Payoff Locking |
  
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Navigation: Loans > Loan Screens > Payoff Screen >
Payoff Locking |
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Once all the payoff information entered on the Loans > Payoff screen is correct, the payoff must be locked (by clicking <Lock> on the Balances tab) to process the payoff transaction. You must be logged into CIM GOLDTeller in order for loan accounts to be paid off.
Once the customer account has been locked for payoff, all monetary and most file maintenance transactions on the account are disabled. This guarantees that the quoted amount will not change until the payoff transaction is performed (from the Post Payoff tab) or the payoff quote is deleted or expires. The account can be unlocked by simply clicking <Unlock> on the Balances tab.
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Note: If your institution has the Require Payoff Lock option enabled and a payoff has been scheduled on the Loans > Transactions > EZPay screen for an account that has been locked for payoff, unlocking the account will cause a dialog to appear reminding the user to delete the scheduled payoff on that screen. Unlocking an account for payoff does NOT cancel any scheduled future payoffs on the EZPay screen.
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Once the payoff is locked, the system will enter Action Code 23 on the Loans > Account Information > Actions, Holds and Event Letters screen. The action date will be entered as the Expire Date.
There are three ways a payoff lock can expire or be dropped during the afterhours, depending on which institution option is enabled:
•If no option is set, then the payoff record will drop off the night of the Expire Date.
•If OP06 DPON is enabled, all payoff records will be dropped each night. This option should not be used if your institution originates real estate loans with a three-day Right of Recession clause. The system will not drop payoff records with legal holds (Hold Codes 4, 5, 6, 7, 9, 27, or 86).
•If OP14 DPDT is enabled, all payoff records will be dropped on their Payoff Date (if the payoff does not occur on that day, the record will drop during the afterhours). The system will not drop payoff records with legal holds (Hold Codes 4, 5, 6, 7, 9, 27, or 86).
