Loan contract
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To manage loan contracts in the BackOffice you can do the following:
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The loan contract is the third step in the loan origination process after the loan offer.
You can create a new loan contract manually for a person:
Persons > Search.
Click the Identification number to access person details.
From the content menu choose Loans > Loan contracts.
On the Loan contracts page, click Create.
Loans > Search > Contracts.
Fill in the search parameters > Search.
To access the loan contract details, click the loan Contract number.
Scroll to the Repayment Conditions and choose:
Version special conditions - to see the loan version special conditions.
Contract special conditions - to see the full history of the loan contract changes.
The components section shows the list of the loan components, the balance and debt details and rate information.
Scroll to the Components.
Applies only if a borrower requested a secured loan.
To add a collateral to a loan contract:
Click the Contract number to access the loan contract details.
From the content menu, choose Collateral.
On the Collaterals page, click the Create agreement button.
As interest is calculated daily, you can have an overview of the exact amount of gathered interest for the current period. Below you will find instructions on how to find the contract interests.
To view loan contract interests:
Click the Contract number to access the loan contract details.
From the content menu, choose Interests.
If the borrower is not making the loan repayments, the loan is transferred to debt. You can terminate the loan contract by defaulting it.
To default on a loan contract:
Click the Default button.
You can close a loan contract only if all of the requirements are met.
To close a loan contract:
Click the Close button.
Once the loan contract is closed, the Tuum system updates the loan contract details page and sets the Actual closing date parameter:
The contract reactivation allows reopening the closed contract to modify the loan contract settings. To reactivate the closed loan contract:
Click the Draft version number.
Once the contract details page is opened, click the Reactivate button.
Choose the Reason code:
Incorrect repayment - if there was an incorrect repayment,
Incorrect write-off - if the loan was closed incorrectly due to the borrower’s incapability to cover the loan charges.
Other - if there were other loan-related reasons.
Write down the Description, and click the Reactivate button.
Fill in > Save.
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Follow the to create the collateral agreement.
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