charged Off, Adjusted (-), or Adjusted (+) -- depending on which of the following transactions you perform.
Transaction |
Parameters |
Repossession Expenses |
Txn Date Amount |
To adjust a repossession expense
Transaction |
Parameters |
Adjustment To Repossession Expenses - Add |
Txn Date Amount |
Adjustment To Repossession Expenses - Subtract |
Txn Date Amount |
To waive a repossession expense
Transaction |
Parameters |
Waive Repossession Expenses |
Txn Date Amount |
Bankruptcy expenses include any costs incurred when an account holder declares bankruptcy, such as legal fees or additional collection costs.
Bankruptcy expenses appear in the Other Due field on the Dues section of Summary tab of Customer Service screen. This is the first screen to appear on the Customer Service screen when you load an account.
The adjustments will also appear in the corresponding column of Customer Service screen’s Account Balances screen for expense bankruptcy Balance Type-- Waived, Charged Off, Adjusted (-), or Adjusted (+) -- depending on which of the following transactions you perform.
Transaction |
Parameters |
Legal Bankruptcy Expenses |
Txn Date Amount |
To adjust a bankruptcy expense
Transaction |
Parameters |
Adjustment To Bankruptcy Expenses - Add |
Txn Date Amount |
Adjustment To Bankruptcy Expenses - Subtract |
Txn Date Amount |
To waive a bankruptcy expense
Transaction |
Parameters |
Waive legal Bankruptcy Expenses |
Txn Date Amount |
Phone pay fees are where a borrower calls the lender and arranges for a debit to their checking or savings account to make a payment on a Lease account.
Phone pay fees appear in Other Due field on Dues section of the Summary tab of Customer Service screen. This is the first screen to appear on the Customer Service screen when you load an account.
To adjust a phone pay fee
Transaction |
Parameters |
Adjustment to Phone Pay Fee - Add |
Txn Date Amount |
Adjustment to Phone Pay Fee - Subtract |
Txn Date Amount |
To waive a phone pay fee
Transaction |
Parameters |
Waive Phone Pay Fee |
Txn Date Amount |
In this section, you can do the following:
You can add financed insurance to an existing account with the INSURANCE ADDITION transaction. This transaction adds insurance premium amount to advance/principal balance on the Lease and adjusts the Lease receivables accordingly. The transaction also triggers the process to re-compute repayment amount for Lease. After you post the transaction Lease will be billed for newly computed payment amount and will be considered for delinquencies and fees calculations based on information on the Contract link’s Contract screen. The newly added insurance information can be viewed on Customer Service drop-down link’s Insurances link.
To add financed insurance
Transaction |
Parameters |
Insurance addition |
Txn Date |
Insurance Type |
|
Single/Joint |
|
Insurance Mode |
|
Insurance Plan |
|
Company Name |
|
Phone #1 |
|
Extn #1 |
|
Phone #2 |
|
Extn #2 |
|
Policy # |
|
Policy Effective Date |
|
Premium Amount |
|
Expiration Date |
|
Primary Beneficiary |
|
Secondary Beneficiary |
|
Comment |
OFSLL supports the option to generated an insurance rebate quote to derive the rebate amount for all the active funded Insurances before cancelling an Insurance.
You can generate a rebate quote by posting the monetary transaction ‘COMPUTE INSURANCE REBATE QUOTE (LEASE)’ on an existing account in the Customer Service > Maintenance screen.
Transaction |
Parameters |
COMPUTE INSURANCE REBATE QUOTE (LEASE) |
PAYOFF QUOTE VALID UPTO DATE |
INSURANCE TYPE |
|
|
The same transaction can also be posed to generate a backdated / future dated Insurance Rebate quote.
Note the following:
The Rebate amount is displayed in Results section of Maintenance screen.
You can cancel financed insurance on an existing account with the INSURANCE CANCELLATION transaction. When you post this transaction, the system computes premium refund amount based on the refund method associated with insurance item.
To cancel a financed insurance
Transaction |
Parameters |
Insurance Cancellation |
Txn Date |
Insurance Type |
|
Policy Effective Date |
|
Insurance Refund Amount |
|
Cancellation Reason |
|
Current Usage |
If you enter a value for INSURANCE REFUND AMOUNT parameter, the system overrides calculated refund amount and adjusts advance/principal balance and Lease receivables accordingly. The INSURANCE CANCELLATION transaction re-computes the repayment amount for Lease based on remaining balances. After posting the transaction, Lease will be billed for newly computed payment amount according information on the Contract tab’s Contract sub tab. The insurance cancellation information can be viewed on the Contract link’s Insurances sub screen.
Also if you enter a value for ‘Current Usage’, system computes the rebate amount using the 'Pro Rata (Mileage) method. However system also calculates the rebate amount using ‘Refund Calculation Method' and considers the minimum value out of both.
You may rectify possible errors resulting from incorrect information entered on the INSURANCE ADDITION transaction (such as an incorrect premium account) with the monetary transaction INSURANCE MODIFICATION.
When you post the INSURANCE MODIFICATION transaction, Oracle Financial Services Lending and Leasing re-computes the repayment amount using new premium amount and adjusts advance/principal balance on Lease and Lease receivables.
To modify financed insurance information
Transaction |
Parameters |
Insurance Modifications |
Txn Date |
Insurance Type |
|
Policy Effective Date |
|
Premium Amount |
You can change the current index rate type and margin rate of a variable rate Lease using the INDEX / MARGIN RATE CHANGE monetary transaction. However, changing the depreciation rate or margin rate is supported only for ‘Interest Rate’ type of lease calculation method.
To change an index/margin rate
Transaction |
Parameters |
Index/Margin Rate Change |
TXN DATE |
INDEX |
|
MARGIN RATE |
|
REASON |
For lease accounts, any rate changes (either variable rate or transaction posting rate) are controlled by the limits (values) defined for ‘Payment Caps’ and ‘Rate Cap & Adjustments’ in Setup > Lease Contract screen.
On successful posting of transaction, the counters in Account Details and Summary screen are updated. Also a letter of intimation is generated for correspondence by the scheduled batch LCSTXN_BJ_121_01 (LETTER FOR LEASE MONETARY TXNS) which consists of rescheduled lease contract terms indicating Transaction Date, old and new Index Rate, Margin Rate and Reason.
You can also reverse the rate change by posting 'Rate Change Reversal' transaction and revert to old rate. If there are any payment(s) received before reversal, the same is adjusted to due buckets based on due amount. However, on reversal letter is not generated and has to be manually intimated.
A payoff quote is the amount still owed on account or amount needed to satisfy the Lease. It can be generated anytime and may be requested during a call from a customer, dealer, or insurance agent. A payoff quote can either be generated for current or future date, but not on a back date.
You can post payoff quote during the life of a Rental/Usage Rental Lease based on following conditions:
The new balances types are displayed in the transaction result section.
The transaction processing details and new balances after posting payoff quote appears in Results section of Maintenance screen.
To generate a payoff quote for an account Lease
Transaction |
Parameters |
PAYOFF QUOTE LEASE |
TXN DATE |
PAYOFF QUOTE VALID UPTO DATE |
|
LEASE BUYOUT INDICATOR |
|
DISPOSITION FEE |
|
EARLY TERMINATION FEE |
|
OTHER FEE |
|
DEPRECIATION ADJUSTMENT |
|
CURRENT USAGE |
|
ASSESS PAYOFF QUOTE FEE |
|
PAYOFF QUOTE LTR PRINT |
|
COMMENT |
An account is automatically paid off or marked for payoff processing by the system with a batch transaction when the account balance is $0.00. You can also manually payoff an account with the Maintenance screen. You can also pay off an account using the Consumer Lending (Advance and Payment) form. For more information, see the Payment Processing chapter.
