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Complete full payment #119

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merged 2 commits into from
Dec 1, 2022
Merged

Complete full payment #119

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5ca2895
Update completeFullPayment
bricestacey Nov 30, 2022
fb10482
Add origination fees to compeleteFullPayment
bricestacey Dec 1, 2022
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52 changes: 25 additions & 27 deletions contracts/Loan.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -356,16 +356,15 @@ contract Loan is ILoan {
_serviceConfiguration.firstLossFeeBps(),
IPool(_pool).poolFeePercentOfInterest(),
block.timestamp,
paymentDueDate
paymentDueDate,
RAY
);

LoanLib.payFees(
liquidityAsset,
IPool(_pool).firstLossVault(),
_fees.firstLossFee,
IPool(_pool).feeVault(),
_fees.serviceFee,
_fees.originationFee
_fees
);

LoanLib.completePayment(
Expand Down Expand Up @@ -394,7 +393,8 @@ contract Loan is ILoan {
_serviceConfiguration.firstLossFeeBps(),
IPool(_pool).poolFeePercentOfInterest(),
block.timestamp,
paymentDueDate
paymentDueDate,
RAY
);
}

Expand All @@ -407,42 +407,40 @@ contract Loan is ILoan {
atState(ILoanLifeCycleState.Active)
returns (uint256)
{
uint256 amount = payment.mul(paymentsRemaining);
uint256 scalingValue = RAY;

// We will pro-rate open term loans for their last month of service
// If payment is overdue, we use default value of RAY. scalingValue is in RAYS.
if (
settings.loanType == ILoanType.Open &&
paymentDueDate > block.timestamp
) {
// Calculate the scaling value
// RAY - ((paymentDueDate - blocktimestamp) * RAY / paymentPeriod (seconds))
scalingValue = RAY.sub(
(paymentDueDate - block.timestamp).mul(RAY).div(
settings.paymentPeriod * 1 days
)
);
// Adjust payment accordingly
amount = (payment * scalingValue) / RAY;
if (settings.loanType == ILoanType.Open) {
// If an open term loan payment is not overdue, we will prorate the
// payment
if (paymentDueDate > block.timestamp) {
// Calculate the scaling value
// RAY - ((paymentDueDate - blocktimestamp) * RAY / paymentPeriod (seconds))
scalingValue = RAY.sub(
(paymentDueDate - block.timestamp).mul(RAY).div(
settings.paymentPeriod * 1 days
)
);
}
} else {
// Fixed term loans must pay all outstanding interest payments and fees.
scalingValue = RAY.mul(paymentsRemaining);
}

ILoanFees memory _fees = LoanLib.previewFees(
settings,
amount,
payment,
_serviceConfiguration.firstLossFeeBps(),
IPool(_pool).poolFeePercentOfInterest(),
block.timestamp,
paymentDueDate
paymentDueDate,
scalingValue
);

LoanLib.payFees(
liquidityAsset,
IPool(_pool).firstLossVault(),
_fees.firstLossFee,
IPool(_pool).feeVault(),
_fees.serviceFee,
_fees.originationFee.mul(scalingValue).div(RAY)
_fees
);

LoanLib.completePayment(
Expand All @@ -458,7 +456,7 @@ contract Loan is ILoan {
_state = ILoanLifeCycleState.Matured;

IPool(_pool).notifyLoanStateTransitioned();
return amount;
return payment;
}

/**
Expand Down
49 changes: 22 additions & 27 deletions contracts/libraries/LoanLib.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -300,19 +300,16 @@ library LoanLib {
return RAY.mul(payment).mul(serviceFeeBps).div(100_00).div(RAY);
}

function previewOriginationFee(ILoanSettings calldata settings)
public
pure
returns (uint256)
{
uint256 numOfPayments = settings.duration.div(settings.paymentPeriod);

function previewOriginationFee(
ILoanSettings calldata settings,
uint256 scalingValue
) public pure returns (uint256) {
return
settings
.principal
.mul(settings.originationBps)
.mul(settings.duration.mul(RAY).div(360))
.div(numOfPayments)
.mul(settings.duration.mul(scalingValue).div(360))
.div(settings.duration.div(settings.paymentPeriod))
.div(RAY)
.div(10000);
}
Expand All @@ -336,13 +333,16 @@ library LoanLib {
uint256 firstLoss,
uint256 poolFeePercentOfInterest,
uint256 blockTimestamp,
uint256 paymentDueDate
uint256 paymentDueDate,
uint256 scalingValue
) public pure returns (ILoanFees memory) {
// If there is a scaling value
payment = payment.mul(scalingValue).div(RAY);
ILoanFees memory fees;
fees.payment = payment;
fees.firstLossFee = previewFirstLossFee(payment, firstLoss);
fees.serviceFee = previewServiceFee(payment, poolFeePercentOfInterest);
fees.originationFee = previewOriginationFee(settings);
fees.originationFee = previewOriginationFee(settings, scalingValue);
fees.latePaymentFee = previewLatePaymentFee(
settings,
blockTimestamp,
Expand All @@ -356,30 +356,25 @@ library LoanLib {
function payFees(
address asset,
address firstLossVault,
uint256 firstLoss,
address poolAdmin,
uint256 poolFeePercentOfInterest,
uint256 originationFee
address feeVault,
ILoanFees calldata fees
) public {
if (firstLoss > 0) {
if (fees.firstLossFee > 0) {
IERC20(asset).safeTransferFrom(
msg.sender,
firstLossVault,
firstLoss
);
}
if (poolFeePercentOfInterest > 0) {
IERC20(asset).safeTransferFrom(
msg.sender,
poolAdmin,
poolFeePercentOfInterest
fees.firstLossFee
);
}
if (originationFee > 0) {

