Predefined Banking Products

When you decide to offer your customers new products, you can benefit from a faster time to market by using our sample banking products that come along with the accelerators. You can also use the sample banking products to test them out in digital journeys before modifying and transforming them into your very own products, ready to be launched on the market.

The DIP for Mortgage solution comes with a series of pre-configured, ready to use banking products, as follows: 5Y Fixed - Green Mortgage, 2Y Fixed, 3Y Fixed, 5Y Fixed, and 3Y Tracker. These products are quite similar, and the difference between them is highlighted by their name: some are configured with fixed interest, one with tracker (variable) interest, and the first product's destination is set as Green Loan.

Use these products as they are if you find they fill your business needs, or use them as starting points for your custom products to define tailored offerings for your customers. Based on your business requirements, modify the existing products by versioning them or create new products by duplication, so that they are ready to be used in your journeys.

3Y Tracker

The 3Y Tracker banking product was configured as a Mortgage product type with floating, low interest rates, and it was classified as a Retail Loan Mortgage. Customers can take up mortgage loans ranging between GBP 500 and 9,500,000 with a 10-90% advance, for periods of 1 to 480 months.

The disbursement was set to be automatically performed at the contract approval. The loan is non-revolving and doesn't allow refinancing, but it allows up to two co-debtors and requires residential real estate guarantees with a 100% collateral cover. The repayment schedule is set for monthly payments, with no grace periods or holiday settings, accepting schedule templates for equal installments, equal principal payments, or only interest.

To speed up development and implementation time, as well as increase flexibility, use the predefined interest and commissions lists. These are automatically loaded at the contract level, where you can apply the desired ones. The Collection type interest in the list was defined as floating at 1.75% based on EURIBOR 6M for the first 36 installments, then as floating 2.75% based on EURIBOR 6M for the rest of the installments. The one-time mortgage analysis fee, automatically loaded on contracts, has a value of 0. Thus, your customers can easily track and understand how changes in the base rate will affect your monthly mortgage payments, while also knowing that in the first 3 years of the loan the paid interest is lower than later on. If the financial situation changes, they could also opt to change the loan to an available fixed interest rate.

A series of readily available questions, usable in the eligibility and underwriting processes, are linked to the product. For example, you can filter out customers with County Court sentences or bankruptcy within a set period of time. You can add as many questions as you want based on your product needs, for example if the selected property has the minimum requirements to be qualified as a "green" property, approve them, and start using them in your journeys to filter out ineligible customers.

To further service your launched mortgage product in contracts using Loan Management's capabilities, we recommend using the following allowed transactions, which are already linked to the sample product: disbursement, early repayment, payment holiday, reschedule overdues, and reschedule debt. For a friction-free contract management process, the product is set up for automatic contract closure after full repayment, and the reconciliation account to be used for the contract is already selected. More servicing settings for your products can be defined as described here.