Payoff Screen |
  
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Navigation: Loans > Loan Screens >
Payoff Screen |
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The Payoff screen is the screen you will use to pay off a loan. The amount to pay off the loan, including any late charges, fees, etc., is found in the Amount field on the Balances tab.
If the account has any adjustments, such as refunded amounts from insurance payments, amortizing fees, or precomputed interest, the Adjustments tab will display them after you have locked the loan (see Payoff Locking).
To actually pay off the loan, use the Post Payoff tab. You can also use this screen to payoff certain parts of a loan, such as insurance, third-party collector fees, and Sale of Security amounts. See the Payoff Description field for more information.
Click to enlarge.
Accessing this screen will automatically calculate the account's payoff amount. Once payoff information has been verified and adjusted in the fields on this screen, the payoff must be locked in so that the Post Payoff tab is accessible (to complete the payoff). See the Payoff Locking help page for more information about locking in payoffs.
If any refunds are due back to the customer after payoff (see Adjustments tab), a payoff check will be generated after the transaction is run on the Post Payoff tab. Payoff quotes can be printed or displayed using the buttons on the bottom of this screen. See the Payoff Quotes help page for more information about payoff quotes.
A payoff record can be manually dropped at any time. To do this, simply click <Unlock> (if the payoff record is locked in) then click <Drop>. A payoff record is saved in the system until it is dropped manually or by the system in the afterhours after the Expire Date.
Payment Method 3 and Same as Cash accounts payoff differently than other account types. See the Special Account Payoff help page to learn more about paying off those account types. See the GILA Refund help page to learn more about GILA refunds for precomputed loans.
See the Payoff Options help page to learn more about institution options pertaining to account payoffs. |
The system can automatically close a commercial/consumer line-of-credit loan (payment method 5) at maturity if all monetary balances on the account are zero (principal balance, reserve balance, partial payments, miscellaneous funds, late charges, loan fees, accrued interest, accrued interest on reserves, and accrued interest on negative reserves). Additionally, the loan cannot have an LIP code greater than 0. The close transaction is a file maintenance tran code 22 to field 999. When this transaction occurs, the system will update the Payoff Date field. The loan will automatically close on the night of the maturity date. If the maturity date is on a weekend or holiday, the loan will close on the night of the first business day following the maturity date. Once the loan is closed, it will appear on the Closed Loan Report (FPSRP024) with an "@" next to the Principal Balance column (which indicates that the loan has been automatically closed). |
See these help topics for more detailed information about the payoff process:
The tabs on this screen are as follows:
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Record Identification: The fields on this screen are stored in the FPLN and FPPO records (Loan Master, Loan Payoff). You can run reports for these records through GOLDMiner or GOLDWriter. See FPLN and FPPO in the Mnemonic Dictionary for a list of all available fields in these records. Also see field descriptions in this help manual for mnemonics to include in reports. |
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In order to use this screen, your institution must:
•Subscribe to it on the Security > Subscribe To Mini-Applications screen.
•Set up employees and/or profiles with either Inquire (read-only) or Maintain (edit) security for it on the CIM GOLD tab of the Security > Setup screen. |
