Details
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New Feature
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Status: In Progress
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Critical
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Resolution: Unresolved
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None
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None
Description
Goal
Make it possible to sell an entire loan portfolio, including loans which has just been approved, and not relying on an actual sales contract to be closed to cover the newly created loan accounts
Overview
Add a support in existing asset externalization module to do delayed settlement of SALE. This enables the flexibility to allocate the funds/transactions during the asset externalization to be allocated to source OR investor account depending on the outcome of the accounting settlement processes.
Proposed solution
At a loan product level there must be a setting which externalisation model is applied.
Fineract Currently Supports Sale as on status right after the Initiation: PENDING → ACTIVE
The solution provides an option of an Intermediate sale before the actual sale with extended status sequence: Pending-Intermediary → Active-Intermediary → Pending → Active
| Status | Invoke/Process |
|---|---|
| Pending-Intermediary | API |
| Active-Intermediary | CoB |
| Pending | API |
| Active | CoB |
| Decline | API |
| Buyback | API |
| Buyback-Intermediary | API |
Use case flow:
- The user should be able to Initiate the Intermediary sale on an active loan account ( Pending-Intermediary )
- COB job should pick up the Pending-Intermediary sale to make it active-Intermediary( Active-Intermediary )
- COB job should Decline the Pending-Intermediary when the loan account status is closed or overpaid
- Owner ID for Intermediary transfer will be passed by user
- User should be able to BuyBack the Active-Intermediary status loan accounts( BuyBack-Intermediary )
- User should be able to Initiate the sale on the Active-Intermediary status loan accounts( Pending )
- COB job should pick up the Pending to make it Active( Active )
- COB job should not Decline the Pending loan status even if the loan account is closed or overpaid
- When the status is changed from Pending to Active when the loan has zero balance, no accounting entries will be passed for zero amount. however, the status would be transferred to the new asset owner.
- any new monetary transaction after that will be tagged to the new asset owner
Following status changes orders are not all allowed
- Pending-Intermediary → Pending → Active
- Pending-Intermediary → Active
- Pending-Intermediary → Active-Intermediary → Decline
- Pending-Intermediary → Active-Intermediary → Pending → Active → Decline
Attachments
Issue Links
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