Term	Definition
Capabilities	For each liability that is returned for a user, there are a discrete set of actions and functionalities that are available depending on the creditor, the account, and other factors. We display this within our Capabilities matrix, shared on the /v1/users response with each liability for that user. This definition should provide you an ability to know in advance or filter out specific user actions depending on what is possible for that liability.
DIM	A DIM or Drop-in Module, can be thought of as a widget which is embedded in the front end of your application using a simple code snippet. We have built DIMs for a variety of common use-cases including student loan refinancing. While DIMs look great out of the box, they can also be white-labeled to match your branding.
Disbursement	Loan disbursement refers to the process of releasing the loan funds to the borrower or to a third party on behalf of the borrower. When a loan is approved and the borrower has signed the loan agreement, the lender will disburse the loan funds according to the terms of the loan.
Employee Payer	Employee payers are created (and can be created) as a means of internal tracking for an existing user record to be tied 1:1 with their designated employer. If referenced in a paymentRequest for the payerId, the employerPayerId will ultimately be referenced for the original source of funds.
Employer Payer	Employer payers are created to verify a given employer’s bank account via micro-deposit. This will serve as the reference bank account when making payments towards an end user’s student loan account.
Impacts	Loan impact calculations are calculations that determine the potential impact of a loan on a borrower's finances. These calculations can help a borrower understand the cost of a loan and how it will affect their budget over time.
Liability Subtype	The liability subtype provides a more granular category for the top level liability type, to further define what the specific profile of that user’s liability is. For example, under an Auto Loan you might see AutoLoan or AutoLease.
Liability Type	All liabilities have a top level type which defines their debt category. As of now, these liability types are separated into the following categories: Credit Cards, Auto Loans, Student Loans, Home Loans, Personal Loans, and Miscellaneous Liabilities.
Origination	Origination refers to the process of creating a new loan or credit account. This process typically involves an application, underwriting, and approval, and it results in the borrower receiving the funds or credit that they applied for. In the context of a mortgage, for example, origination refers to the process of applying for and obtaining a new home loan. The borrower submits an application, which includes information about their income, assets, and creditworthiness, and the lender reviews this information to determine whether to approve the loan and under what terms. If the loan is approved, the lender will create the loan agreement and disburse the funds to the borrower.
Partner Payer	Partner payers are created with the verification of a partner’s submitted bank account information via micro-deposit. Once created, this allows partner bank accounts to fund a central FBO account, which may then be used to direct funds towards various liabilities.
Prequalification	Loan prequalification is the process of determining whether a borrower is likely to be approved for a loan, and for how much money, based on a preliminary review of their financial and credit information. The prequalification process typically involves the borrower providing information about their income, employment, assets, and debts, as well as their credit score and credit history. The lender will use this information to evaluate the borrower's ability to repay the loan and to determine their risk profile.
Refinance	Refinancing is the process of replacing an existing loan with a new one that has more favorable terms. Typically, people refinance to take advantage of lower interest rates or to change the terms of their loan to better suit their financial goals. For example, someone with a high-interest mortgage might choose to refinance their mortgage to get a lower interest rate and reduce their monthly payments. Or, someone with credit card debt might choose to refinance their debt with a personal loan that has a lower interest rate and a fixed repayment term. Refinancing can also be used to change the term of a loan. For example, someone with a 30-year mortgage might choose to refinance to a 15-year mortgage to pay off their loan faster and save on interest charges.
Settlement Speed	Within our payments functionality we allow for sending funds at different speeds depending on the available operations supported for that transaction type. Many of the underlying functions rely on ACH functionality, and thus reflect similar ACH nomenclature. Same Day, Next Day, and Standard.
Servicer	A loan servicer is a company that collects payments on a loan on behalf of the lender or investor who owns the loan. Loan servicers are responsible for processing loan payments, maintaining records of the loan balance and payment history, sending statements to borrowers, and handling customer service inquiries related to the loan. Loan servicers are often different from the original lender who originated the loan. In many cases, lenders sell the rights to service loans to specialized loan servicing companies. This allows lenders to generate revenue by originating loans, while also freeing up resources to originate new loans by outsourcing the loan servicing functions. Loan servicers are responsible for ensuring that loans are serviced in compliance with all applicable laws and regulations. They also work with borrowers who are experiencing financial difficulties to offer repayment plans, loan modifications, and other forms of assistance to help the borrower avoid default and foreclosure.
User Payer	User payers exist as a means for a user to add their bank account information (or a partner to add the user’s bank account information on their behalf) for ACH debits from their account to their student loan servicer after a successful connection via the loan-servicers-login DIM.
Webhooks	A webhook is a mechanism used in software development to automate the exchange of information between different software applications. It is a way for one application to send data to another application in real-time, rather than requiring the second application to periodically request the data. A webhook works by establishing a URL endpoint in the receiving application that can accept incoming data from the sending application. When an event occurs in the sending application that triggers a webhook, the sending application sends a message to the URL endpoint in the receiving application, containing the relevant data. The receiving application can then process the data in real-time and take any required actions based on the information received.

