Create an establishment fee table

The establishment fee tables contain the fee values that are charged to borrowers on establishment of a finance agreement. Some companies refer to these fees as document fees, others refer to them as setup fees. Essentially they are fees that are added to the finance agreement amount on inception of the finance agreement.

NOTE: Please ensure that the Primary and Secondary Credit rating tables have been created first, before creating the Establishment Fee table. Also If the rates need to be changed, the preference is to create a new establishment fee table rather than editing an existing one. 

1. To create an Establishment Fee table naviagate to Configuration > Setup:

 

2. Select the Establishment Fee Tables option under Fees:

3. Click on the cross/plus icon  to create a new Establishment Fee table and select or enter the following details:

Finance Company: From the drop down list, select the appropriate finance company.

Credit Rating Table: From the drop down list, select the appropriate credit rating table from the list of secondary credit rating tables available.

Name: Enter the name to assign to the establishment fee table.

Click on the  button to continue or the   button to return back to the List Establishment Fee Tables screen.

4. Once you have created the table, it will automatically go back to the List Establishment Fee Tables screen. From the list, select the one that was just created:

5. Select the Actions Panel  > Functions > Add New Establishment Fee:

6. The following details need to be selected or entered:

Credit Rating: This is a drop down list of all of the credit ratings that have been created 

Fee Amount and Fee Percentage: This is the amount or percentage set against the credit rating (as a fee amount and fee percentage cannot be applied to a credit rating at the same time). 

NOTE: A separate establishment fee will need to be created with each existing credit rating in relation to the secondary credit rating table. 

Click on the  button to add the establishment fee or the  button to return back to the List Establishment Fees Table screen.

Once the Establishment Fee table has been created successfully, the next step will be to assign it to the Fees business rule (as it will not be activated until it has been assigned to the Fees business rule). 

In order to see how to activate the Establishment Fee table in the Fees business rule, please refer to this article.

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