Loans - Interest In Advance
If a business code is configured to have "Interest In Advance" loans, the interest cycle logic has been changed so that the cycle starts on the due date for the current repayment, and ends on the day prior to the due date for the next repayment.Fixed inaccuracies when interest in advance was charged on a common day.
Loans - Variable Rate
There are new form letter fields to record the details of the most recent interest rate change, to assist in creating correspondence about interest rate changes:
- RateChangeDateEntered - The date the rate change was entered into the system
- RateChangeOldRepayment - The repayment amount before the new rate was applied
- RateChangeOldRate - The interest rate before the new rate was applied.
- RateChangeNewRateDate - The date the new rate applies from.
- RateChangeNewRate - The new interest rate
- RateChangeNewRepayment - The repayment amount after the new rate is applied.
- RateChangeNewRepaymentDate - - The date the next repayment amount is due
When varying the rate on a loan there is a new option on the business code to specify the number of days that must transpire after the rate change before repayment amounts due should be adjusted. There is now a facility to print form letters for a group of loans based on the date that their interest rate was changed.
Loans - Projected Balance
The "Balance" tab of the loans form now also shows the "Projected Balance" of the loan which is the balance it would have if loan repayments were made as contracted. Fixed infinite loop when projecting the net balance on interest in arrears loans that were charged interest on the anniversary day instead of the last day of the month. * Loans - Principal and Interest Report This report has been enhaced to include drawdowns.
Loans - Extending Direct Debits
Business codes have an option to "Continue direct debits on maturiing loans when they are in arrears". This option has been fixed to use a more reliable repayment amount and frequency for the continuation. Previously an incorrect repayment amount would be used in some situations.
Loan Summary Report
Fixed bug which doubled up outstanding fees on loan summary report when the system was configured to treat special charges and ODI like debits.
When manual interest is posted to an "Interest In Advance" account, this will no longer affect any subsequent interest calculations provided the manual interest transaction is prior to the next due date.
Fixed bug which incorrectly added one day to the start date of an investment when it was rolled into a new investment at maturity. Improved consistency of transaction Narratives when rolling over an investment. New facility to calculate commissions on investments based on an interest rate margin.
Any ODI charged on a linked mortgage can now be included in payments made to investors. New facility to specify that funds are on a linked mortgage "cleared" when entered into the system to prevent the subsequent "clearing days" delay that normally applies before investors are paid.
Joint Account Indicators
Fixed bug in the Experian "Joint Account Indicator" which incorrectly marked both borrowers as the "first borrower" in some cases. Added a new GetJointAccountIndicator() function to more reliably retrieve the indicator value.
Fix overstating of ODI when a dishonor is entered on the first day of the month and arrears is set to calculate from the day after the due date, when ODI is calculated using daily arrears balance.