The pages opened from the Units drop-down link allow you to enter and maintain asset units funded under a credit line for producers who are set up in the WFP module. With the Units master page you can select a producer in the Producers section and view its extended lines of credit in Credit Lines section, then view the units funded with that credit line. It appears at top of pages opened from the following links on the Units drop-down link:
To view the Units screen
On the Oracle Financial Services Lending and Leasing home screen, click WFP > WFP > Units
Note
Select the View All check box to view both active and inactive units.
In this field: |
Do this: |
Unit # |
The unique number of the unit loan. |
Status |
The status of the unit loan, either ACTIVE or INACTIVE. |
Contract Dt |
The date when the contract was signed. |
Advance Amt |
The loan amount advanced for financing the asset. |
Funded Dt |
The date when the unit was funded. |
First Pmt Dt |
The date when the first payment would be due from the producer. |
Maturity Dt |
The date when the loan matures and is expected to be paid back in full. |
Total Term |
The term of the loan for unit, in months. |
The Unit Details section enables you to set up the details of new units funded under a credit line. Initially, status of the unit is PENDING.
The Unit Details page enables you to view contract details for unit when the unit was funded. It also displays the current contract details for the same unit.
To view the Units Details page
In this field: |
View this: |
Unit# |
The unique number of the unit loan. |
Status |
View the status of the unit |
Contract Dt |
The date when the contract was signed. |
Instrument |
The type of instrument under which the funding was done. |
First Pmt Dt |
The date when the first payment would be due. |
Maturity Dt |
The maturity date of the loan. |
Total Term |
The term of the loan for unit, in months. |
Advance% |
Enter the advance percent of the unit loan |
Advance Amt |
The amount that was extended as a loan for funding the unit. |
Curtailment% |
The currently applicable curtailment percent. |
Curtailment Start Dt |
The date when the curtailment would start for the loan. |
Accrual Dt Start |
The date when the interest accrual would begin for the unit funded. |
Unit Group Number |
The Unit group number applicable. |
Index Type |
The type of index applicable for computing the applicable interest rate. By default, the Index Type selected in the ‘Credit Line’ section is populated here. |
Index Rate |
The currently applicable index rate for the type selected above. |
Margin Rate |
The currently applicable margin rate to be added to index rate to arrive at the interest rate. |
Total Rate |
The sum of the index rate and margin rate. |
Ceiling Index Type |
The type of index applicable for computing a ceiling interest rate. By default, the Ceiling Index Type selected in the ‘Credit Line’ section is populated here. |
Ceiling Index Rate |
The currently applicable ceiling index rate for the type selected above. |
Ceiling Margin Rate |
The currently applicable ceiling margin rate to be added to the Ceiling index rate to arrive at ceiling interest rate. |
Total Ceiling Rate |
The sum of the ceiling index rate and ceiling margin rate. |
The Unit Level Balances sub screen enables you to view the type of unit level balance and its amounts paid, waived, charged-off, recovered, and outstanding.
To view the unit level balances screen
On the Oracle Financial Services Lending and Leasing home screen, click WFP > WFP > Units > Balances
For more details on Balances refer section Balances sub tab in Producers chapter.
The Units Maintenance page enables you to:
To enter a new unit
On the Oracle Financial Services Lending and Leasing home screen, click WFP > WFP > Units > Transactions
For more details on Transactions refer section Transactions sub tab in Producers chapter.
The Payoff Quotes section lists all past saved payoff quotes provided to the producer for paying off the unit selected in the top section. Payoff quotes appear in the reverse chronological order based on quote date.
To generate a new pay off quote
New Payoff Quote section enables you to compute the amount to be collected from producer in case the producer wants to repay loan before actual term of the loan is complete.
In this field: |
Do this: |
Last Service Dt |
Enter the date when the unit was last serviced (required). |
Quote Dt |
View the payoff quote date (required). |
PayOff Amt |
Enter the payoff amount (required). |
Provided To |
Enter the name of the person to whom the payoff quote is provided (required). |
Last Accrual Dt |
Enter the last date when interest was accrued on the loan (required). |
PayOff Dt |
Enter the date when the producer wishes to payoff the loan (required). (Oracle Financial Services Lending and Leasing populates this field when you choose the Compute button) (required). |
Quote Amt |
Enter the amount actually quoted to the producer so as to payoff the loan.This could be the same as or different than the payoff amount (required) |
Balance |
Enter the outstanding loan amount (required). |
Oracle Financial Services Lending and Leasing applies the rate change to the amounts on Units Balances (Balances link) and Units Transactions (Transactions link) pages.
To change the interest rate for a unit
On the Oracle Financial Services Lending and Leasing home screen, click WFP > WFP > Units > Rate Change
The Units screen’s Rate Change section enables you to change to rate applicable to the unit.
