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Payment Method |
  
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Navigation: Loan Screens > Payoff Screen > Balances tab > Payoff Fields field group >
Payment Method
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Payment Method |
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Entry: System, numeric
F/M: No
Mnemonic: LNPMTH
Screen: Loans > Payoff > Balances tab
This field displays a code that determines how the system will calculate interest and what rules to follow in processing the customer account payoff. This code is pulled from the Payment Method field on the Loans > Account Information > Account Detail screen. Possible codes in this field are:
| CODE | DESCRIPTION |
| 0 | Conventional loan amortization |
| 3 | Precomputed (Rule of 78s) or sum-of-the-digits |
| 5 | Revolving line-of-credit loan |
| 6 | Daily simple interest loan |
| 7 | Adjustable rate mortgage loan (ARM) |
| 16 | Signature loan |
You cannot file maintain this field.