{
  "process_id": "TR-04",
  "policy_version": "synthetic-v1",
  "event_id": "tr-04-example-v1",
  "input": {
    "cutoff": "2026-11-09T08:00:00Z",
    "entity_id": "LENDER",
    "currency": "USD",
    "contract_version": "illustrative-2026-11-v1",
    "sources": [
      {
        "source_id": "approved_funding_batch",
        "as_of": "2026-11-09T08:00:00Z",
        "received_at": "2026-11-09T08:00:00Z",
        "complete": true,
        "revision": "v1"
      },
      {
        "source_id": "facility_headroom",
        "as_of": "2026-11-09T08:00:00Z",
        "received_at": "2026-11-09T08:00:00Z",
        "complete": true,
        "revision": "v1"
      }
    ],
    "holding_days": 10,
    "day_basis": 360,
    "available_lender_equity_cents": 3500000,
    "loans": [
      {
        "loan_id": "L1",
        "program": "conventional",
        "principal_cents": 30000000,
        "value_date": "2026-11-09",
        "known_at": "2026-11-09T08:00:00Z"
      },
      {
        "loan_id": "L2",
        "program": "conventional",
        "principal_cents": 20000000,
        "value_date": "2026-11-09",
        "known_at": "2026-11-09T08:00:00Z"
      }
    ],
    "facilities": [
      {
        "facility_id": "WH1",
        "currency": "USD",
        "headroom_cents": 35000000,
        "advance_rate_bps": 9500,
        "annual_rate_bps": 600,
        "request_fee_cents": 1000,
        "eligible_programs": [
          "conventional"
        ],
        "expires_on": "2027-11-01",
        "known_at": "2026-11-09T08:00:00Z"
      },
      {
        "facility_id": "WH2",
        "currency": "USD",
        "headroom_cents": 30000000,
        "advance_rate_bps": 9000,
        "annual_rate_bps": 650,
        "request_fee_cents": 1500,
        "eligible_programs": [
          "conventional"
        ],
        "expires_on": "2027-11-01",
        "known_at": "2026-11-09T08:00:00Z"
      }
    ]
  },
  "expected": {
    "status": "allocation_proposal_for_approval",
    "allocations": [
      {
        "loan_id": "L1",
        "facility_id": "WH1",
        "advance_cents": 28500000,
        "lender_equity_cents": 1500000,
        "projected_carry_and_fee_cents": 48500
      },
      {
        "loan_id": "L2",
        "facility_id": "WH2",
        "advance_cents": 18000000,
        "lender_equity_cents": 2000000,
        "projected_carry_and_fee_cents": 34000
      }
    ],
    "unassigned_loan_ids": [],
    "remaining_headroom_cents": {
      "WH1": 6500000,
      "WH2": 12000000
    },
    "remaining_lender_equity_cents": 0,
    "proposed_advance_cents": 46500000,
    "projected_carry_and_fees_cents": 82500,
    "duplicate_rows": 0,
    "requests_sent": 0
  },
  "changes": [
    {
      "name": "Capacity is insufficient for second loan",
      "path": [
        "facilities",
        1,
        "headroom_cents"
      ],
      "value": 10000000,
      "expected": {
        "status": "hold",
        "allocations": [
          {
            "loan_id": "L1",
            "facility_id": "WH1",
            "advance_cents": 28500000,
            "lender_equity_cents": 1500000,
            "projected_carry_and_fee_cents": 48500
          }
        ],
        "unassigned_loan_ids": [
          "L2"
        ],
        "remaining_headroom_cents": {
          "WH1": 6500000,
          "WH2": 10000000
        },
        "remaining_lender_equity_cents": 2000000,
        "proposed_advance_cents": 28500000,
        "projected_carry_and_fees_cents": 48500,
        "duplicate_rows": 0,
        "requests_sent": 0
      }
    },
    {
      "name": "Ineligible product never assigned",
      "path": [
        "loans",
        0,
        "program"
      ],
      "value": "nonqm",
      "expected": {
        "status": "hold",
        "allocations": [
          {
            "loan_id": "L2",
            "facility_id": "WH1",
            "advance_cents": 19000000,
            "lender_equity_cents": 1000000,
            "projected_carry_and_fee_cents": 32667
          }
        ],
        "unassigned_loan_ids": [
          "L1"
        ],
        "remaining_headroom_cents": {
          "WH1": 16000000,
          "WH2": 30000000
        },
        "remaining_lender_equity_cents": 2500000,
        "proposed_advance_cents": 19000000,
        "projected_carry_and_fees_cents": 32667,
        "duplicate_rows": 0,
        "requests_sent": 0
      }
    },
    {
      "name": "Duplicate loan does not double request",
      "append_path": [
        "loans"
      ],
      "append_value": {
        "loan_id": "L1",
        "program": "conventional",
        "principal_cents": 30000000,
        "value_date": "2026-11-09",
        "known_at": "2026-11-09T08:00:00Z"
      },
      "expected": {
        "status": "allocation_proposal_for_approval",
        "allocations": [
          {
            "loan_id": "L1",
            "facility_id": "WH1",
