Transferring/ selling a loan account from one client to another.
- Keep all the history under the initial client and account up to the transfer:
- similar to the current behaviour when an account is closed by rescheduling
- Up to the transfer the account is shown on the original client’s view under “Closed Accounts”
- After the transfer a new account is created on the new client’s view
- The two accounts are linked via a specific field
- The repayment schedule on the new client is expected to continue as was - from the transfer moment where it stopped for the old client
- Support the behaviour for the scenario when the transfer is to a client in another Branch
- Interbanch accounts should be involved, similar to the current behaviour when a client with active accounts is transferred from one branch to another
- Support carrying forward / capitalising / writing off amounts at the moment of selling/ transferring
- Similar to the current behaviour when an account is closed by rescheduling
- This should concern:
- Interest/ Fees/ Penalties applied to date
- Interest/ Fees/ Penalties accrued to date
- Write-off some of the principal amount
- The “sell account” functionality should be available via API, so that the tenant can
- Initiate an automated selling of loans after “xx days in arrears”
- Transfer batches of accounts at once
Typical use case: loans need to be transferred to “Collections” branch / officer - which should not always have access to all the client’s information & history - therefore, creating another “mirror” client for this purpose, eventually in a different branch, would be required.
Since a loan account can’t be created in Mambu without it being attached to a “client” entity, in some business cases that other “client” might be a collector / generic profile.