When you payoff an account, the system changes the account’s status to PAID OFF. The date the account was paid off appears in Activities section’s Paid Off Dt field on Account Details screen.
The system also notes the amount of the principal that was waived when account was paid off in the Waived column on Account Balances screen.
To pay off an account
Transaction |
Parameters |
Paid off |
Txn Date |
If you reverse the payoff payment using Customer Service form, then the pay-off is automatically reversed. The system changes the account’s status from PAID OFF to ACTIVE when you refresh the account.
Charging off an account refers to when a lender decides to take a loss on an account, signalling that attempts to recover the Lease have failed. In calculating a charge off, the system considers the total compensation amount (up front compensation plus remaining compensation amount). It is different from the waive off process since a waive off is a concession offered to the customer on payment of some component, such as a late fee. The repayment of the original Lease still continues in waive off process.
When you charge off account, the system changes the status to CHARGED OFF. The balance on the account appears on Customer Service form’s Balance screen when you choose Deficiency Balance in the Balance Group section.
The date of the charge off appears on Account Details screen in Activity section’s Chargeoff Dt field.
However, you can select the ‘Do Not Auto Charge Off’ condition to ignore few account conditions, for the charge-off processing batch job. When an account is marked with the condition DO NOT CHARGE OFF, then batch job will not pick the account for charge off processing.
You can add ‘Do Not Auto Charge Off’ condition in addition to the already existing condition.
To charge off an account
Transaction |
Parameters |
Charged Off |
Txn Date |
The system automatically closes an account when its status changes from ACTIVE status to Paid or Void. It is manually closed if it has status as CHARGE OFF. Accounts marked as Closed are not processed and after a period of time are purged from Oracle Financial Services Lending and Leasing.
To close an account
Transaction |
Parameters |
Account Close |
Index Txn Date |
The advance (or principal) balance is posted automatically when you fund the contract on Funding screen. You are not allowed to post the advance with Customer Service screen. However, you can waive, charge off or adjust the advance or principal.
The adjustments will appears in the corresponding column of Customer Service screen’s Account Balances sub tab for ADVANCE / PRINCIPAL Balance Type -- Waived, Charged Off, Adjusted (-), or Adjusted (+) -- depending on which of the following transactions you perform.
To adjust the advance/principal balance
Transaction |
Parameters |
Adjustment To Advance/Principal - Add |
Txn Date Amount |
Adjustment To Advance/Principal - Subtract |
Txn Date Amount |
To charge off the advance/principal balance
Transaction |
Parameters |
Chgoff Advance/Principal |
Txn Date Amount |
To waive the advance/principal balance
Transaction |
Parameters |
Waive Advance/Principal |
Txn Date Amount |
The interest is accrued or posted automatically when you post the payment on Advance screen’s Advance Entry tab. You cannot post the interest in the Customer Service screen; however, you can adjust or waive interest.
The adjustments will appears in the corresponding column of Customer Service form’s Account Balances screen for INTEREST Balance Type-- Waived, Adjusted (-), or Adjusted (+) -- depending on which of the following transactions you perform.
To adjust the interest
Transaction |
Parameters |
Adjustment To Interest - Add |
Txn Date Amount |
Adjustment To Interest - Subtract |
Txn Date Amount |
To waive the interest
Transaction |
Parameters |
Waive Interest |
Txn Date Amount |
You can start or stop interest accrual on a Lease.
On the Lease Details screens, Stop Accrual box is selected in Interest and Accruals section.
To remove Stop Accrual indicator, post the start ACCURAL transaction.
To start interest accrual for an account
Transaction |
Parameters |
Start Accrual |
Txn Date |
To stop interest accrual for an account
Transaction |
Parameters |
Stop Accrual |
Txn Date |
The Servicemembers Civil Relief Act of 2003 (SCRA), formerly known as the Soldiers and Sailors Civil Relief Act of 1940 (SSCRA), is a federal law that gives military members some important rights as they enter active duty military service. The law also provides protection against certain legal actions during the term of active duty military service. The SCRA function is currently available in the system for Lease.
For lease accounts, on posting the SCRA transaction - BORROWER ON MILITARY DUTY(FOR LEASE), there is no change on the interest rate. On successfully posting the transaction, the following conditions are posted on the account:
To indicate that a borrower is on active military duty
Transaction |
Parameters |
BORROWER ON MILITARY DUTY(FOR LEASE) |
Txn Date |
Borrowers Relation With Account |
|
Active Duty Order Reference |
After you post this transaction, the Military Duty box (Account Details screen Activities section) and Active Military Duty box (Customer Details screen Military Service section) are selected. Oracle Financial Services Lending and Leasing changes the condition of the account to ON ACTIVE MILITARY. Details of the transaction appear in the Military Services section on Customer Details screen.
If the borrower is off-military duty, the transaction ‘BORROWER OFF MILITARY DUTY’ is posted to restore the interest and instalment amount for the remaining term.
To indicate that a borrower is no longer on active military duty
Transaction |
Parameters |
BORROWER OFF MILITARY DUTY(FOR LEASE) |
TXN DATE |
BORROWERS RELATION WITH ACCOUNT |
After you post this transaction, the Military Duty check box (in Account Details screen Activities section) and Active Military Duty check box (in Customer Details screen Military Service section) are de-selected. Also the release date (i.e date when released from military duty) is updated in Customer Details screen. Oracle Financial Services Lending and Leasing changes the condition of the account to OFF ACTIVE DUTY.
You can change the due date of an account. When it is changed, the system determines next bill date, as well as the next due date. The DUE DATE CHANGE transaction does not allow next billing date to change such that it is less than the current billing date. The due date change transaction has been extended to change the default ACH due day, provided that the account due day and ACH due day match.
If a late fee is no longer applicable because of this due day change, Oracle Financial Services Lending and Leasing will automatically remove the fee.
The new due day appears in Activities section Due Day field on the Account Details screen.
The system also notes change on Lease Details screens in Extn and Due Dates section’s # of Due Day Changes (Year), # of Due Day Changes (Life) and Due Day Chg Dt fields.
Transaction |
Parameters |
Due Date Change |
Txn Date |
Due day |
|
Due Date |
You can override the contract ‘Due Date’ of an account to mark-up the due days limit to the required standard business rules by posting the following monetary transaction.
Transaction |
Parameters |
DUE DATE CHANGE OVERRIDE |
TXN DATE |
DUE DAY |
|
DUE DATE |
|
ACH DUE DATE CHANGE |
On posting the transaction system ignores the following Due Day contract parameters:
On successful posting of the transaction, system automatically increases the number on counters (i.e. number of times due date change permitted) for ‘Max Due Day Change/Yr’ and ‘Max Due Day Change/Life’. The transaction is displayed in Customer Service > Transaction History > Transactions screen.
When a posted ‘Due Date Change Override’ transaction contains error or non desired results, you can reverse the same in Customer Service > Transaction History > Transactions screen.
Select the Due Date Change Override transaction and click Reverse.
On successful posting of the transaction, system reverts (decreases) the change in the number on counters (i.e. number of times due date change permitted) for ‘Max Due Day Change/Yr’ and ‘Max Due Day Change/Life’.
You can change the term of a loan account by posting the ‘CHANGE TERM’ monetary transaction in Customer Service > Maintenance > Transaction Batch Information. When the term is changed, system auto calculates and updates the Term and Maturity date as indicated below:
Transaction |
Parameters |
CHANGE TERM |
TXN DATE |
PAYMENT AMOUNT |
|
BALLOON PAYMENT AMOUNT |
Payment refund transactions allows you to refund excess payment received from the customer during life of the Lease. The Payment Refund transaction is posted at the maintenance screen in servicing. The refund is posted only when the refund amount is equal to Payment amount. Else an error message is displayed.
