Flexible loan charges
These charges, also known as planned fees, used to mean financial institutions had complex development cycles, hardcoded to meet each new fee requirement across geographies and requirements.
Mambu’s new planned fees feature allows financial institutions the ability to very quickly configure different types of loan charges, such as late payments or administrative costs. These fee structures can be added with immediate effect to a customer’s Mambu environment, which allows flexibility and a short time to market without the complexity of long development cycles.
Institutions get a complete view of all loan information in one place with Mambu as the single source of truth. They can calculate any type of fee, tax, or charge and apply it directly to the loan schedule in Mambu, ensuring a complete view of all loan information in one place. Flexible loan charges have a range of applications from applying an insurance premium to every third instalment of a mortgage, to charging a carbon offset levy to a car loan.
It is very easy to use flexible loan charges. Planned Fees can be set up in advance and added to the due date of future instalments for various loan product types. Customers can define Planned Fees at the product level, then configure the fee amount and to which instalments the fees apply at an account level. To add these fees, users can add the amount to each instalment or simply enter the fee amount in the appropriate cell, then select “Apply to selected instalments”.
Keep in complete control of the borrowing experience with Mambu. Watch the video to learn more.