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What would be the effect on contracts that have already been entered and as a maturity
date which is now being declared as a holiday?
Answer
As per current design of T24, definition of FWD.BWD key will be considered only while the
schedule is created by the system, considering the values of holiday table at that point in
time.
That is, (Say, FWD.BWD - FWD ,Repayment frequency falls on 28thof every month ) when
system creates the subsequent schedule, it will check the current HOLIDAY table and if the
repayment date(say 28 APR 2009) falls on HOLIDAY, System will create the Repayment
schedule for next working day (29 APR 2009 if it is working day). In the same manner
system will work for other values (BWD, FSM).
Question
Answer
The below fields at MG.MORTGAGE application are used to input charges linked with specific
events. These charges cannot be amortised.
61. 1 CHARGE.CODE....
62. 1 CHARGE.CCY.....
63. 1 CHARGE.AMOUNT..
64. 1 CHARGE.ACCOUNT.
65. 1 CHARGE.AMT.LCY.
66. 1 CHARGE.TAX.AMT.
67. 1 CHARGE.TAX.LCY.
68. 1 CHARGE.TAX.CODE
The amortisation can be achieved using the below ADD.PAY.TYPE fields of MG.MORTGAGE.
The frequency of amortisation can be defined at the field ADD.PAY.DATE.
49. 1 ADD.PAY.TYPE...
50. 1 ADD.AMOUNT.....
51. 1 ADD.RESERVED...
52. 1 ADD.PAY.DATE... 19 JAN 2001 M0119
53. 1 ADD.CR.ACCOUNT.
54. 1 ADD.NEW.AMOUNT.
55. 1 ADD.NEW.DATE...
56. 1 ADD.END.DATE...
57. 1 ADD.REFERENCE..
58. 1 ADD.THIRD.PARTY
59. 1 ADD.USER.REF.1.
Question
The system does not allow to commit MG record when we set the field FIRST.DAY.ACCRUAL
as NO. Why?
Answer
Question
Answer
There is a slight difference in the way of rounding interest amount from G14 releases. From
G14 release onwards, we refined the method of interest calculation for accuracy (i.e.) the
difference between the actual amount accrued and the rounded amount is added to the
second component (outstanding interest accrual) and then it is rounded. It results in .01
difference at INTEREST.RCVD amount and so in PRINCIPAL.RCVD.
For example,
Since the total repayment amount is 6,053.96 & the interest amount is increased by 0.01,
the PRINCIPAL part of the repayment is decreased to attain the repayment amount
(5,634.49 + 419.47 (419.48 - 0.01)).
Question
As per standard T24 functionality, the system will update MG.RATE.CONTROL table with
BASIC.INTEREST daily by default. What is the setup if our requirements are to update the
MG.RATE.CONTROL on a 6 months frequency or on an ADHOC basis.
Answer
How does the system assign INTEREST.RATE for VARIABLE type of MG contracts?
Answer
1. The system gets the Interest.key value and the currency of MG contract. Lets consider it
as 7USD.
2. System checks the record id 7USD in MG.RATE.CONTROL, if it exists, then it assigns the
same to INTEREST.RATE, else the system will get the INTEREST.RATE from
BASIC.INTEREST record for 7USD.