This request allows you to apply a Schedule Roll template to a loan.
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A configurable payment schedule allows lenders to change payment schedules in separate payment periods. For example, a lender may want to offer 5% interest on the first three periods of a loan, but then 15% for the remainder of the loan. Note the following when using configurable payment schedule templates:
Configurable payment schedules can only be made on accounts that are not activated.
LoanPro users can create and save templates to quickly apply configurable payment schedules terms to loans.
There are several pre-configured templates that are available for all users. (These templates are listed and explained below.)
Only one template can be applied to a loan at a time.
Pre-configured Template Information
| Template ID | Name | Description |
|---|---|---|
| 1 | Prorate 1st Payment Long Only | This will make the first payment larger due to accruing more interest on a longer first period. This is available only on Lease loan types. |
| 2 | Prorate 1st Payment Short Only | This will make the first payment smaller due to accruing less interest on a shorter first period. This is available only on Lease loan types. |
| 3 | Prorate 1st Payment All | This will apply either of the options above depending on whether the first payment is short or long. This is available only on Lease loan types. |
| 4 | Smooth Payment Advanced | This will smooth the payment amount over the number of periods you entered for the loan, and it will only work with a whole number loan term. |
| 5 | Smooth Payment Basic | This will smooth the payment amount over the number of periods that is most simple for the system to calculate. |
| 6 | Smooth Payment Advance - No Round | This will smooth the payment amount over the number of periods you have entered for the loan without applying a schedule round. This template will only work with a whole number loan term. |
Pay special attention to the endpoint of this request.
This request does not use OData, so it's not included in the endpoint like most other LMS requests.
For an example of how configurable payment schedules work within the UI, take a look at our Create a Configurable Payment Schedule article.
Database
For information on configurable payment schedule database tables, see the following articles:
Database – Loan Schedule Roll Entity (loan_schedule_roll_entity)
Database – Schedule Roll Template (schedule_roll_template_entity)