Hi all,

Thank you for giving me the time to begin explaining the due date schedule renewal questions today. To summarize the slides from the meeting today, if a loan policy has a due date schedule, a renewal will compare that schedule with a date to determine whether to proceed. (This is a different date – or could be – than the date it calculates the new due date from, which appeared to be a point of confusion.) A loan policy may have one due date schedule that it uses for the initial loan, as well as renewals, or it could have two due date schedules: one that it uses for the initial loan, and an alternate due date schedule it uses for all renewals.

 

Possible dates it could use:

·         Loan date

o   Available to loan policies that are fixed or rolling

·         System date (i.e., today’s date, the date the user is making the renewal)

o   Available to loan polices that are fixed or rolling

·         “Renew from” date (i.e., the date the renewal would be calculated from, which could be either Current due date or System date depending on the setting)

o   Available only to rolling loan policies

 

Our discussion mostly ignored the possibility of using loan date, which in practice would only fail if the loan date did not fall within an alternate due date schedule. If loan date is out of consideration, then for fixed loan policies, the system date would be used.

 

However, we did not decide what should be done in the case of rolling loan policies. It seemed like having an example in mind would be helpful, so let’s say there’s a loan with 5 day loan period for renewals, and a current due date of May 13. The loan policy has an associated due date schedule (due date limit) of May 1 – May 10, with due date of May 15.

·         Rolling + compare-to-system-date + renew from system date. If I renew today on May 9, with current due date of May 13,

o   The system will check to make sure that May 9 falls within the schedule (yes)

o   Then calculate the due date (May 9 + 5 days = May 14)

o   Then truncate the due date if it is later than the schedule’s due date limit (May 14 < May 15, so no truncation needed)

o   Result: item due May 14

·         Rolling + compare-to-system-date + renew from current due date. If I renew today on May 9, with current due date of May 13,

o   The system will check to make sure that May 9 falls within the schedule (yes)

o   Then calculate the due date (May 13 + 5 days = May 18)

o   Then truncate the due date if it is later than the schedule’s due date limit (May 18 < May 15, so truncate)

o   Result: item due May 15

·         Rolling + compare-to-renew-from-date + renew from system date. If I renew today on May 9, with current due date of May 13,

o   The system will check to make sure that May 9 falls within the schedule (yes)

o   Then calculate the due date (May 9 + 5 days = May 14)

o   Then truncate the due date if it is later than the schedule’s due date limit (May 14 < May 15, so no truncation needed)

o   Result: item due May 14

·         Rolling + compare-to-renew-from-date + renew from current due date. If I renew today on May 9, with current due date of May 13,

o   The system will check to make sure that May 13 falls within the schedule (no)

o   Renewal fails

 

In the scenario above, the last renewal is the only one to fail because the current due date falls outside of the date range in the due date schedule, while the system date does not. However, a scenario could also occur where the due date for the item falls within the range in the schedule, but the system date does not. Say if I were trying to renew a loan with identical policies and schedules, but with a due date of May 9 and a system date of May 13:

 

·         Rolling + compare-to-system-date + renew from system date. If I renew on May 13, with current due date of May 9,

o   The system will check to make sure that May 13 falls within the schedule (no)

o   Renewal fails

·         Rolling + compare-to-system-date + renew from current due date. If I renew on May 13, with current due date of May 9,

o   The system will check to make sure that May 13 falls within the schedule (no)

o   Renewal fails

·         Rolling + compare-to-renew-from-date + renew from system date. If I renew on May 13, with current due date of May 9,

o   The system will check to make sure that May 13 falls within the schedule (no)

o   Renewal fails

·         Rolling + compare-to-renew-from-date + renew from current due date. If I renew on May 13, with current due date of May 9,

o   The system will check to make sure that May 9 falls within the schedule (yes)

o   Then calculate the due date (May 9 + 5 days = May 14)

o   Then truncate the due date if it is later than the schedule’s due date limit (May 14 < May 15, so no truncation needed)

o   Result: item due May 14

 

In the scenarios above, I’m making the assumption that if there’s no range in the due date schedule that goes with the date to calculate the renewal from, it will compare the calculated due date to the latest due date in the due date schedule, and use that to limit the due date (if needed). If the user attempts subsequent renewals after having their due date limited in that way, they’re going to fail because the renewal wouldn’t change the due date, which seems like it would mischaracterize why exactly the renewal was failing.

 

In that light, it seems to make the most sense for the system to check that the renew-from date (not necessarily the system date) is within the due date schedule, and have the renewal fail if not. But if there are disadvantages to that approach, I’m asking you to respond to this email to let me know.

 

I think it might be clearer (though lengthy) to see this in writing than discuss in the group (there’s a screenshot of loan policy and schedule setup and a flowchart explaining the renew-from date approach attached), but on the other hand, if I don’t get a lot of responses to this email before Monday, I’ll put some time on the agenda for Monday so we can discuss it instead.

 

Thanks,

Emma