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:
-
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).
-
-
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:CopyJSON
{
"RevolvingLineFirstAppearance":"yes",
"RevolvingLineGUID":null,
"RevolvingLineBalanceAsOfWhenCallingCRB":nullThe field Rails should be []
For subsequent draws, the JSON in
field5
should contain the following:CopyJSON
{
"RevolvingLineFirstAppearance":"no",
"RevolvingLineGUID":"GUID from Origination/First Appearance,
"RevolvingLineBalanceAsOfWhenCallingCRB":"$123"
}Field Rails should contain the payment rails to be funded.
- NetFunding rule
Loan Tape:
-
NetFunding
-
OriginationsFee
-
Field5MerchantFee
Loan Agreement:
-
AmountFinanced
-
NetFunding=AmountFinanced
-
NetFunding=Loan Amount-Origination Fee-Field5.MerchantFee
Or
-
For draws, NetFunding= sum of the rails being funded
-
-
Draw rule
Loan Tape
-
Field5RevolvingLineFirstAppearance
-
Field5RevolvingLineGUID
-
If
RevolvingLineFirstAppearance
= ‘No’, you can skip all Arix rules ifRevolvingLineGUID
is a valid GUID and it's status is not in (1,101,102,100) -
If
RevolvingLineGUID
= ‘First Appearance’, pass this rule -
Room for additional rules inline with what any checks that you make during draws
-
-
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.
-