Benchmarks

This module was added as a way to set up a group of loans and change the interest rate among those loans, to avoid going into each loan individually and changing the rate. 

To start, you'll want to go to your Admin tab and find 'Benchmark Groups'. You'll see the following interface: 

You'll want to click 'Add Benchmark Group' to create a group name for which you'll add loans.
Benchmark Group Name - A name you'll assign to identify your grouping of loans.
Benchmark Group Description - Optional description to help you understand what loans are grouped for the Benchmark.  

Once you've entered those details and clicked 'Add Group' you'll see the following interface:

Options Column Buttons

Del - This Benchmark Group Delete option only appears if no loans are assigned to the Benchmark (if one is assigned it will be unavailable due to a dependency restriction).
History - This button will show you benchmark group rate changes.
Edit - This button allows you to edit the Benchmark Name and Description. Click 'Update Group' if you choose to edit your Benchmark's Name and Description.

Set Rate - This button will allow you to set a Rate for the Benchmark Group.
You may want to set the rate first before adding loans, but you'll have the option of whether or not this Benchmark Group Rate will be applied upon adding a loan to the Benchmark. We will cover adding loans to a Benchmark in the section following buttons.

From here, you'll want to set a new rate for the grouping and select a date for the rate to take effect on. Once the set rate is applied, you'll see the 'Current Rate' column reflect the last rate that was set. 
Note: If you'd like to verify the rates that are added using the 'Set Rate' button you'll want to go to each individual loan's Modify Loan - Interest Rates view.
Upon clicking 'Next' you'll see a summary of identified issues, warnings, or loans with successful applications of the rate.

Possible Errors:
* The date selected is invalid (before closing, after maturity, before the interest paid through date). The description of the error is shown for each loan.
* There is an issue regarding setting a rate on a date that conflicts with the prorate settings
Error Example:

Possible Warnings:
* The loan already has a rate change on that date (if one already exists, the Benchmark assigned rate will overwrite the existing rate that was previously assigned)
* There exists a rate change that is after the date of the requested change
Warning Example:

Adding Loan(s) to a Benchmark

To add a loan to a Benchmark Group you'll want to navigate to that loan's Modify Loan - Interest Rates option and click the 'Assign Benchmark' button. 

The first drop-down option allows you to select which Benchmark Group you want to assign the loan to.
The second drop-down option allows you to decide whether or not you want to assign the Benchmark's current (last) assigned rate to the loan as of today's date (the day you're adding the loan to the Benchmark Group). If there is a rate that already exists, it will be overwritten. 

From here, you'll want to refer back to the start of this article to your Benchmark Groups and change rates there using the 'Set Rate' button.
Additional Notes: There is currently no way to undo a set rate across the entire benchmark group. One option would be to use the same date and enter a different rate, essentially overwriting the existing rate for that day. If the incorrect date was used, that would need to be deleted from each loan individually by going to the loan's Modify Loan - Interest Rates option and clicking delete for the rate that was added. 

That's all for this guide. If you have any issues or questions, please send an email to support at support@brytsoftware.com.