Stored Amortization updates through processing and Amortization Update Job

Stored Amortization updates through processing and Amortization Update Job

To allow for more efficient data gathering, ASPIRE will store a copy of a contract's amortization. This amortization is updated, generally, in two ways: through normal contract processing and via the Amortization Update Jobstream job. Below is a highlight of these different processes that will update the stored amortization:

The amortization schedules include lines for the financed amount and all payments. The amort does not include the annual and grand totals, or rate change events. This encompasses all finance products except Operating Leases, since operating leases do not have amortization schedules.

A new Global Setting under Contract Management called Save Customer Amortization Schedule determines whether the amorts will be stored. This setting defaults to No and needs to be set to Yes to enable this functionality.

Processes that will trigger the creation or update of the stored amortization schedule (essentially any time that contract earnings are recalculated, the amort schedule updated):

1.        Contract Booking - initial creation point

2.        Contract Modification (restructure of payment schedule, change of rate, rate change insert, compounding event, change of amount financed, addition/change of equipment from the equipment screen, etc.) - update

3.        Contract Payment (early/late payment on ADB loans, principal payment on loans, loan payoffs (asset-level and contract-level)) - update

4.        Contract Payment reversal (return or reapplication of funds applied in any of the ways shown directly above) - update

5.        Earnings Processes (month-end or daily earnings for ADB loans) - update

6.        JobStream task - needs to be run nightly to ensure updated amort schedules on Average Daily Balance loans are updated. The job itself will update all amort schedules

Non-booked deals will not have an amortization schedule stored.

Amortization Schedules will be stored only from the point of booking.

Termination will not delete the amortization schedule.


Please note that the JobStream job is intended to update Actual Daily Balance loans where the amortization will change in some scenarios without a definitive processing even in ASPIRE - for example, an outstanding past due balance. 

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