Navigation:  Loan Screens > Payoff Screen > Balances tab > LIP Accrued Int

Entry: System, numeric

F/M: No

Mnemonic: POLACC

Screen: Loans > Payoff > Balances tab

 

This field displays the interest accrued on the LIP Disbursed Balance (on the Loans > Account Information > Account Detail screen) from the Last Accrued date to the Payoff Date.

 

This amount is determined by the LIP Interest Rate field (on the Account Detail screen). This field is only used when a loan is in process and LIP Method Code (from the Account Detail screen) 001 or 101 is being used. In these instances, interest is accrued using the LIP Interest Rate rather than the loan rate.

 

The system recalculates the value in this field each time the screen is accessed (unless the payoff has been Locked). The amount in this field is added to the payoff Amount when the payoff is processed. This field is not file maintainable.