Loan Management 24

November 29th, 2023

This release of FintechOS Loan Management comes with configurable product settings for servicing now decoupled from Product Factory, a new dashboard designed to improve the experience and productivity of back-office users, limit recalculation via asynchronous processing, performance improvements thanks to .NET adoption, and more. As a heads-up, if you upgrade to this version of Loan Management, the system automatically creates product service configuration records for all your previously created banking products, based on their product-level settings. Please verify that these product service configurations are suitable for your business needs. Read below more details about this release of Loan Management and the mandatory changes it brings.

Loan Management v24.0 is fully compatible with FintechOS Platform v24.

NOTE  
This is part of the FintechOS 24 release. Please check the main release notes for more information.

New Features

Product Service Configurations

With the introduction of the new Product Factory, a series of financial product service configurations previously defined at the banking product level are now performed within Loan Management, effectively decoupling the two solutions. Thus, for each approved banking product that you plan on using in contracts, you must define a product service configuration record, holding defaults for reconciliation accounts, payment allocation settings, mandatory roles on contracts, allowed transactions, formula mappings, general ledger accounts, and so on.

Remember to approve the configuration so that you can use its associated product in contracts.

Standard Solution Back-Office Dashboard

We've replaced the Loan Admin Officer Dashboard with a the new Back-Office Dashboard, developed for improving the experience and productivity of Loan Admin Officer users in their day-to-day tasks. The dashboard displays important notices, KPIs and metrics, overview information about contracts, customers, limits, collaterals, credit facilities, third-party agreements, transactions, as well as an integrated journal for keeping notes and files meaningful for their work.

Improvements

Limit Recalculation via Asynchronous Processing

To reduce the stress on the system under high operations load, the limit recalculation flow now runs through external request processing, seamlessly adjusting the customer limits every time a repayment of principal is performed. Set your needed configuration using the newly introduced LimitRecalculationFlowName Loan Management system parameter. For asynchronous processing, make sure you also apply the required Vault settings.

Performance Improvements

Keeping Loan Management in sync with the latest platform capabilities, we've adopted .NET6 throughout our solution, thus increasing its overall performance while lowering the infrastructure costs.

The performance is now better thanks to the improved caching mechanism.

The contract forms were updated and their performance is now better thanks to the reduced number of hits in the database.

API Improvements

We've enriched the FTOS_CB_GetContractData endpoint to display on request the information about the service configuration of the banking product used within the contracts.

The new FTOS_CB_StartLoanSubmissionFlow_AsyncEngine endpoint is designed to be used for external request processing by the Async Engine, but you can also use it to initiate the complex process of loan origination.

Fixed Issues

  • We've updated the annual percentage rate calculation formula as follows: APR = Cash Price - Down Payment + sum(Credit Fees), where sum(Credit Fees) is the total of credit fees paid at the approval date.

  • We've fixed an issue that caused an error to appear when calling the FTOS_CB_AddUpdateWriteOff endpoint.

Mandatory Changes

If you upgrade to this version of Loan Management, the system automatically creates product service configuration records for all your previously created banking products, based on their product-level settings. Please verify that these product service configurations are suitable for you business needs. If needed, adjust the product service configurations accordingly by creating new versions.

If you create new banking products in Product Factory, whether you've upgraded Loan Management or this is your first installation, keep in mind that you must create product service configuration records within Loan Management for all the banking products intended to be used in contracts.