Loan Classes

Published: March 22, 2016

Learn how to create loan classes.

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In this video, today, I’m going show you how to create Loan Classes.

Let’s get start. To create Loan Classes we’re going to go into Setup, expand Loan Setup, and navigate to Loan Class. This is where you can create Loan Classes. So if I click the Add button here, I can add a class. In this field, I’m going to a class called Northeast. I’ll copy and paste that class into the description and I want Northeast to appear in Class 1 only. I’ll click ok and I’ll add another Class 1. This one is going to be Southeast. And I want this to exist in Class 1 only. And I can continue the different areas. Let’s put in, Midwest and again, have that in Existing Class only.

Now I’m going to start creating Class 2’s. So let’s add some states. Let’s put, Maine. Maine is going to reside in Class 2 but it’s only going to appear in Class 2 if the selection for Class 1 is Northeast. I’m going to add another state. I’ll put in Georgia. Now I want Georgia to exist in Class 2 but only if Class 1 is Southeast. I’ll add a few more.

Okay! Now I created several different classes. Some in Class 1 and some in Class 2. So I’ll click ok and restart the application. Now when I navigate to a loan I can make a selection in the Class 1 and Class 2 fields. Notice that when I select the Class 1 dropdown, we get the areas Northeast, Southeast, and Midwest which are the Class 1’s I defined just a moment ago. In Class 2 it doesn’t show any options because I haven’t defined any Class 2 options that are independent of the value of Class 1. So if I select Northeast for Class 1 we can see that the options that reside in the Northeast are appearing in that list. If I choose Southeast we’re going to have different values to use available to us.

If I go back into the Setup, Loan Setup, and go to Loan Class, I can also create values in Class 2 that are independent of Class 1. When you create a loan class just like I did for the secure loan class it no longer requires a value in Class 1. We didn’t have a contact record loaded, that’s why everything showed but now we can see for another contact record that we can select Secured without having a value placed in Class 1.

So in summary, I showed you how you can create Class 1 and Class 2 codes and then attach those codes to a loan.