Details
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New Feature
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Status: Resolved
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Major
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Resolution: Implemented
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None
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None
Description
Loan Delinquency Classification and bucket configuration
Loans which aren't payed back can be differentiated by how long they are overdue. These ranges are called Delinquency buckets.
When the delinquency bucket is configured at the product level, there should be a verification at certain period to check and update the loan account’s delinquency classification field according to the configuration done at the loan product level.
Notes/Validations:
- certain time period configuration should be flexible, user should be able to set it to run daily, or run weekly.
- when none of the product configured bucket values matches, system should set the delinquency classification field to null at the loan account level
A new field to be introduced at the Loan Account level called "Loan Delinquency Classification". At the product level, a new configuration is needed with Overdue days range (min and max) and the corresponding classification name. This attribute to be displayed both on the screen and in the Get Loan APIs.{}
Delinquency Classification Job
A new daily batch job (or step) should be introduced to update the delinquency buckets of the overdue loan daily. With each day overdue is aging and bucket update may be needed.
Real time update
When a loan account receives credits on the overdue outstanding payments, his/her bucket may change with that. Delinquency classification of the loan should be checked and correct in Real-time when new transactions are made on the loan account
Attachments
Issue Links
- is a child of
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FINERACT-1874 Release Apache Fineract 1.9.0
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- In Progress
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- links to