            "advance_cents": 28500000,
            "lender_equity_cents": 1500000,
            "projected_carry_and_fee_cents": 48500
          },
          {
            "loan_id": "L2",
            "facility_id": "WH2",
            "advance_cents": 18000000,
            "lender_equity_cents": 2000000,
            "projected_carry_and_fee_cents": 34000
          }
        ],
        "unassigned_loan_ids": [],
        "remaining_headroom_cents": {
          "WH1": 6500000,
          "WH2": 12000000
        },
        "remaining_lender_equity_cents": 0,
        "proposed_advance_cents": 46500000,
        "projected_carry_and_fees_cents": 82500,
        "duplicate_rows": 1,
        "requests_sent": 0
      }
    },
    {
      "name": "Expired facility not used",
      "path": [
        "facilities",
        0,
        "expires_on"
      ],
      "value": "2026-11-08",
      "expected": {
        "status": "hold",
        "allocations": [
          {
            "loan_id": "L1",
            "facility_id": "WH2",
            "advance_cents": 27000000,
            "lender_equity_cents": 3000000,
            "projected_carry_and_fee_cents": 50250
          }
        ],
        "unassigned_loan_ids": [
          "L2"
        ],
        "remaining_headroom_cents": {
          "WH1": 35000000,
          "WH2": 3000000
        },
        "remaining_lender_equity_cents": 500000,
        "proposed_advance_cents": 27000000,
        "projected_carry_and_fees_cents": 50250,
        "duplicate_rows": 0,
        "requests_sent": 0
      }
    },
    {
      "name": "Malformed headroom",
      "path": [
        "facilities",
        0,
        "headroom_cents"
      ],
      "value": true,
      "expected": {
        "status": "hold",
        "errors": [
          "invalid_input:headroom_cents:integer_out_of_contract"
        ]
      }
    },
    {
      "name": "Facility expires before projected payoff",
      "path": [
        "facilities",
        0,
        "expires_on"
      ],
      "value": "2026-11-15",
      "expected": {
        "status": "hold",
        "allocations": [
          {
            "loan_id": "L1",
            "facility_id": "WH2",
            "advance_cents": 27000000,
            "lender_equity_cents": 3000000,
            "projected_carry_and_fee_cents": 50250
          }
        ],
        "unassigned_loan_ids": [
          "L2"
        ],
        "remaining_headroom_cents": {
          "WH1": 35000000,
          "WH2": 3000000
        },
        "remaining_lender_equity_cents": 500000,
        "proposed_advance_cents": 27000000,
        "projected_carry_and_fees_cents": 50250,
        "duplicate_rows": 0,
        "requests_sent": 0
      }
    },
    {
      "name": "Lender equity budget cannot cover batch",
      "path": [
        "available_lender_equity_cents"
      ],
      "value": 1000000,
      "expected": {
        "status": "hold",
        "allocations": [
          {
            "loan_id": "L2",
            "facility_id": "WH1",
            "advance_cents": 19000000,
            "lender_equity_cents": 1000000,
            "projected_carry_and_fee_cents": 32667
          }
        ],
        "unassigned_loan_ids": [
          "L1"
        ],
        "remaining_headroom_cents": {
          "WH1": 16000000,
          "WH2": 30000000
        },
        "remaining_lender_equity_cents": 0,
        "proposed_advance_cents": 19000000,
        "projected_carry_and_fees_cents": 32667,
        "duplicate_rows": 0,
        "requests_sent": 0
      }
    },
    {
      "name": "Missing source evidence",
      "path": [
        "sources",
        1,
        "complete"
      ],
      "value": false,
      "expected": {
        "status": "hold",
        "errors": [
          "invalid_input:incomplete_source:facility_headroom"
        ]
      }
    },
    {
      "name": "Future funding is costed over its own supplied holding interval",
      "path": [
        "loans",
        0,
        "value_date"
      ],
      "value": "2026-11-10",
      "expected": {
        "status": "allocation_proposal_for_approval",
        "allocations": [
          {
            "loan_id": "L1",
            "facility_id": "WH1",
            "advance_cents": 28500000,
            "lender_equity_cents": 1500000,
            "projected_carry_and_fee_cents": 48500
          },
          {
            "loan_id": "L2",
            "facility_id": "WH2",
            "advance_cents": 18000000,
            "lender_equity_cents": 2000000,
            "projected_carry_and_fee_cents": 34000
          }
        ],
        "unassigned_loan_ids": [],
        "remaining_headroom_cents": {
          "WH1": 6500000,
          "WH2": 12000000
        },
        "remaining_lender_equity_cents": 0,
        "proposed_advance_cents": 46500000,
        "projected_carry_and_fees_cents": 82500,
        "duplicate_rows": 0,
        "requests_sent": 0
      }
    }
  ]
}