To refund the payment amount
Transaction |
Parameters |
Payment Refund |
Txn Date |
Payment Date |
|
Payment Amount |
Extension transactions allow you to extend a Lease. An extension fee may be assessed when an account receives an extension. In case of precomputed Lease, this is generally done to recoup the interest lost.
The system adjusts due date on Dues section’s Oldest Due Dt field on Account Details screen to reflect the extension.
It also notes the change with an entry on the Lease Details screen in the Extn and Due Dates section’s # of Extensions (Year), # of Extensions (Life), # of Extension Term (Year) # of Extension Term (Life) fields.
Transaction |
Parameters |
EXTENSION |
Txn Date |
Extension Term |
|
Reason |
|
Stop Accrual |
While posting an extension, ensure that the minimum number of required payments, as defined at contract level is met. Else, system displays an error message on verification. Also while posting subsequent extension transactions, ensure that the minimum gap requirement between two extensions is satisfied.
Transaction |
Parameters |
ADJUSTMENT TO EXTENSION FEE - ADD |
TXN DATE AMOUNT |
ADJUSTMENT TO EXTENSION FEE - SUBTRACT |
TXN DATE AMOUNT |
Transaction |
Parameters |
WAIVE EXTENSION FEE |
TXN DATE AMOUNT |
You can post ‘EXTENSION OVERRIDE’ transaction when you want the system to bypass extension validations which are defined at contract level.
Note the following:
Transaction |
Parameters |
EXTENSION |
Txn Date |
Extension Term |
You can change the current payment amount of an account. The new payment amount has to be calculated manually as Oracle Financial Services Lending and Leasing does not perform any checks on the new payment amount.
If the transaction is backdated, due amounts for the affected periods are re-calculated. While delinquency data could potentially change, prior statements are not to be changed. The next ACH (if applicable) does not reflect changed payment amount if the account has already been billed at time of posting the transaction. Payments will be re-applied causing changes to account balances and late fees may be assessed (if applicable).
After you post the transaction, the new payment amount appears on Account Details screen in Current Pmt field of the Activities section.
To change the payment amount
Transaction |
Parameters |
Change Payment Amount |
Txn Date |
Payment Amount |
|
Payment Auto Computer |
|
Indicator |
A prepayment penalty is typically applied automatically by Oracle Financial Services Lending and Leasing if the account is paid off prematurely.
The following transactions allow you to adjust or waive the prepayment penalty fee. The adjustments will appears in the corresponding column of Customer Service screen’s Account Balances screen for fee prepayment penalty Balance Type-- Waive, Adjusted (-), or Adjusted (+) -- depending on which of the following the transactions you perform.
To adjust a prepayment penalty
Transaction |
Parameters |
Adjustment Prepayment Penalty - Add |
Txn Date Amount |
Adjustment Prepayment Penalty - Subtract |
Txn Date Amount |
To waive a prepayment penalty
Transaction |
Parameters |
Waive Prepayment Penalty |
Txn Date Amount |
The following monetary transactions allow you to specify escrow payment to be billed to the customer each month. Rescheduling an escrow payment enables you to change the payment rate (and hence rate and term) and define when change will begin. The “txn date” parameter is when the new agreement starts.
The following transactions allow you to adjust or waive the escrow advance.
The adjustments will appears in the corresponding column of Customer Service screen’s Account Balances screen for escrow advance Balance Type-- Waive, Adjusted (-), or Adjusted (+) -- depending on which of the following transactions you perform.
To adjust escrow advance
Transaction |
Parameters |
Adjustment to escrow advance - add |
Txn Date Amount |
Adjustment to escrow advance - subtract |
Txn Date Amount |
To waive escrow advance
Transaction |
Parameters |
Waive Escrow Advance |
Txn Date Amount |
To reschedule an escrow payment
Transaction |
Parameters |
Reschedule Escrow Payment |
Txn Date Amount |
If an account is paid off resulting in a positive (greater than $0) escrow balance or the last item being escrowed is removed resulting in a positive (greater than $0) escrow balance, then Oracle Financial Services Lending and Leasing refunds the escrow and creates a check requisition.
The PAYOFF QUOTE transaction on Maintenance screen includes the required parameter ASSESS PAYOFF QUOTE FEE. If you select Y, Oracle Financial Services Lending and Leasing assesses a payoff quote fee on Customer Service form’s Balances screen for Balance Type FEE PAYOFF QUOTE. The amount of the payoff quote fee is based on contract setup.
The following transactions allow you to adjust or waive the pay off quote fee.
The adjustments will appears in the corresponding column of Customer Service form’s Balances screen for FEE PAYOFF QUOTE Balance Type-- Waive, Adjusted (-), or Adjusted (+) -- depending on which of the following transactions you perform.
To adjust a pay off quote fee
Transaction |
Parameters |
Adjustment to Payoff Quote Fee - Add |
Txn Date Amount |
Adjustment to Payoff Quote Fee - Subtract |
Txn Date Amount |
To waive a pay off quote fee
Transaction |
Parameters |
Waive Payoff Quote Fee |
Txn Date Amount |
Lease accounts can be placed in a nonperforming, or nonaccrual, condition. Once an account is set to a nonperforming condition, the system makes the following modifications and accounting entries:
The system’s general ledger (GL) is set up for the above items. There will be no impact on balances of the account (principal, interest, fee and expense) as a result of the above transactions.
To place an account in a nonperforming condition
Transaction |
Parameters |
Account Non Performing |
Txn Date |
Non Performing Description |
The following transaction removes nonperforming condition on an account and reverses the nonperforming transactions explained above. General ledger entries for interest accrual, stopped during nonaccrual stage, resume.
To reverse a nonperforming condition
Transaction |
Parameters |
Resume Account Performing |
Txn Date |
When converting a precomputed Lease into a simple interest Lease, Oracle Financial Services Lending and Leasing assumes the following default values:
The resulting ‘new’ simple interest Lease will have the same account number with details entered/computed above.
Caution: The converting a precomputed Lease into a simple interest Lease transaction can be performed only by closing the nonperforming condition.
To reschedule precomputed Lease to interest bearing Lease
Transaction |
Parameters |
Reschedule Pre-Compute Lease to Interest Bearing Lease |
Txn Date |
Reschedule Payment Start Date |
|
Amount |
|
Rate |
|
Term |
A delinquent account can be settled when the lender agrees for a specific 'settlement amount' with the borrower. Here the 'settlement amount' is the net amount agreed for settlement between both the parties. If the borrower makes that payment within the 'Good through date', lender would consider that corresponding account is paid off / closed even if actual payment is less than the actual outstanding balance.
Note that, system does not allow to post account settlement transaction on 'Charged Off' accounts. Similarly when ‘Account Settlement Transaction’ is in force, system does not allow to charge-off the account.
To post an account settlement transaction
Transaction |
Parameters |
ACCOUNT SETTLEMENT |
TXN DATE |
EFFECTIVE DATE |
|
GOOD THROUGH DATE |
|
AGREED SETTLEMENT AMOUNT |
|
COMMENT |
Here, the transaction date can be back dated but the effective Date for the settlement need to be the current date or a future date.
On posting the transaction successfully, the new account condition 'Account Under Settlement' is updated with end date as 'Good Through Date'.
The 'Settlement Information' is updated in following screens:
If required, this settlement monetary transaction can also be reversed from the 'Payment Maintenance' screen by clicking the 'Reverse' button.
During the servicing stage of lease account, you can change the payment amount by posting ‘LEASE CHANGE PAYMENT AMOUNT’ monetary transaction and generate new repayment schedule. However, note that changing the payment amount is supported only for ‘Interest Rate’ type of lease calculation method.
