Payment holiday updates

The Payment Holiday functionality allows adding grace installments to a loan account at any time, extending the length of the schedule with the number of new grace installments added. Depending on the settings used, a loan account can still accrue interest during the payment holiday, although it will only be applied after the payment holiday period has ended.

Once the changes for the Payment Holiday are done and the credit officer sets the Payment Holiday custom field created at point 2. Mambu prerequisites to YES, a loan account activity webhook is triggered updating the nCino fields as follows:

Product TypeFields updated in nCino
Dynamic/FixedAmount Outstanding
Arrears Date
Core Last Update
Current Interest Rate
Last Pay Date
Maturity Date
Monthly Payment (including fees)
Next Payment Due
Next Payment Principal Amount
Next Payment Interest Amount
Payoff Date
Principal Balance
Total Arrears Amount Due

Note:

  • The Payment Holidays updates must be done in Mambu manually via Edit schedule functionality. After adding the Payment Holidays installments to the loan’s schedule, the Credit Officer will access the Loan Details section and set the custom field created at point 2. Mambu prerequisites to YES.

In case Loan update at Repayment / Adjust / Payment Holiday flow fails

If any errors occur while triggering a Mambu webhook, a transaction log is created. This log holds the transaction status of the flow, along with other details. Also Vendor Status and Transaction Status will be set to FAILED.

Example of a transaction log after an error occurred in the Loan update at Repayment / Adjust / Payment Holiday flow fails:

Loan update at Repayment / Adjust / Payment Holiday flow Transaction log details