Finance agreement business rule
Business rules exist at originator group product level, allowing finance companies to set rules and settings that are specific to each combination of originator group and product.
The finance agreement business rule contains the the rules for creating a finance agreement for the product when used by the originator group.
1. Navigate to Configuration -> Organisational Structure -> Select Originator Group product
2. Select Originator Group Product under Originator Groups
3. Apply the filter to find the Originator Group Product that you need to assign the newly created Secondary Credit Rating Table. Select the Finance Company, Originator Group and Product from the drop down lists and click on Apply Filter
4. Once you have filtered the Originator Group Product, Select it and got to Actions -> Business Rules -> Finance Agreement
Effective Date: The date the business rule will be applied from.
Minimum and maximum rate: the minimum and maximum rate allowed on a finance agreement.
Minimum and maximum term: the minimum and maximum term allowed on a finance agreement.
Minimum and maximum amount: the minimum and maximum amount allowed on a finance agreement.
Send payment reminder days: The number of days before a payment is due that a reminder will be sent to the borrower
Finance agreement disbursement to: When a finance agreement is drawn down and funds disbursed, who will receive the funds that have not been specifically disbursed to a party.
Approved payee: If the finance agreement is to be disbursed to an approved beneficiary by default , the approved beneficiary will need to be selected. Remember this is only the default and will only be used in cases where disbursements have not been defined against an application.
Finance agreement disbursement takes place: The disbursement of funds will either take place on application purchase or on an insurance policy premium payable date. The originator commission is always allocated to the commission control account at the same time the disbursement takes place.
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