While posting this transaction, you can either allow system to auto compute the new payment amount or specify the new payment amount for reschedule.
To change the payment amount
Transaction |
Parameters |
CHANGE PAYMENT AMOUNT |
TXN DATE |
PAYMENT AMOUNT |
|
PAYMENT AUTO COMPUTE INDICATOR |
|
TERM |
|
BALLOON PAYMENT AMOUNT |
On successful posting of the transaction, a letter of intimation is generated for correspondence by the scheduled batch LCSTXN_BJ_121_01 (LETTER FOR LEASE MONETARY TXNS) which consists of rescheduled lease contract terms indicating Transaction Date, old and new Payment Amount and Balloon Payment Amount.
You can also reverse the payment amount change and revert the payment to old amount. If there are any payment(s) received before reversal, the same is adjusted to due buckets accordingly. However, on reversal letter is not generated and has to be manually intimated.
During the lease period or after the end of a lease term, you can extend the lease contract by posting ‘LEASE EXTENSION’ transaction. Based on the transaction posting date i.e. either on or before the current maturity date, the lease term is extended immediately and a comment is posted on the account indicating ‘Term extended before/after maturity date’.
Lease extension is allowed within and up to the current available residual % value of the asset and is validated against the following extension limits (values) defined in Setup > Contract screen before allowing for extension.
Note that, lease extension is allowed only for ‘Interest Rate’ type of lease calculation method and for accounts in active status. However, lease extension is not allowed in the following conditions:
To extend lease contract
Transaction |
Parameters |
LEASE EXTENSION |
EXTENSION DATE |
EXTENSION TERM |
|
RESIDUAL PERCENT REMAINING |
|
COMMENT |
While posting the above transaction, specify the current transaction posting date in Extension date, duration of extension in Extension Term, the percentage of residual value is being utilized for extension in Residual Percent Remaining and additional information or justification for extension in Comment. System validates and displays an error if the residual percent remaining does not match with system maintained data.
On successful posting of transaction, new maturity date is updated on the account and new repayment schedule is generated. Also the counters in Account Details and Summary screen are updated.
A letter of intimation is generated for correspondence by the scheduled batch LCSTXN_BJ_121_01 (LETTER FOR LEASE MONETARY TXNS) which consists of Extension Date, First Pmt Date, Term, Lease Expiry Date, and Residual %.
You can also reverse the lease extension and system automatically reverses the bills generated after the old maturity date. However, on reversal letter is not generated and has to be manually intimated.
During the lease period, you can change the maturity date of a lease account and either increase or decrease the lease term by posting ‘LEASE CHANGE TERM’ transaction in Customer Service > Maintenance > Transaction Batch Information section.
‘LEASE CHANGE TERM’ transaction can either be a future or backdated and depends on the payment amount and residual percentage of remaining amount.
Note
The option to change lease term is allowed only for ‘Interest Rate’ type of lease calculation method and for accounts in active status. However, changing lease term does not impact delinquency status of the account except for back dated transactions.
To change lease term
Transaction |
Parameters |
LEASE CHANGE TERM |
TXN DATE |
PAYMENT AMOUNT |
|
RESIDUAL PERCENT REMAINING |
While posting the above transaction,
However, lease term can also be changed by maintaining the residual % as zero.
On successfully posting the transaction, the new lease term is calculated between 'Due Dt Next' and 'New Maturity Dt' and is displayed in the ‘Results’ section. Also the new term and other details are updated on the account and new repayment schedule is generated.
The following screens are updated with lease term change:
You can also reverse this transaction in Transaction History > Transactions tab and system automatically reverses the bills generated (if any) post the lease term change.
As part of the collection activity, the security deposit amount paid upfront during the lease contract can be used to adjust the arrears on the account by posting the ‘Security Deposit Adjustment’ transaction.
To Adjust Lease Security Deposit
Transaction |
Parameters |
SECURITY DEPOSIT ADJUSTMENT |
TXN DATE |
AMOUNT (should be less than or equal to security deposit amount) |
|
COMMENT |
Before posting the transaction, ensure that the security deposit balance is adequate to adjust the arrears. Else, system displays a validation error indicating 'Insufficient Security Deposit' amount to adjust'.
On posting the transaction, system adjusts the balances based on either spread matrix or the spread defined at contract. On successful posting of transaction, the ‘Security Deposit’ amount is adjusted on the account as a payment and ‘Late Fee’ (if any) will be eligible for reversal. The ‘Results’ section displays the status of transaction and indicates previous and current Security Deposit Amount on the account.
A letter of intimation is generated for correspondence by the scheduled batch LCSTXN_BJ_121_01 (LETTER FOR LEASE MONETARY TXNS) which consists of Transaction Date, Security Deposit Amount before and after adjustment, and comments if any.
You can also reverse the security deposit adjustment by posting ‘Security Deposit Adjustment Reverse’ transaction and system automatically reverses the balance of transaction amount to the ‘Security Deposit Amount’. However, on reversal letter is not generated and has to be manually intimated.
After calculating the lease fee usage if there are any differences which needs to be corrected (increase/decreased) to the fee usage amount, you can post the following two types of lease transactions to adjust fee usage balance accordingly.
To Add Lease Fee Usage
Transaction |
Parameters |
ADJUSTMENT TO FEE USAGE - ADD |
TXN DATE |
AMOUNT (Fee Usage amount that needs to be added) |
|
COMMENT |
To Subtract Lease Fee Usage
Transaction |
Parameters |
ADJUSTMENT TO FEE USAGE - SUBTRACT |
TXN DATE |
AMOUNT (Fee Usage amount that needs to be subtracted) |
|
COMMENT |
For more information on how OFSLL handles lease calculation and billing, refer to APPENDIX - Usage Based Leasing chapter.
Evergreen lease in OFSLL refers to a type of lease contract between customer and financial institution in which the customer can use an asset which is still in working condition and agrees to pay a minimum lease amount for a specific term, even if the residual value of asset becomes zero.
This lease amount is a mutually agreed value by both the parties and does not specifically include depreciation cost of asset or the interest component.
For example, if an Evergreen Lease contract is agreed for Lease Payment Amount of $5 and Term of 36 months, the billing is done for lease receivables as follows:
Cycle |
Lease Receivable without Payment |
Lease Receivable with Monthly Payment |
Term |
Remaining Term |
0 |
0 |
0 |
0 |
36 |
1 |
5 |
5 |
1 |
35 |
2 |
10 |
5 |
2 |
34 |
3 |
15 |
5 |
3 |
33 |
N |
N x Lease Payment Amount |
Lease Payment Amount |
4 |
32 |
Similar to any other lease contract, even in Evergreen Lease the customer is billed for the agreed payment amount until the lease maturity date and lease receivable is updated based on the billing. Other transactions such as late fee, lease payoff and termination are processed as usual.
You can define Evergreen Lease contract in OFSLL by posting EVER GREEN LEASE monetary transaction in Servicing > Customer Service > Maintenance screen at anytime i.e. Before / On / After the account maturity date.
Note
Evergreen Lease in OFSLL is supported only for INTEREST RATE type of lease calculation method.
If evergreen lease transaction is posted on existing lease account, the lease account is extended up to the term specified and is billed as per the agreed ‘Payment Amount’ for extended term. Also the ‘Rate’ and ‘Residual %’ of the existing lease are updated to ‘0’ and existing balances are closed by either posting an adjustment minus transaction to the account or collecting the payment from customer.
To post ever green lease transaction
Transaction |
Parameters |
EVER GREEN LEASE |
EXTENSION DATE |
EXTENSION TERM |
|
PAYMENT AMOUNT |
|
COMMENT |
While posting the above transaction,
On successfully posting the transaction, the ‘Results’ section displays the details of old and new Maturity Date, Term, Payment Amount and the Residual % is set as zero. The lease receivables are updated with new amount (calculated as New Payment Amount x Term) in Servicing > Balances tab and new repayment schedule is generated. A new Evergreen lease condition is posted on the account.
