Add a Liability

Using the Add a Liability action template, rule authors are able to automatically add liabilities to an application when an event occurs. Using this template, institutions are able to automatically create liabilities based on events such as a custom field being populated, or the Answer Code and Answer Explanation to declaration questions such as "Do you pay alimony" and "Do you pay child support."

To begin authoring this type of rule, navigate to System Management > Origination > Rules Management and click . Select the Event Processing category, and create a new business rule at the Applicant entity level.

For a complete overview of the rule configuration process, please see the Rules Management topic within this guide.

When defining the business rule, the following syntax appears, upon selecting the Add a Liability vocabulary template:

Within the template's syntax, the following placeholder fields exist, which are populated by the rule author:

Template Placeholder	Display Text	Value Required	Comment	Liability Field Populated By Rule Logic
<Open Date>	[enter open date]	No		OpenDate
<Term>	[enter term]	No		Term
<Payoff Amount>	[enter payoff amount]	No		PayoffAmount
<Is Secured>	[true/false]	No		IsSecured
<Is Expense>	[true/false]	No		IsExpense
<Balance>	[enter balance]	No		Balance
<Is Refinance Add On>	[true/false]	No		IsRefinanceAddon
<Limit>	[enter limit]	No		Limit
<Adjustment Percentage>	[enter adjustment percentage]	No		AdjustmentPercentage
<Payment Amount>	[enter payment amount]	No		PaymentAmount
<Payment Frequency>	[enter payment frequency]	No	Use Look-Up associated with field	PaymentFrequencyId
<Account Type>	[select account type]	No	Use Look-Up associated with field	AccountTypeId
<Category>	[select category]	No	Use Look-Up associated with field	CategoryId
<Status>	[select status]	No	Use Look-Up associated with field	StatusId
<Collateral Description>	[enter collateral description]	No		CollateralDescription
<Description>	[enter description]	No		Description

The liability is not added to the application correctly unless the following fields contain values in the template:

Balance
Account Type
Payment Frequency
Category

When the rule using this template is executed, add liability to designated applicant with 100% ownership.

The example rule below has been configured to provide a demonstration of an Event Processing rule that adds a liability to an application if the applicant declares that he/she pays child support: