What's New in the Real-time Release Process? Realtime Fee Schedules for Drawdowns

Loan Sphere are happy to release the latest changes to our Realtime project:

Real time Fee Schedules for Drawdowns

Our latest release introduces the real-time creation of fee schedules for fees with an event of On First Drawdown or For All Drawdowns. Fee schedules are now generated immediately when a qualifying drawdown is processed, eliminating the need for a scheduled batch run.

How does this work?

When a Bank Reconciliation or Manual Transaction processes a drawdown, the system automatically detects the drawdown and runs through a number of checks to determine whether there are any fees for that loan with an event of either On First Drawdown or For All Drawdowns (or both). If qualifying fees are found the system will:

• Verify that the drawdown date falls within the fee's effective date range.

• Calculate the fee according to the configured fee rules.

• Generate the fee schedule immediately.

In addition to the creation of the fee schedule we have also introduced the associated tax fields onto the fee schedule:

• Fee Tax Amount

• Total Fee Amount (excl. Tax)

• Total Fee Amount 

  
  

These tax fields are a new addition to the fee schedule and will only be populated via the real-time creation of fee schedules in accordance with your fee setup.

It is important for customers to note the following:

• Drawdown fees with an annualised calculation will still be produced by batch   

• This process deals exclusively with the initial creation of the fee schedule, at this time updates, deletions and the actual transaction are not handled in real-time.

•  Tax fields will not be populated for fee schedules processed by batch

  
  

Feedback

As always, we welcome customer feedback and ask customers to reach out via support ticket should they notice that this functionality does not process as expected.