You can also reverse the Evergreen Lease Transaction in Servicing > Customer Service > Transaction History tab and system automatically reverses the Payment Amount, Term and other existing lease contract details (if any).
System restricts posting the following transactions after posting evergreen lease transaction:
The following screens are updated on posting Evergreen Lease transaction:
After calculating the lease rental fee if there are any rental adjustments or charge which needs to be posted to the account balances (Contract setup > Balances sub tab), you can post the following types of lease monetary transactions.
To post the above transactions
Transaction |
Parameters |
ADJUSTMENT TO RENTAL/DAMAGE CHARGE - ADD/SUBTRACT |
TXN DATE |
AMOUNT (amount that needs to be updated) |
|
COMMENT |
For more information on how OFSLL handles Rental calculation and billing, refer to ‘Rental Agreement’ section in Origination User Guide.
This section catalogues the transaction codes and parameters required to complete the following nonmonetary tasks for Lease:
You can update and change a customer’s name.
To update a customer’s name
Transaction |
Parameters |
Customer Name Maintenance |
Txn Date |
Relation Type Code |
|
Customer First Name |
|
Customer Middle Name |
|
Customer Last Name |
|
Customer Generation |
|
Code |
The new details appear throughout the system; for example, in Customer Service screen’s Customer(s) section and Customer Details screen’s Customer section.
You can update and change the following details regarding a customer: social security number, marital status, disability indicator, driving license number, number of dependents, and email address.
To change other details about a customer
Transaction |
Parameters |
Customer Maintenance |
Txn Date |
Relation Type Code |
|
Customer SSN |
|
Customer Marital Status Code |
|
Customer Disability Indicator |
|
Customer Driving License Number |
|
Customer Number of Dependents |
|
Customer Email Address 1 |
|
Customer Birth Date |
|
Customer Gender Code |
|
Customer Language Code |
|
Customer Driving Licence State Code |
|
Customer Time Zone |
|
Payment Hierarchy |
Note
The payment hierarchy is auto-populated by the system based on new/existing customer details and the same can be modified. For more information, refer to Payment Hierarchy field details in Customer sub tab section.
The new details appear throughout the system.
When a customer cannot be located, the system enables you to mark that person as “skipped” (as in, “the person is a skipped debtor.”) Marking a customer as skipped indicates that the customer’s whereabouts are unknown.
To mark a customer as “skipped”
Transaction |
Parameters |
Customer Skip |
Txn Date |
Relation Type Code |
|
Customer Skip Indicator |
The Skip box is selected on the Customer Service screen’s Customer(s) section and Customer Details screen’s Customer section.
To remove the Skip indicator, follow the above procedure. However, you can also type N in the CUSTOMER SKIP INDICATOR parameter.
You can mark a particular customer as deceased by posting a non-monetary transaction. Marking a customer as deceased indicates that the 'Account holder is deceased' and this condition is posted on the account and an Alert is populated in Comments tab and Summary tab. Also when a particular customer is marked as deceased, you can change the permission to call the customer as “No” on all accounts and contacts where the customer is attached.
To mark a customer as “deceased”
Transaction |
Parameters |
MARK CUSTOMER AS DECEASED |
DECEASED DATE |
TRANSACTION DATE |
|
|
RELATION TYPE CODE |
|
REMOVE PERMISSION TO CALL |
You can select the ‘Deceased Date’ and ‘Transaction Date’ (last transaction date) from the adjoining calendar. Select the ‘Relation Type Code’ and ‘Remove Permission To Call’ (as ‘Yes’) from the drop-down list.
System identifies all the related accounts based on Customer ID and marks ‘the customer deceased date’ on all accounts (primary or joint holder) held by the customer. If the transaction is successful, a confirmation message is displayed in the Results section displaying all the customer accounts on which this status is posted. Also a comment is posted on all accounts when the ‘Permission to Call’ status is changed.
The Customer Deceased Date is also indicated on the Customer Details screen’s Military Service section.
You can change the customer’s Privacy information sharing preference (Opt-Out indicators) along with other choice indicators of Insurance, Share Credit and Marketing preferences by posting the following nonmonetary transaction parameter.
Transaction Code: CUS_PRIVACY_INFO
Description: CUSTOMER OPT-OUT PREFERENCES (PRIVACY OPT-OUT)
To change the customer’s privacy opt-out indicators
Transaction |
Parameters |
Customer Privacy Info Sharing Preference |
Transaction Date |
Relation Type Code |
|
Privacy Optout |
|
Insurance Optout |
|
Share Credit Optout |
|
Marketing Optout |
The customer’s Privacy information sharing preferences are selected on the Customer Service screen’s Customer(s) section and Customer Details screen’s Customer section.
To remove the customer’s Privacy information sharing preferences, follow above procedure. However, you can also type N in the CUSTOMER STOP CORRESPONDENCE INDICATOR parameter.
You can choose at any time to stop correspondence to a customer. When you do so, the customer will receive no correspondence of any kind from the system.
To stop correspondence with a customer
Transaction |
Parameters |
Customer Stop Correspondence |
Txn Data |
Relation Type Code |
|
Customer Stop Corr Indicator |
The Stop Correspondence box is selected on the Customer Service screen’s Customer(s) section and Customer Details screen’s Customer section.
To remove the Stop Correspondence indicator, follow the above procedure; However, you can also type N in the CUSTOMER STOP CORRESPONDENCE INDICATOR parameter.
You can change other insurance details entered on the INSURANCE ADDITION transaction with nonmonetary INSURANCE DETAILS MODIFICATION transaction. The changed insurance information can be viewed on Customer Service screen’s Insurances screen.
Note
In case any issues on existing Lease accounts, you can back port this functionality. Contact your account manager.
Transaction |
Parameters |
Insurance Modification |
Txn Date |
Effective Date |
|
Insurance Type |
|
Policy Effective Date Company Name |
|
Phone # 1 |
|
Extn # 1 |
|
Phone # 2 |
|
Extn # 2 |
|
Policy # |
|
Expiration Date |
|
Primary Beneficiary |
|
Secondary Beneficiary |
|
Refund Amount Received |
|
Full Refund Received |
|
Comment |
The ACH maintenance transaction is for updating the existing ACH Banks details and not to define a new Ach Bank. The transaction is effective provided the ACH account no, ACH routing no, account type are matching with the existing Ach Banks details. On successful posting, the confirmation number will be generated.
To update the existing ACH bank details
Transaction |
Parameters |
ACH Maintenance |
ACH Account Number |
ACH Account Type Code |
|
ACH Payment Frequency Code |
|
ACH Status Code |
|
ACH Bank Name |
|
ACH Bank Routing Number |
|
ACH Default Indicator |
|
ACH End Date |
|
ACH Payment Amount |
|
ACH Payment Amount Excess |
|
ACH Payment Day |
|
ACH Start Date |
|
Txn Date |
This information appears in the ACH section of the Account Details screen.
To stop an ACH for an account
Transaction |
Parameters |
Stop ACH Maintenance |
Txn Date |
Oracle Financial Services Lending and Leasing clears the information on the ACH section of the Account Details screen.
You can reprint a statement of account activity by defining the starting and closing dates included within the statement.
To reprint a statement
Transaction |
Parameters |
Statement Reprint Maintenance |
Txn Date |
Statement Closing Date |
You can add a new ach bank. This enables the customer to make a single payment from more than one bank or monthly payments from different banks. On successful posting, the confirmation number will be generated.
