Navigation:  Loan Screens > Account Information Screen Group > Additional Loan Fields Screen > Origination/Maturity tab > Payoff Date

Entry: System, numeric

F/M: No

Mnemonic: LNCLDT

Screen: Loans > Account Information > Additional Loan Fields > Origination/Maturity tab

 

The Payoff Date field is entered by the system. This date represents the date this loan was paid off. This field will be updated when a payoff transaction code 580 is processed. A payoff correction code 588 will clear the field.

 

Institution Option CZLB automatically closes zero balance payment method 5 loans. At the time the loan is closed, the payoff date is also updated. The "close" transaction is a file maintenance tran code 22 to field 999. 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. Monetary balances that must be zero are: Principal balance, reserve balance, partial payments, miscellaneous funds, late charges, loan fees, accrued interest, accrued interest on reserves, and accrued interest on negative reserves. In addition, the loan cannot have an LIP (loan-in-process) method code greater than zero.

 

Monetary balances that must be zero are principal balance, reserve balance, partial payments, miscellaneous funds, late charges, loan fees, accrued interest, accrued interest on reserves, accrued interest on negative reserves, customer balance, LIP balance, and, for payment method 5 loans, the prior and current finance charge. In addition, the loan cannot have an LIP method code greater than zero.