Loan Screens > Account Information Screen Group > Amortizing Fees And Costs Screen > Fee/Cost Information field group

Entry: User, alphanumeric

F/M: Yes

Mnemonic: F1FMET

Screen: Loans > Account Information > Amortizing Fees And Costs screen

This field is used to select the amortization method for fee returns in the event the loan is paid off early or the loan/fee is cancelled. The amortization method of how to refund fees or costs upon early payoff or cancellation is usually applied when the loan is originated; however, you can make changes to this field.

The Refund Rule and Refund Days fields may affect whether or not borrowers are eligible for any refund of the fee amount. Additionally, in order for the refund to be included on the Adjustments tab on payoffs, the Include in Payoff box must be checked.

The system generally amortizes fees and costs to the applicable General Ledger at monthend. The amortization method for the General Ledger is selected in the General Ledger Information field group. See the General Ledger Amortization Method for detailed descriptions of each of the possible amortization methods.