To add a new ACH bank
Transaction |
Parameters |
ADD ACH BANK |
ACH Account Number |
ACH Account Type Code |
|
ACH Payment Frequency Code |
|
ACH Status Code |
|
ACH Bank Name |
|
ACH Bank Routing Number |
|
ACH Default Indicator |
|
ACH End Date |
|
ACH Payment Amount |
|
ACH Payment Amount Excess |
You can add or stop servicing of accounts with PDC as a repayment method.
The POST DATED CHEQUE MAINTENANCE transaction enables you to switch an account to the post dated check method of repayment.
To add post dated checks as a method of repayment
Transaction |
Parameters |
Post Dated Cheque Maintenance |
Txn Date |
PDC Type |
|
pdc Check Number |
|
pdc Check Date |
|
pdc No Of Checks |
|
pdc Check Amount |
|
pdc Bank Routing Number |
|
pdc Account Type |
|
pdc Account Number |
|
pdc Bank Name |
|
pdc Bank Branch Name |
|
pdc Docket Code |
|
pdc Comments |
|
pdc Frequency |
The STOP POST DATED CHEQUE MAINTENANCE transaction stops processing the payments on an account using Post dated checks. Once this transaction is posted, status of all PDCs attached to a Lease account changes to VOID, indicating that the PDCs are of no use.
To stop post dated checks as a method of repayment
Transaction |
Parameters |
Stop Post Dated Cheque Maintenance |
Txn Date |
In reordering coupon books, you will need supply the first date of new coupons, the new coupon start number, and number of new coupons to order.
To re-order coupon book (batch only)
Transaction |
Parameters |
Coupon Book Maintenance |
Txn Date |
Coupon First Payment Date |
|
Coupon Start Number Coupon Count |
To cancel the coupon book re-order before it is processed in the nightly batch, choose Void.
You can apply, cancel, or adjust a payment to an extended service contract.
To cancel or adjust an ESC
Transaction |
Parameters |
Warranty Maintenance |
Txn Date |
Insurance/Warranty Cancel Indicator |
|
Insurance/Warranty Cancel Date |
|
Insurance/Warranty Remaining Term |
|
Insurance/Warranty Refund Amount Estimate |
|
Insurance/Warranty Refund Amount Received |
|
Insurance/Warranty |
|
Full Refund Received Indicator |
|
Insurance/Warranty Itemization Code |
To apply a refund payment to an ESC
Transaction |
Parameters |
Warranty Payment Maintenance |
Txn Date |
Insurance/Warranty Refund Amount Received |
|
Insurance/Warranty |
|
Itemization Code |
|
Insurance/Warranty Full Refund Received Indicator |
Note
A Warranty Refund transaction posted or reversed on the Maintenance screen should be matched with a payment posting or reversal.
To cancel insurance (or reverse the insurance cancellation)
Transaction |
Parameters |
Insurance Maintenance |
Txn Date |
Insurance/Warranty Cancel Indicator |
|
Insurance/Warranty Cancel Date |
|
Insurance/Warranty Remaining Term |
|
Insurance/Warranty Refund Amount Estimate |
|
Insurance/Warranty Refund Amount Received |
|
Insurance/Warranty Full Refund Received Indicator |
|
Insurance/Warranty |
|
Itemization Code |
The above refers to the account insurance and not asset or collateral insurance. For example, ‘Credit Life and Disability’.
The following nonmonetary transactions allow you to add a new tax or insurance escrow to an account.
To add new escrow insurance details
Transaction |
Parameters |
New Escrow Insurance Details |
Escrow Type |
Escrow Sub Type |
|
Vendor # |
|
Escrow Required (y/n) |
|
Escrow Opt out (y/n) |
|
Annual Disbursement Amount |
|
Disbursement Rule |
|
Transaction Date |
|
Reference Account # |
|
Insurance Policy # |
|
Expiration Date |
|
Maturity Date |
|
Coverage Type |
|
Coverage Term |
|
Coverage Amount |
|
Reason |
|
Reference |
To add new escrow tax details
Transaction |
Parameters |
New Escrow Tax Details |
Escrow Type |
Escrow Sub Type |
|
Vendor # |
|
Escrow Required (y/n) |
|
Escrow Opt out (y/n) |
|
Annual Disbursement Amount |
|
Disbursement Rule |
|
Transaction Date |
|
Reference Account # |
|
Property Tax Type |
|
Reason |
|
Reference |
The following nonmonetary transactions allow you to update any of the escrow information regarding an existing tax and insurance.
To change insurance annual disbursement
Transaction |
Parameters |
Change Insurance Annual Disbursement |
Escrow Type |
Escrow Sub Type |
|
Vendor # |
|
Transaction Date |
|
Annual Disbursement |
|
Amount |
|
Reason |
|
Reference |
To change insurance disbursement plan
Transaction |
Parameters |
Change Insurance Disbursement Plan |
Escrow Type |
Escrow Sub Type |
|
Vendor # |
|
Transaction Date |
|
Disbursement Rule |
|
Reason |
|
Reference |
To change escrow indicators of insurance
Transaction |
Parameters |
Change Escrow Indicators of Insurance |
Escrow Type |
Escrow Sub Type |
|
Vendor # |
|
Transaction Date |
|
Escrow Required (y/n) |
|
Escrow Opt Out (y/n) |
|
Reason |
|
Reference |
To change insurance expiration date
Transaction |
Parameters |
Change Insurance Expiration Date |
Escrow Type |
Escrow Sub Type |
|
Vendor # |
|
Transaction Date |
|
Expiration Date |
|
Reason |
|
Reference |
To change insurance maturity date
Transaction |
Parameters |
Change Insurance Maturity Date |
Escrow Type |
Escrow Sub Type |
|
Vendor # |
|
Maturity Date |
|
Reason |
|
Reference |
To change tax annual disbursement
Transaction |
Parameters |
Change Tax Annual Disbursement |
Escrow Type |
Escrow Sub Type |
|
Vendor # |
|
Transaction Date |
|
Annual Disbursement Amount |
|
Reason |
|
Reference |
To change tax disbursement plan
Transaction |
Parameters |
Change Tax Disbursement Plan |
Escrow Type |
Escrow Sub Type |
|
Vendor # |
|
Transaction Date |
|
Disbursement Rule |
|
Reason |
|
Reference |
To change escrow indicators of tax
Transaction |
Parameters |
Change Escrow Indicators of Tax |
Escrow Type |
Escrow Sub Type |
|
Vendor # |
|
Transaction Date |
|
Escrow Required (y/n) |
|
Escrow Opt Out (y/n) |
|
Reason |
|
Reference |
The following nonmonetary transactions allow you to resume and stop escrow analysis and disbursements.
To resume escrow analysis
Transaction |
Parameters |
Resume Escrow Analysis |
Transaction Date |
Reason |
|
Reference |
To resume escrow disbursements
Transaction |
Parameters |
Resume Escrow Disbursements |
Transaction Date |
Reason |
|
Reference |
To stop escrow analysis
Transaction |
Parameters |
Stop Escrow Analysis |
Transaction Date |
Reason |
|
Reference |
To stop escrow disbursements
Transaction |
Parameters |
Stop Escrow Disbursements |
Transaction Date |
Reason |
|
Reference |
To refund or adjust insurance
Transaction |
Parameters |
Insurance Payment Maintenance |
Txn Date |
Insurance/Warranty Refund Amount Received |
|
Insurance/Warranty |
|
Itemization Code |
|
Insurance/Warranty For Full Refund Received |
Note
The insurance refund posted or reversed on the Maintenance screen should be matched by a payment posting or reversal.
The following two nonmonetary transactions allows you to adjust dealer compensation (add/subtract) in servicing stage itself for ‘Upfront and Upfront Month end methods’.