In this field: |
Do this: |
Margin Rate |
Enter the new margin rate to be applied on the index rate.This cannot be a negative number (required). |
Index Type |
Select the new index type (required). |
Effective Dt |
The date from when the new rate is applicable. This is either: Nothing less than the last billing date -or- The contract date for the unit, whichever is greater. It cannot be a future date (required). |
Reason |
Select the reason for the rate change (required). |
Comment |
Enter any comments related to the rate change operation (required). |
Index Rate |
Enter the index rate applicable for the selected index type (display only). |
Total Rate |
Enter the new interest rate for the unit. The total rate equals the index rate plus the margin rate. This is rate applicable for interest computation for the units (display only). |
To reschedule the term for the unit
In this field: |
Do this: |
New Term |
Enter the new term of the loan.The new term should not be less or equal to the term elapsed for loan as of current date. For example: If the term was initially 24 months and if the rescheduling is happening after 12 months, then the new term cannot be 12, since 12 months have already elapsed (required). |
Existing term |
View the existing term of the unit (display only). |
Reason |
Select the reason for schedule change (required). |
Comment |
Enter any comments related to the rescheduling operation (optional). |
Curtailment % |
Enter the new curtailment percent. Making back dated changes to the curtailment percentage or term results in Oracle Financial Services Lending and Leasing computing all the balances based on new interest rate from the date when new rate and term becomes effective (required). |
Effective Dt |
The date from when the new rate is applicable. This is either: Nothing less than the last billing date -or- The contract date for the unit, whichever is greater. This cannot be a future date (required). |
Oracle Financial Services Lending and Leasing displays the updated schedule in the Current section of the Unit Details page (Details link).
To change the status of a unit
The Status Change section allows enables you to change the status of the unit.
The following are the possible status change combinations:
From Status |
To Status |
Validations/prerequisites |
Pending |
Active |
None |
Pending |
Void |
None |
Active |
Charge off |
None |
Active |
Paid |
Balances should be zero or less than the tolerance |
Active |
Pending |
There should be no payments against the Unit. Making the unit status pending would make all the balances zero. |
Paid |
Active |
None |
Charge off |
Active |
None |
Note
Once the status becomes Void, it cannot be changed to any other status.
In this field: |
Do this: |
New Status |
Select the new status for the unit (required). |
Effective Dt |
Enter the effective date of status. This defaults to current date. This cannot be less than: The last billing date -or- The unit contract date, whichever is greater. This cannot be a future date (required). |
Reason |
Select the reason for changing the status of the unit (required). |
Comment |
Enter any comments related to the status change (optional). |
Oracle Financial Services Lending and Leasing changes the condition of the unit on the WFP screen.
To change the condition of a unit
The Condition section enables you to change the condition of the unit.
In this field: |
Do this: |
Condition |
Select the condition related to the unit (required). |
Action |
Select the action related to condition of the unit (required). |
Effective Dt |
Enter the date from when the new condition is effective. The default value is the GL post date (required). |
Reason |
Select the reason for the condition change (required). |
Comments |
Enter any comments associated with the condition (optional). |
Oracle Financial Services Lending and Leasing displays the updated condition in the Condition section of the Unit Details page (Details link).
In the Units screen’s Asset Details section, select the record you want to work with.
If Search Criteria is used to limit the display of unit records. then:
In this field: |
Do this: |
Type |
Select the unit type (required). |
Asset Desc |
View the description of the asset, formed by compiling the year, make and model (display only). |
Year |
Enter the year of the manufacture for the asset (required). |
Make |
Enter the make of the asset (required). |
Model |
Enter the model of the asset (required). |
Sub Model |
Enter the sub model of the asset (optional). |
Identification # |
Enter the vehicle identification number of the asset (required). |
Invoice |
Enter the invoice value of asset, that is, the price at which asset is sold to the producer (optional). |
The Units Comments page enables you to record comments about the asset and maintain a history of the past comments in reverse chronological order.
To view the Units Comments page
Note
If you choose, use Search Criteria to limit the display of comment records.
In this field: |
Do this: |
Type |
Select the comment type. This field notes the nature of the comment and can help in classifying comments (required). |
Sub Type |
Select the comment sub type. This field also notes the nature of the comment and can help further classify comments (required). |
Comments |
Enter the comment details (required). |
Comment By* |
View the user id of who posted the comment (display only). |
Comment Dt* |
View the date and time that the comment was posted (display only). |
*Oracle Financial Services Lending and Leasing notes the user who entered this comment and the time it was saved.
When using the WFP Maintenance screen, you can add tracking attribute information to a unit at any time using the Tracking Attributes page.
To add or view a tracking attributes attached to a unit
On the Oracle Financial Services Lending and Leasing home screen, click WFP > WFP > Units > Tracking Attributes
For more details on Tracking Attributes refer section Tracking Attributes sub tab in Producers chapter.
The Audit page enables you to search for the unit.
To Search for the attached to a unit
On the Oracle Financial Services Lending and Leasing home screen, click WFP > WFP > Units > Audits
For more details on Audits refer section Audit sub tab in Producers chapter.