Video Summary
https://www.loom.com/share/82e91622e71d474bad4bfba52afd46f3?sid=29b1a932-c4a5-4933-a34f-ae71106ab838
Summary
Funding Rates should always be imported into PREO rather than creating them using the User Interface. To import funding rates, you must update the Funding Rate import template and use the Import option on the Manage Funding Rates page in Global Settings.
Update the import file
Import data
Export data
Verify against Source file
Receiving a Copy of the Import File
Request a copy of this file from jeff.watts@xerox.com
Update the Import File
Use the source PDF file provided by finance to update the following fields on the import template:
Funding Rate
Rate for Max Payment Calculation
Max Monthly Payment
EffectiveDate_Funding
Passback Percentage
60 Day Adder
90 Day Adder
Funding Rate
Set the Funding Rate on the excel file to match the Funding Rate on the PDF/Source document. Find the row by using the Program Type (In Program vs SLG), FMV vs $1 OUT, and the Price Band.
Rate for Max Payment Calculation (formula)
PREO uses this value to determine which lease rate should be used on a transaction. This rate is equal to the Funding Rate 1 tier above the current tier. The last tier should use the Funding Rate Value. The Import File should be configured as a formula. Sorting the excel file could create invalid formula references!
Max Monthly Payment (formula)
PREO uses this value to determine which lease rate should be used on a transaction. This is equal to the Range End x Funding Rate. The Import File should be configured as a formula. Sorting the excel file could create invalid formula references!
Effective Date Funding
This is the date the Funding Rates go in effect. PREO will not use these rates until this date. Make sure all rows are using the same date.
Passback Percentage
This is the commission passback percentage from the PDF/Source File. This value should be entered as a whole value. Example: 5.32% = 5.32
60 Day Adder
The additional lease rate value needed to create the 60 day deferral rate. Calculate by taking the total deferral rate minus the base lease rate.
90 Day Adder
The additional lease rate value needed to create the 90 day deferral rate. Calculate by taking the total deferral rate minus the base lease rate.
Import Data
Navigate to Global Admin > Manage Funding Rates
Select Import
Upload File
Verify Data
Export newly imported lease rates
Have an authorized third-party review the export against the Source PDF for accuracy