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

1min

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

{
   "RevolvingLineFirstAppearance":"yes",
   "RevolvingLineGUID":null,
   "RevolvingLineBalanceAsOfWhenCallingCRB":null
﻿
The field Rails should be []
For subsequent draws, the JSON in field5 should contain the following:
JSON
{
   "RevolvingLineFirstAppearance":"no",
   "RevolvingLineGUID":"GUID from Origination/First Appearance,
   "RevolvingLineBalanceAsOfWhenCallingCRB":"$123"
}
{
   "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
NetFunding=AmountFinanced
NetFunding=Loan Amount-Origination Fee-Field5.MerchantFee
Or
     3. For draws, NetFunding= sum of the rails being funded
4
Draw rule
Loan Tape
Field5RevolvingLineFirstAppearance
Field5RevolvingLineGUID
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)
If RevolvingLineGUID = ‘First Appearance’, pass this rule
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.
﻿

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Updated 12 Nov 2024

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Loan attributes and parameters