Facilities and collateral
A facility is a committed line that is drawn, billed and paid. The collateral register and credit bureau furnishing come at the end.
Opening a facility
POST /facilities underwrites the application the way a loan is. POST /facilities/{id}/activations opens an approved facility and takes the product's origination fee from the settlement account.
status is approved, declined, review, active, delinquent, nonaccrual, charged_off, frozen, expired or closed. available_amount is the limit less drawn_amount and reserved_amount.
Borrowing base
A product with a borrowing base, such as commercial_revolver, makes available the lesser of the limit and the certified base. Send it as borrowing_base on the application, or later with POST /facilities/{id}/borrowing-base: receivables_amount, inventory_amount and optionally the two advance rates. Rates left out come from the product, 8000 and 5000 basis points on the commercial revolver. The answer carries the computed base_amount, and with no certificate nothing is available.
Draws
POST /facilities/{id}/draws needs an Idempotency-Key and bank staff holding lending:write. It publishes lending.draw.recorded.
kind | What it does |
|---|---|
advance | The default. Pays amount into the settlement account. Revolving and construction facilities only. |
presentation | Pays a beneficiary under a letter of credit. |
receivable, unit, note | Finances an item on a factoring, floor plan or warehouse facility. The advance is the item's face_amount at the product's advance rate. POST /facilities/{id}/settlements pays the item down by draw_id. |
card | A card clearing. Only the cards service may post it. |
A draw above the available amount is 422 payments.limit_exceeded. An advance at or above the bank's draw approval figure needs a draw authorization: one officer asks with amount and note, another decides, and the draw cites it as authorization_id. Without one the draw is 403.
Reservations
A reservation holds room on a line for up to 31 days. The cards service places one for every approved credit card authorization, with the network_ref as its reference. Its status is active, consumed by the clearing's card draw, released or expired.
Billing and payment
POST /facilities/statements with a period of YYYY-MM bills every open facility that has a drawn balance or fees due. A statement carries minimum_due_amount, due_date and a status of open, paid or late.
- An interest-only facility, such as the commercial revolver, owes the cycle's interest and fees.
- On
credit_card_consumerthe minimum is 1 percent of principal plus interest and fees, and not less than 25.00. - The due date is the same calendar day each month, never fewer than 21 days after the statement.
POST /facilities/{id}/payments takes amount and currency_code from the settlement account and applies it to fees, interest and principal in that order. The delinquency run marks unpaid statements late and moves the facility through delinquent, nonaccrual and charged_off.
The collateral register
The register, in the ledger service, records what the bank itself borrows against. POST /ledger/collateral/pledges pledges a loan to one of the bank's lenders: lender_id, asset_kind loan and the loan id as reference. The pledge moves through reserved, pledged, releasing and released. Its lendable_amount is the unpaid principal less the haircut in the lender's schedule. The lender connections are simulators.
GET /lending-collateral/loans/{id} shows the facts the register values a loan on, and the encumbrance. Selling a participation in an encumbered loan is 409. Lending reports a pledged loan's changed facts after a payment and in every delinquency run, or on demand with POST /lending-collateral/fact-reports. The register then revalues the pledge and publishes ledger.collateral.pledge.revalued, .eligible or .ineligible.
Credit bureau furnishing
POST /lending-furnishing/packets builds a Metro 2 file for a cycle. Each entry in subjects names one loan_id or facility_id and its consumer. The caller is staff with lending:furnishing:write. A packet's status is built, submitted, acknowledged or failed. Submission goes to a bureau simulator. No file reaches a consumer reporting agency today. While an FCRA dispute is open, the tradeline is furnished as disputed.