This request archives a loan and removes it from your live, billable accounts.
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A loan account can be archived when the account is considered to be closed. Archiving loans allows you to retain access to the data for tax audits or to prove you are keeping records for old loans in accordance with the law.
The main benefit of archiving loans (instead of just keeping them open) is pricing: it's one-time cost to archive a loan, but archived loans don't count towards your total number of billable accounts.
You should only archive loans after you decide that they will no longer be serviced: LoanPro’s back-end processes don’t run on an archived loan. So if a loan is archived, account values will no longer be automatically updated and no rule evaluations will be run on them, etc.
Loan accounts can be resurrected if necessary: If an archived account needs to become a live account again, update the "archived" field to 0. Resurrecting a loan account does not incur a cost
This request incurs a cost to your account.
Archiving a loan account incurs a one-time cost. Please use this request with care if you are using a production LoanPro environment.
For an example of how archiving loan accounts works within the UI, take a look at our Archived Loans article.
Database
For information regarding loan database tables, see the following articles:
Database – Loan Table (loan_entity)
Database – Loan Setup (loan_setup_entity)
Database – Loan Status Entity (loan_status_entity)
{
"archived": 1
}
{
"archived": 0
}