// The FeeVault holds the balance of fees intended for the PoolAdmin.
// This include both the service fee and origiantion fees.
uint256 feeVaultAmount = fees.serviceFee + fees.originationFee;
if (feeVaultAmount > 0) {
IERC20(asset).safeTransferFrom(
msg.sender,
poolAdmin,
originationFee
feeVault,
feeVaultAmount
);
}
}
Expand Down
66 changes: 60 additions & 6 deletions test/Loan.test.ts
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Original file line number Diff line number Diff line change
Expand Up @@ -1182,6 +1182,55 @@ describe("Loan", () => {
const newDueDate = await loan.paymentDueDate();
expect(newDueDate).to.equal(dueDate.add(THIRTY_DAYS));
});

it("can collect origination fees from the full payment", async () => {
const {
borrower,
collateralAsset,
liquidityAsset,
loan,
pool,
poolController,
poolAdmin
} = await loadFixture(deployFixtureOriginationFees);

// Setup
await collateralAsset.connect(borrower).approve(loan.address, 100);
await loan
.connect(borrower)
.postFungibleCollateral(collateralAsset.address, 100);
await poolController.connect(poolAdmin).fundLoan(loan.address);
await loan.connect(borrower).drawdown(await loan.principal());

// 500,000 token loan with 180 day term
// Loan has 100bps origination fee
await liquidityAsset.mint(borrower.address, 2_500);
// Loan has 500bps interest
await liquidityAsset.mint(borrower.address, 12_498);

// Make payment
const firstLoss = await poolController.firstLossVault();
const feeVault = await pool.feeVault();
await liquidityAsset
.connect(borrower)
.approve(loan.address, 12498 + 500_000 + 2_500);
const tx = loan.connect(borrower).completeFullPayment();
await expect(tx).to.not.be.reverted;
await expect(tx).to.changeTokenBalance(
liquidityAsset,
borrower,
-12498 - 500_000 - 2_500
);
await expect(tx).to.changeTokenBalance(
liquidityAsset,
pool,
500_000 + 12_498 - 624
);
await expect(tx).to.changeTokenBalance(liquidityAsset, feeVault, 2_500);
await expect(tx).to.changeTokenBalance(liquidityAsset, firstLoss, 624);
expect(await loan.paymentsRemaining()).to.equal(0);
expect(await loan.state()).to.equal(5);
});
});

describe("callbacks", () => {
Expand Down Expand Up @@ -1281,7 +1330,7 @@ describe("Loan", () => {
expect(await liquidityAsset.balanceOf(fundingVault)).to.equal(0);

// Mint additional tokens to cover the interest payments
await liquidityAsset.mint(borrower.address, 12498);
await liquidityAsset.mint(borrower.address, 12498 + 50_000);

// Repay some of the principal
const prepaidPrincipal = 1_000;
Expand All @@ -1306,8 +1355,8 @@ describe("Loan", () => {
// Relative to a full month payments, the fees will be halved
await time.increase(THIRTY_DAYS / 2);
const firstLossFee = 52;
const poolAdminFee = 208;
const interestPayment = 1041;
const serviceFee = 208;
const interestPayment = 989;
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This is different because first loss fee is now separate from interest fees.

const principal = 500_000;
const originationFee = 208;

Expand All @@ -1316,12 +1365,17 @@ describe("Loan", () => {
await expect(tx).to.changeTokenBalance(
liquidityAsset,
borrower,
0 - interestPayment - principal - originationFee + prepaidPrincipal
0 -
interestPayment -
principal -
originationFee -
firstLossFee +
prepaidPrincipal
);
await expect(tx).to.changeTokenBalance(
liquidityAsset,
pool,
interestPayment + principal - prepaidPrincipal - firstLossFee
interestPayment + principal - prepaidPrincipal
);

const firstLoss = await pool.firstLossVault();
Expand All @@ -1333,7 +1387,7 @@ describe("Loan", () => {
await expect(tx).to.changeTokenBalance(
liquidityAsset,
await pool.feeVault(),
poolAdminFee
serviceFee
);

expect(await loan.paymentsRemaining()).to.equal(0);
Expand Down