Transaction |
Parameters |
ADJUSTMENT TO COMPENSATION AMOUNT - ADD |
COMPENSATION ADJUSTMENT AMOUNT |
COMMENTS |
Transaction |
Parameters |
ADJUSTMENT TO COMPENSATION AMOUNT - SUBTRACT |
COMPENSATION ADJUSTMENT AMOUNT |
COMMENTS |
The following two nonmonetary transactions allows you to either add or update contact references associated with an account.
Parameters to Add contract references:
Transaction |
Parameters |
Add contract references |
TRANSACTION DATE |
|
RELATIONSHIP TYPE CODE |
|
NAME |
|
COUNTRY CODE |
|
ADDRESS 1 |
|
ADDRESS 2 |
|
ZIP CODE |
|
CITY CODE |
|
STATUS CODE |
|
YEARS |
|
MONTHS |
|
PHONE # 1 |
|
EXTENSION PHONE # 1 |
|
PERMISION TO CALL IND #1 |
|
PHONE # 2 |
|
EXTENSION PHONE # 2 |
|
PERMISION TO CALL IND #2 |
|
COMMENT |
Parameters to Modify contract references:
Transaction |
Parameters |
Modify contract references |
TRANSACTION DATE |
|
REFERENCE # |
|
RELATIONSHIP TYPE CODE |
|
NAME |
|
COUNTRY CODE |
|
ADDRESS 1 |
|
ADDRESS 2 |
|
ZIP CODE |
|
CITY CODE |
|
STATUS CODE |
|
YEARS |
|
MONTHS |
|
PHONE # 1 |
|
EXTENSION PHONE # 1 |
|
PERMISION TO CALL IND #1 |
|
PHONE # 2 |
|
EXTENSION PHONE # 2 |
|
PERMISION TO CALL IND #2 |
|
COMMENT |
You can post the following nonmonetary transactions to define the account statement preference mode as either EMAIL or PHYSICAL.
Transaction |
Parameters |
ACCOUNT STATEMENT PREFERENCE MODE |
TRANSACTION DATE |
STATEMENT PREFERENCE MODE |
You can post the following nonmonetary transactions to update ‘Cure Letter’ details such as Start and Expiry date to the corresponding account. The posted details can be viewed in Customer Service > Account Details > Account Information tab.
Transaction |
Parameters |
CURE LETTER DATE MODIFY |
START DATE |
EXPIRY DATE |
You can post the following nonmonetary transactions to change existing recourse information such as changing recourse type preference from Partial to Full or vice versa, recourse reason, percentage of recourse allowed or flat amount.
Transaction |
Parameters |
RECOURSE DETAILS MAINTENANCE |
TRANSACTION DATE |
RECOURSE TYPE |
|
RECOURSE REASON |
|
MAX RECOURSE % |
|
RECOURSE AMOUNT |
OFSLL facilitates to change the asset usage details of a lease account to new usage details and charge for the additional usage requested. However, note that this facility is applicable only for vehicle lease.
Changes to asset usage of collateral for a lease account can be updated into the system by posting the following transaction:
To change asset usage
Transaction |
Parameters |
ASSET CHANGE USAGE/CHARGE DETAILS |
NEW USAGE VALUE |
NEW CHARGE PER UNIT |
|
EXCESS USAGE FEE AMOUNT |
While posting the above transaction, specify the New Usage Value in kilometers and New Charge applicable for every unit extended. In the Excess Usage Fee Amount, you can include one-time fees that can be charged on the account for facilitating change usage. Based on the fee amount specified here, system posts a monetary transaction ‘FUSG_ADJ_PLUS– ADJUSTMENT TO EXCESS USAGE FEE - ADD’ as adjustment to excess usage fee balance. However transaction is not posted if no value is specified.
On successful posting of transaction, the ‘Charge’ and ‘Total’ fields are updated with new details in both Customer Service > Collateral tab and Servicing > Collateral Management screen.
During the lease contract period, you can choose to terminate the lease account before the contract maturity date. OFSLL supports lease termination for both ‘Interest Rate’ and ‘Rent Factor’ type of lease calculated accounts and allows to post the following types of non-monetary transactions:
Before terminating a lease contract, you can check if the account is eligible for early termination and if eligible, the amount that has to be paid for early termination by posting the ‘Check Early Termination Allowed’ transaction. When early termination is not allowed and termination transaction is posted, system displays an error on validation indicating ‘Minimum criteria for early termination is not met’.
To check for early termination
Transaction |
Parameters |
CHECK EARLY TERMINATION ALLOWED |
TXN DATE (Current or future date) |
On successful posting of the transaction, the ‘Result’ section indicates if early termination is allowed or not.
To terminate a lease contract before maturity, you can post the ‘Account Early Termination’ transaction.
To early terminate lease contract
Transaction |
Parameters |
ACCOUNT EARLY TERMINATION |
TXN DATE (Current or future date) |
TERMINATE ALLOWED IND (Yes or No) |
|
TERMINATE BILLED TERM (Minimum number of bills to be generated) |
|
MIN AMT RECOVERD PER (Percentage of minimum amount to be recovered (Depreciation + Rent Charge i.e. Lease Receivable Amount + Interest) |
When posting the transaction, if ‘Terminate Allowed Indicator’ is changed from No to Yes, ensure that the Billed Term and Minimum Amount Recovered Percentage is greater than zero.
On successful posting of the transaction, the ‘Result’ section indicates the status and other details such as Allowed to Terminate, Billed Term and Lease Amount Recovered.
On posting any of the above transaction successfully, a letter of intimation is generated for correspondence by the scheduled batch LCSTXN_BJ_121_01 (LETTER FOR LEASE NON-MONETARY TXNS) with the updated details.
For lease accounts if the borrower is on active military duty and the monetary transaction - ‘Active Military Duty (For Lease)’ is posted, system automatically posts ‘DO NOT TERMINATE’ condition along with the other conditions on the account. When this condition is active, account cannot be terminated since termination transaction is not allowed to be posted.
To override the above ‘DO NOT TERMINATE’ condition (only if posted) and capture customer request to terminate Active Military Duty Accounts, you can post the following non-monetary transaction:
To allow terminating Active Military Duty Accounts
Transaction |
Parameters |
ALLOW TO TERMINATE(FOR LEASE) |
TXN DATE (Current or future date) |
COMMENTS (additional information, if any) |
On successful posting of the transaction, the ‘DO NOT TERMINATE’ condition is closed on account and the condition close date is updated in ‘Condition History’ tab. The ‘Result’ section indicates the transaction processing details.
In Oracle Financial Services Lending and Leasing, you can define Customer Credit Limit based on the customer credit worthiness or historical customer data and using this limit, applications can be funded up to the credit limit amount allowed.
The defined credit limit details can further be changed by posting appropriate non-monetary transaction. The ‘Transactions’ sub tab available in Servicing > Customer Credit Limit screen’s > Customer/Business tab allows you to post a set of non-monetary transactions to update specific customer credit limit details on the account. However, the same transactions can also be posted from Customer Service > Maintenance tab.
To update the customer credit limit details, post the following transactions:
Purpose |
Transaction Code |
Transaction Description |
To increase the customer Max limit field by given amount. |
CUS_CRLMT_INCREASE |
CUSTOMER CREDIT LIMIT INCREASE |
To decrease the customer Max limit field by given amount. |
CUS_CRLMT_DECREASE |
CUSTOMER CREDIT LIMIT DECREASE |
To move given transaction amount from Hold amount to Customer Max limit field. |
CUS_CRLMT_HOLD_DECREASE |
DECREASE CUSTOMER CREDIT LIMIT HOLD AMOUNT |
To move given transaction amount from customer Max limit to HOLD amount field. |
CUS_CRLMT_HOLD_INCREASE |
INCREASE CUSTOMER CREDIT LIMIT HOLD AMOUNT |
To move the given transaction amount from Max Limit field to suspended amount field. |
CUS_CRLMT_SUSPEND_INCREASE |
INCREASE CUSTOMER CREDIT LIMIT SUSPEND AMOUNT |
To move the given transaction amount from suspended field to Max Limit amount field |
CUS_CRLMT_SUSPEND_ DECREASE |
DECREASE CUSTOMER CREDIT LIMIT SUSPEND AMOUNT |
For the above transactions, following parameters are to be defined:
On successful posting of the transaction, a comment is posted indicating the amount increased / decreased from old value to new value.
