API Console
Executive Summary
Fulfillment of a loan product for the purpose of property purchase. Note different servicing patterns can be applied to interest calculations and principle and interest repayments
Examples of Use
Example of use:An established bank customer applies for a mortgage to purchase a home – the offer process is completed and the mortgage facility is established and funds disbursed to complete the purchase
Role Definition
The service domain handles the fulfillment of a loan product intended for the purchase of a property. Title to the property is usually administered as collateral for the mortgage loan. Note several different financial arrangements can be supported (interest only, variable rate, repayment). Furthermore the administration of the collateral is delegated to the Collateral Administration Service Domain and overseen by this Service Domain
Related Business Scenarios
Handle Request for Early Payback of Consumer Mortgage Loan Due to Sale of PropertyCore Business Object
Key Features
- Mortgage facility maintenance – fees, interest, reporting
- Payments and withdrawals, liens and sweeps
- Collateral tracking and oversight