Loan Screens > Payoff Screen > Balances tab > Payoff Fields field group

Entry: System, date

F/M: No

Mnemonic: POEXPD

Screen: Loans > Payoff > Balances tab

The date in this field has two purposes:

1.It is the date the payoff quote record expires. The system will save the payoff quote record until the afterhours of the date in this field, then the record will automatically be dropped in afterhours processing. This expiration date appears on the Customer Quote.

2.It is the expiration date of the payoff Lock, if the account has been locked. The lock-in will be released after this date.

This date is set up to be the date following the current date the first time a payoff quote record is displayed on the screen.

When the payoff is locked in, the system will place an Action Code 23 and this date will be set as the action date on the Loans > Account Information > Actions, Holds, and Event Letters screen. On the night of the expiration date, the system will unmark the ?Locked For Payoff field and will remove action code 23 and the action date. At this time, the loan payoff will be unlocked and the system will again allow transactions and file maintenance to the loan account.

Institution Option DPON makes the payoff Expire Date the current date. The Expire Date field will no longer be available for file maintenance. This option also makes the system purge all payoff records each night. Note: The system will not drop payoff records with legal holds (Hold Codes 4, 5, 6, 7, 9, 27, or 86).