To update the business credit limit details, post the following transactions:
Purpose |
Transaction Code |
Transaction Description |
To increase the business Max limit field by given amount. |
BUS_CRLMT_INCREASE |
BUSINESS CREDIT LIMIT INCREASE |
To decrease the business Max limit field by given amount. |
BUS_CRLMT_DECREASE |
BUSINESS CREDIT LIMIT DECREASE |
To move given transaction amount from Hold amount to business Max limit field. |
BUS_CRLMT_HOLD_DECREASE |
DECREASE BUSINESS CREDIT LIMIT HOLD AMOUNT |
To move given transaction amount from business Max limit to HOLD amount field. |
BUS_CRLMT_HOLD_INCREASE |
INCREASE BUSINESS CREDIT LIMIT HOLD AMOUNT |
To move the given transaction amount from Max Limit field to suspended amount field. |
BUS_CRLMT_SUSPEND_INCREASE |
INCREASE BUSINESS CREDIT LIMIT SUSPEND AMOUNT |
To move the given transaction amount from suspended field to Max Limit amount field |
BUS_CRLMT_SUSPEND_DECREASE |
DECREASE BUSINESS CREDIT LIMIT SUSPEND AMOUNT |
For the above transactions, following parameters are to be defined:
On successful posting of the transaction, a comment is posted indicating the amount increased / decreased from old value to new value.
To adjust the Grade, Late Charge, or Limit Expiry details of a defined credit limit, you can post ‘CUSTOMER/BUSINESS CREDIT LIMIT MAINTENANCE’ transaction:
Transaction |
Parameters |
CUS_CRLMT_MAINT or BUS_CRLMT_MAINT |
TXN DATE |
GRADE |
|
MAX LATE CHARGE RATE |
|
LIMIT EXPIRY DATE |
|
LIMIT NEXT RENEWAL DATE |
On successful posting of the transaction, a comment is posted indicating the amount increased / decreased from old value to new value.
To add/update Customer/Business address details into the following tabs, you can post ‘ADD CUSTOMER/BUSINESS ADDRESS PHONE’ transaction.
Also, note that if the address details are added or updated directly from the above tabs, system automatically posts the below transaction.
Transaction |
Parameters |
CUS_ADR_PH_MAINT or BUS_ADR_PH_MAINT |
TXN DATE |
ADR ADDRESS TYPE CODE |
|
ADR PHONE |
|
ADR MAILING INDICATOR |
|
|
ADR POSTAL ADDRESS TYPE CODE |
|
ADR ADDRESS NUMBER |
|
ADR STREET PRE TYPE CODE |
|
ADR STREET NAME |
|
ADR STREET TYPE CODE |
|
ADR STREET POST TYPE CODE |
|
ADR APARTMENT NUMBER |
|
ADR ADDRESS2 |
|
ADR CITY |
|
ADR STATE CODE |
|
ADR ZIP |
|
ADR ZIP EXTENSION |
|
ADR COUNTRY CODE |
|
ADR COMMENT |
|
ADR CENSUS TRACT/BNA CODE |
|
ADR MSA CODE |
|
PERMISSION TO CALL IND |
|
PERMISSION TO TEXT IND |
To add Customer/Business Telecom details into the following tabs, you can post ‘ADD CUSTOMER/BUSINESS TELECOM’ transaction.
To update Customer / Business Telecom details into the following tabs, you can post CUSTOMER/BUSINESS TELECOM MAINTENANCE transactions.
Also, note that if the Telecom details are added or updated directly from the above tabs, system automatically posts the below transaction.
Transaction |
Parameters |
CUS_NEW_TEL or BUS_NEW_TEL |
TXN DATE |
TELECOM TYPE |
|
CURRENT INDICATOR |
|
TELECOM PHONE |
|
|
TELECOM PHONE EXTENSION |
|
BEST CALL START TIME |
|
BEST CALL START TIME PERIOD |
|
BEST CALL END TIME |
|
BEST CALL END TIME PERIOD |
|
TELECOM TIME ZONE |
|
PERMISSION TO CALL IND |
|
BEST DAY TO CALL |
|
PERMISSION TO TEXT IND |
To add/maintain business partner details into the following tabs, you can post ‘ADD BUSINESS PARTNERS’ or ‘BUSINESS PARTNERS MAINTENANCE’ transactions.
Also, note that if the business partner details are added or updated directly from the above tabs, system automatically posts the below transaction.
Transaction |
Parameters |
BUS_PAR_ADD or BUS_PAR_MAINT |
Permission to Call |
Permission to Text |
|
Customer # |
|
|
First Name |
|
MI |
|
Last Name |
|
Suffix |
|
SSN |
|
Birth Dt |
|
Birth Place |
To add/maintain business affiliates details into the following tabs, you can post ‘ADD BUSINESS AFFILIATES’ or ‘BUSINESS AFFILIATES MAINTENANCE’ transactions.
Also, note that if the Affiliates details are added or updated directly from the above tabs, system automatically posts the below transaction.
Transaction |
Parameters |
BUS_AFF_ADD or BUS_AFF_MAINT |
Organization Type |
Legal Name |
|
Name of the Business |
|
Tax ID # |
|
Ownership (%) |
SCRA (Servicemembers Civil Relief Act) is a United States federal law that protects soldiers, sailors, airmen, Marines, Coast Guardsmen, commissioned officers in the Public Health Service and National Oceanic and Atmospheric Administration, from being sued for payment defaults.
The system is facilitated to be compliant with these SCRA laws. The following features are supported:
To be compliant with the above SCRA features, you can setup;
Post the ‘OFF MILITARY DURY’ date, if payment is missed as per contracted billing cycle, delinquency fee transaction is posted separately.
However, delinquency fees will not be applied for period of Borrower's Military duty.
You can define different interest rate which will be an input parameter for the ON ACTIVE MILITARY DUTY transaction. The system enables you to override default rate values with the values you define. However, if the values are not overridden, then system will pick the transaction from system parameter TPE_SCRA_DEFAULT_INTEREST_RATE.
The system will apply lowest rate between contract and system default interest rate. However, you can indicate to override the Rate with one entered in the transaction input parameter.
Access to the transaction and availability of the Override and Rate parameters are setup in Transaction Codes Access Grid and Parameters, respectively.
When the transaction is under BORROWER ON ACTIVE MILITARY DUTY status, the system facilitates setting up and validating the following:
Once the OFF MILITARY DUTY transaction is posted on account, system facilitates setting up and validating the following:
The system performs collateral valuation for all the active accounts at a set frequency. However, valuation is not performed for collaterals with account status <ACTIVE> and Asset Status <ACTIVE> and <PRIMARY>.
The source for the above valuation is Black book or any other Collateral Evaluator agency. These valuation details are stored for each collateral in Collateral tables. If an account has multiple collaterals, then the valuation details must be stored for each collateral.
You can run ‘BLACK BOOK INTERFACE’ batch to perform valuation for active accounts and active collaterals. This batch job performs the following:
The system date is saved as Valuation Date along with other valuation details during batch run. Once the batch is run, black book values will load process to Oracle Valuation Section.