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

Entry: System, checkbox

F/M: No

Mnemonic: POLOCK

Screen: Loans > Payoff > Balances tab

This field indicates whether the payoff quote is Locked. A mark appears in this field if <Lock> has been clicked.

If this field is marked, the system will place a “23” in one of the Action Code fields and the payoff Expire Date will be entered in the corresponding Action Date field on the Loans > Account Information > Actions, Holds and Event Letters screen. This indicates that the loan record and payoff record are locked. When the payoff quote is locked, all attempts to update the loan record or payoff quote record and all transactions on the loan, except the payoff transaction (from the Post Payoff tab), will be rejected.

If the loan is unlocked during the night of the Expire Date, the system will automatically unlock the payoff and delete the action code 23 and the action date. The loan record and payoff record will no longer be locked.

A reversal of a payoff transaction (588 tran code) will place action code 23 and the Expire Date in the Action Codes/Dates field. The system will not use the reversal date.

When you attempt to lock in a payoff, if there are miscellaneous adjustments that require a G/L number (on the Adjustments tab), make sure the G/L number is tied to those adjustments. Otherwise, the funds will not process.