Navigation:  Loan Screens > Account Information Screen Group > Account Detail Screen > Account tab > Payment and Classification field group > Payoff Date

Entry: System, numeric

F/M: No

Mnemonic: LNCLDT

Screen: Loans > Account Information > Account Detail > Account tab

 

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 CLZB 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. At the same time, the system will update the date of the last transaction. 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, 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 must be greater than zero.