Account Ratings

Spinwheel defines the account ratings for connected liabilities as the following:

Account Rating	Description
0	Too new to rate; approved but not used.
1	Pays (or paid) within 30 days of payment due date or not more than one payment past due.
2	Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due.
3	Pays (or paid) in more than 60 days from payment due date, but not more than 90 days, or not more than three payments past due.
4	Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due.
5	Account is at least 120 days overdue but is not yet in collections.
6	There is no 6 account rating.
7	Making regular payments under a consolidation order or similar arrangement.
8	Repossession (voluntary or involuntary return of merchandise).
9	Bad debt; placed for collection.
A	Account is inactive
B	Lost or stoled card
C	Contact member for status
D	Refinanced or renewed
E	Consumer deceased
F	In financial counseling
G	Foreclosure process started
H	In WEP of other partner (retired 2-02-2009)
J	Adjustment pending
M	Included in Chapter 13
S	Dispute - resolution pending
Z	Included in bankruptcy
#	In BK of another person (retired 2-02-2009)
$	Assigned to US Dept of Ed

Liability Subtypes


Agriculture	FlexibleSpendingCreditCard	OtherDepartmentAndMailOrder
AttorneyFees	GovernmentGrant	OtherFinance
AutoLease	GovernmentMiscellaneousDebt	OtherGovernment
autoLoan	GovernmentOverpayment	OtherHomeFurnishing
Automobile	GovernmentSecuredGuaranteeLoan	OtherLiability
Business	GovernmentUnsecuredDirectLoan	OtherLumberAndHardware
BusinessCreditCard	GovernmentUnsecuredGuaranteeLoan	OtherMiscellaneousAndPublicRecord
ChargeAccount	HomeEquity	OtherOilAndNationalCreditCards
CheckCreditOrLineOfCredit	HomeEquityLineOfCredit	OtherRealEstateAndPublicAccommodation
ChildSupport	HomeImprovement	PartiallySecured
CollectionAttorney	homeLoan	RealEstate
CombinedCreditPlan	HouseholdGoods	RealEstateJuniorLiens
CommercialCreditObligation	HouseholdGoodsAndOtherCollateralAuto	RealEstateSpecificTypeUnknown
CommercialLineOfCredit	HouseholdGoodsSecured	Recreational
CommercialMortgage	InstallmentLoan	RecreationalMerchandise
Consolidation	InstallmentSalesContract	RentalAgreement
ConstructionLoan	Lease	ReturnedCheck
ConventionalRealEstateMortgage	LineOfCredit	SecondMortgage
CreditCard	ManufacturedHome	Secured
CreditLineSecured	MedicalDebt	SecuredCreditCard
DebitCard	MobilePhone	SecuredHomeImprovement
DebtBuyerAccount	Mortgage	SpouseSupport
DepositRelated	NoteLoan	Telecommunication/Cellular
Educational	Other	TimeSharedLoan
FactoringCompanyAccount	OtherAutomotive	Unsecured
FamilySupport	OtherBanking	UtilityCompany
FarmersHomeAdministrationFMHA	OtherClothing	V.A.RealEstateMortgage
FHAHomeImprovement	OtherCollectionServices	VeteransAdministrationRealEstateMortgage
FHARealEstateMortgage

To learn more about our debt APIs and 1-click solutions, visit spinwheel.io.