integrated banking software core banking software
The leading banking software by

PRODUCT - Functions



Mortgages

The OLYMPIC Banking System has a dedicated set of functions designed specifically for the management of loans, from the client's application through to the final maturity of the loan.

From an administrative point of view, loan applications can be managed from the first contact with the client through to the opening of a credit facility. This covers:

  • Providing the client with questionnaires and information about conditions for obtaining a loan, and about supporting documents to be submitted as part of the application, while ensuring the follow-up of correspondence
  • Management of the receipt of loan applications, by compiling the information provided by the client and storing any supporting documents provided
  • Preparing financing plans
  • Simulating repayment plans
  • Submitting an official loan offer to the client
  • Managing the internal progress of loan applications depending on approvals needed.

Once the loan has been granted, OLYMPIC also covers:

Collateral Control
  • Lombard monitoring (utilised credit against client assets)
  • Monitoring of clients' overdrafts
  • Valuation of assigned collateral with respect to available limits/credit lines and their utilisations.

Charges and Fees
Depending on the type of contract, the bank may define up to nine types of fees or charges to be charged (e.g. standard fees, fees on overdue payments, on early repayment, on payment notices, etc.).

Repayment Plans
Each repayment plan is of a particular type with specific instructions regarding frequency (capital or interest cycles, rate review cycle or fee cycle) that may be combined with other specific instructions. Model repayment plans can also be defined. Their characteristics are then used by default by the system when loans are input, just by indicating the type of plan to be applied. For a given contract, an asynchronous repayment plan can also be established in which interest and capital payments are made according to different schedules.
Specific events affecting rates or capital can also be defined in the repayment plan; for example, a loan over 10 years with an initial fixed rate for the first two years where only interest is paid quarterly, or a repayment of part of the capital at a specific date and then a floating rate with fixed annuities for the rest of the life of the loan.

Simulations of Repayment Plans
Simulations of a repayment plan can be reviewed on-screen or printed at any time during the life of the contract.

Rates Management
Three types of rates are managed in the retail credit module:

  • Fixed rate
  • Variable rate
  • Floating rate

Instalments Monitoring/Default Management
When processing the collection of instalments, the system detects any possible insufficiency of funds in the accounts to be charged at payment dates. Control lists are also generated to ensure that default payments are monitored.

Instalments that cannot be recovered are posted as outstanding, with automatic collection possible within a specified period of time. When funds are received, these can be applied to different postings (arrears, interest or capital) automatically or manually.

Mortgages Management - OLYMPIC Banking System