Representing accounts with multiple sub-loans

Question

Some accounts may consist of a loan with multiple sub-loans. Most of the Account API fields are associated with the loan. There is a single account number on the loan. The BankingAccountDetail object definition allows for only one BankingLoanAccount object in the loan field. However, it is possible for the sub-loans associated with the product to have distinct values for some of those fields. Different sub-loans may have different start dates, loan amounts, loan currencies, end dates and so on. Additionally, it is possible for one or more sub-loans to be closed, but for the loan account to still be open. The loan has an overall balance, but each individual sub-loan under a facility also has potentially distinct balances and interest rates.

How should this product be represented through the current data standards? The approach we are currently considering is as follows:

• The loan would be treated as the account for the purposes of the APIs and granting consent.
• The loan object in account detail should be populated only if there is only one sub-loan per facility.
• The depositRate and lendingRate fields would be populated only if there is only one sub-loan per facility.
• The lendingRates list would be populated with the list of rates for each sub-loan and additionalInfo would be used to mention this.

We note that a broader discussion on how facilities are to be represented in the future will be needed but would like clarity on the approach for the current data standards as soon as practicable.

Answer

It is up to the Data Holder to decide on this kind of mapping, based on their understanding of their accounts. The best long term solution for this would be to raise a change request to allow for the loan field to be an array rather than a single object, as was previously done for the termDeposit field.

See: 

• Creating a change request