Loan Screens > Payoff Screen > Post Payoff tab

Entry: User, numeric

F/M: Yes

Mnemonic: GTIBAMT_04

Screen: Loans > Payoff > Post Payoff tab

Use this field to indicate the part of the loan being paid off by check. Use the Check In Number field to indicate the check number of the check being used.

Underpayments

In the event of an underpayment, the amount allowed for underpayment of a payoff will appear in the UNDERPAYMENT field and the amount of the underpayment will be pulled from the Payoff Underpayment General Ledger account set up on the GOLD Services > General Ledger > G/L Account By Loan Type screen.

Institution Option MAUP determines the maximum underpayment amount when a loan payoff is processed. An underpayment situation exists when a payment received is less than the actual payoff or pay-to-zero amount but within the allowable threshold that would pay off or pay the loan to zero. If the amount of the loan payoff or pay-to-zero minus the payment received is less than or equal to the maximum underpayment defined in this option, the system will post a G/L Credit Correction (transaction code 1810-Correction) by Journal In, Check In, or Cash In to debit the Payoff Underpayment G/L account.

Overpayments

If the total amount of this and the Check In field is greater than the calculated payoff amount, the system will automatically calculate the overpayment amount. At the end of the payoff transaction in GOLDTeller, the Check Writer screen will appear with the customer information filled in. The overpayment check can then be printed to the customer. The Payoff Overpayment G/L number is stored on the G/L Account By Loan Type screen in GOLD Services.

Institution Option OVCK determines the overpayment limit for your company. If this option is set to "1.00," then checks will be created and sent back to the borrower for all overpayments of $1.00 or more. The overpayment amount is credited to the Payoff Overpayment G/L account specified in the G/L Account By Loan Type screen. Any overpayments less than the amount specified in this option are not included on the Over/Under Payments Report (FPSRP297).

The overpayment amount is displayed on the Adjustments tab. "OVERPAYMENT” will appear in the Description field and the G/L Number will be entered automatically on that tab. If the overpayment amount is less than the amount determined by Institution Option OVCK, the Description will be changed to “NO CHECK OVERPAYMENT,” and the Payoff Underpayment G/L account number (on the GOLD Services > General Ledger > G/L Account By Loan Type screen) will be credited by the overpayment amount.