1.5.1 Create Asset Classification Codes

This topic describes the systematic instructions to define the details of the severity and status codes that a lender would use for delinquency processing across its portfolio of products.

Example: In banking, loans are classified based on the risk of default, with Classification Codes like "Doubtful", "Loss," and "Substandard" indicating increasing periods of delinquency.

1. On Home screen, click Core Maintenance. Under Core Maintenance, click Asset Classification Codes.
2. Under Asset Classification Codes, click Create Asset Classification Codes.
   The Create Asset Classification Codes screen is displayed.

   Figure 1-9 Create Asset Classification Codes

   
   

   
   Description of "Figure 1-9 Create Asset Classification Codes"

   
   
3. Specify the fields on Create Asset Classification Codes screen.

   Note:

   The fields marked as Required are mandatory.

   Note:

   Asset code NORM is a mandatory input for delinquency processing as the initial starting status code.

   For more information on fields, refer to the field description table.

   Table 1-9 Create Asset Classification Codes - Field Description

   Field	Description
   Create Asset Classification Codes	Specify the status codes for classifying an asset.
   Severity	Specify the severity level of status codes for classifying an asset.
   Description	Specify the description of the status codes.

4. Click Save to save the details.
   The Asset Classification Codes is successfully created and can be viewed using the View Asset Classification Codes screen.