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Line of credit settings

All the options to customize your line of credit accounts.

When creating a new account, you’ll select a program and the system will configure the settings according to that program. From there, you can customize the account settings. This article will go over the settings options. 

Settings options

To edit the program settings within a specific account, navigate  to Account Settings > Settings. This page displays the settings currently saved on an account and is separated into sections for account settings, custom fields, convenience fee, portfolio, computation fields, and history changes. Clicking the pencil icon to the right of each section will let you edit the applicable settings. 

Account settings

Here's a breakdown of what each field controls:

Term Description
Agent User LMS user assigned to the account.
Autopay status Whether or not Autopays are enabled on the account. If an AutoPay is set up, this field will display the next payment date.
Primary ECOA code

Primary borrower's Equal Credit Opportunity Act (ECOA) code.

ECOA Codes

ECOA codes include the following: 
A – System Managed. The ECOA code will be set to 1 if there is only a primary borrower, 2 if there are primary and secondary borrowers. 

0 – Not Specified. No ECOA code specified. 
1 – Individual / Primary. One individual borrower. 
2 – Joint Contract. A buyer and a co-borrower. 
7 – Maker. The subject of the account is liable, but a co-maker is liable if the maker defaults. 
T – Associate Terminated. The borrower's association with the account is terminated. 
Z – Delete Borrower. The borrower has been reported inaccurately and should be deleted.

 
 
Account status Status on the account.
Account sub status Sub status on the account.
Secondary ECOA code ECOA code for the secondary customer. Same options as the primary ECOA code. 
E-billing Determine whether e-billing is enabled on the account.
Repossession date Date when a collateral item was repossessed. If an account is unsecured or if the collateral hasn't been repossessed, this field should be left empty
Close date Date when the account closed. This is mostly used for recordkeeping, and should be left blank on open accounts.
Reporting type How the account will be reported to credit bureaus. 
Liquidation date Date when the account was liquidated. Like the closed date, this field will be left blank when the account is still open and performing.
Follow up date Set follow up dates, which will send a reminder to the agent user assigned to the account.
Credit status Status used in credit bureau reporting to indicate delinquency or other status of the account.
Credit bureau Code used for credit bureau reporting which specifies the account category.
Source company Company linked to the account. Lenders can use this to track any kind of company, but we recommend using it to either keep tabs on which partner an account originated with, or which physical location an account was issued at. 
Merchant processor group Set of processors that will handle payments from this account. (We let you create groups rather than just assigning individual processors because a group can be set up to handle any payment method, whereas an individual processor might only accept one kind.)
Payment type default Determine the default payment type.
Statement type Template used for statements.

Custom fields

The system natively stores all kinds of information, but we recognize that your business model may be unique, and require information that others don't. Custom fields let you create a place to store any information that suits your needs.

Line of credit and loans share any custom fields you create. We recommend reading custom labeling for instructions on how to configure custom fields. 

Convenience fee

This section provides you the option with the type of convenience fee that will be charged on the account. You have the choice between a fixed dollar amount, a percentage of the payment, or the lesser or greater of either. To learn more about these options, visit the convenience fee section of our logging a charge article.

Portfolio

Portfolios are a grouping tool used to categorize loans and line of credit accounts. An account can only have one status at a time, but it can have any number of portfolios and sub portfolios. Use this window to determine the category, portfolios, and sub-portfolios that you would like this account to be grouped in.

Computation fields

Computation fields let you calculate and display custom figures that the system doesn't natively generate. These calculations are created with a Clojure rule, and can be configured in Settings > Loan > Custom Field > Computation fields. 

All of the computation fields that are set to display on the ‘Loan Settings’ page will also display on the ‘Settings’ page for line of credit accounts.
 History Changes

This table shows changes that have been made on the account. Each entry includes the date when the change happened, the user who made the change, a note explaining the change, and the IP address for the computer that made the change.

 


 

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Line of credit settings Settings options Account settings Custom fields Convenience fee Portfolio Computation fields
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