Loan Screens > Payoff Screen > Balances tab

Entry: System, numeric

F/M: No

Mnemonic: POLATE

Screen: Loans > Payoff > Balances tab

This field displays the total amount of late charges due on the loan account.

The amount in this field is added to the payoff Amount when the payoff is processed. This field is not file maintainable.

Institution Option AFLC will calculate one future late charge if enabled. If you set up a payoff quote for a future date and a late charge will be assessed during the time between the current date and the future date, the payoff quote will automatically calculate the Late Charge amount and add it to the payoff amount. See additional help for the Letter Date and Letter Number fields.

NOTE

•See help for the Collect Late Charges When Current field on the Loans > Account Information > Account Detail screen for detailed information about collecting late charges for the current month when payments are more than one month past due.

•Certain circumstances (such as bankruptcy, judgment, or grading) can stop late charges from assessing normally on a consumer loan account. See the Special Late Charge Assessment and Grading page in the Account Detail manual for information about the assessment process used in these circumstances.