Create a Line-of-Credit (LOC)/ Draws

To operate LOC loans or loans with Multiple Draws, or to enable you to buy draws, you need to implement the current process:

  1. Unique Loan number

    • When calling Arix for the first time (LOC opening or first draw):
      The field Loannumber = <loan-number>

    • On subsequent loans:
      The field Loannumber = <loanNumber>-yyyymmdd (add mmss if needed to make more than one draw per day).

  2. Oversight
    We perform oversight checks when the LOC is opened or on the first draw.

    When calling Arix for the first time, the JSON in field5 should contain the following:

    Copy

    JSON

    {
       "RevolvingLineFirstAppearance":"yes",
       "RevolvingLineGUID":null,
       "RevolvingLineBalanceAsOfWhenCallingCRB":null

    The field Rails should be []

    For subsequent draws, the JSON in field5 should contain the following:

    Copy

    JSON

    {
       "RevolvingLineFirstAppearance":"no",
       "RevolvingLineGUID":"GUID from Origination/First Appearance,
       "RevolvingLineBalanceAsOfWhenCallingCRB":"$123"
    }

    Field Rails should contain the payment rails to be funded.

  3. NetFunding rule

    Loan Tape:

    • NetFunding

    • OriginationsFee

    • Field5MerchantFee

    Loan Agreement:

    • AmountFinanced

    1. NetFunding=AmountFinanced

    2. NetFunding=Loan Amount-Origination Fee-Field5.MerchantFee

    Or

    1. For draws, NetFunding= sum of the rails being funded

  4. Draw rule

    Loan Tape

    • Field5RevolvingLineFirstAppearance

    • Field5RevolvingLineGUID

    1. If RevolvingLineFirstAppearance = ‘No’, you can skip all Arix rules if RevolvingLineGUID is a valid GUID and it's status is not in (1,101,102,100)

    2. If RevolvingLineGUID = ‘First Appearance’, pass this rule

    3. Room for additional rules inline with what any checks that you make during draws

  5. The information provided on subsequent draws has to be current. For example:

    • If there is name change, CR expects the draw to have the updated name.

    • If there was a material change, such as a credit report was pulled (say on annual cadence), you must provide the updated credit report and treat the loan as a first appearance so that we can check all the details.