New Rule Functionality

Add a Collateral

The ability to automatically add a collateral to a loan application is now available!

Using the Add a Collateral action template in System Management > Origination > Rules Management, rule authors are able to automatically add a collateral record to a loan application in the Lifecycle Management Suite. Clicking [select type] in the template, provides the ability to select a value from the COLLATERAL_TYPE lookup to identify the type of collateral to be added to the application.

The Add a Collateral template only sets the collateral type in the application; therefore, the template must be configured to appear in a rule that also executes a rule set authored to populate specific Collateral fields in the application. For more information, please see the Add a Collateral Rule Vocabulary Template Example in the Administrator Guide.

Applicant with the Highest/Lowest Aggregate or Ratio Value

System Administrators are now able to author a rule to set certain application details, such review indicators, risk, or pricing, based on the applicant with the highest or lowest value for a specific aggregate or ratio. To support this functionality, the following rule templates are now available under the Application entity in the Rules Management application:

The applicant with the [highest/lowest] aggregate value
The applicant with the [highest/lowest] ratio value

When a rule including one of these templates executes during the application process, the system automatically evaluates the applicants on the application to determine which applicant has the highest or lowest value for the aggregate or ratio defined in the rule, and sets application details based on that value. For example, a rule can be written to set review indicators at time of decision based on the applicant with the highest debt to income ratio, or set the rate for the application based on the risk tier of the applicant with the highest income.

For more information and rule examples, please see the rule vocabulary template example for The Applicant with the Highest or Lowest Aggregate or Ratio Value in the Administrator Guide.