Loans > Loan Screens > System Setup Screens > Payoff Transaction Descriptions

Use this Loans > System Setup screen to indicate institution-defined payoff types.

Codes set up on this screen will be available for selection in the Payoff Description field on the Loans > Payoff screen. This information is used in credit reporting.

Loans > System Setup Screens > Payoff Transaction Descriptions Screen

Payoff type codes are created and added to the list view on this screen by clicking <Create New>, indicating an institution-defined Code number and Description of the payoff type, and clicking <Save Changes> (mnemonic PHCODE/PHDESC). Select a code in the list view to edit that code's Description.

The list view displays the Code and Description of all previously created payoff types as well as most recent file maintenance history for changes performed on the code (the Name of the employee who performed the change and the Date of file maintenance). Click any column header to organize the list view by that column's information type.

In compliance with credit reporting regulations (FACT-ACT), certain Special Comment codes and Account Status can be generated on a selected customer loan account depending on the Payoff Description selected. In order for this feature to be effective, your institution must create eight payoff description codes on this screen. The table below displays the Code and Description for each payoff description code that must be created as well as the Special Comment Code or Account Status that is generated at monthend when the corresponding Payoff Description is used.

Code	Description	Special Comment Code
1	Paid by Co-Maker/Guarantor	C
2	Paid by Company which Originally sold the Merchandise	BN
3	Paid through Insurance	BP
4	Paid by Garnishment	AM
5	Paid by Financial Counseling Program	B
6	Paid from Collateral (or Paid by Sale of Security)	AX
7	Paid by Third Party Collector. This does not set Special Comment code but does set Account Status 62 (collection account).	Not applicable
8	Paid by Non-File	S

	Record Identification: The fields on this screen are stored in the CSPH record (Payoff Tran Droplist Descriptions). You can run reports for this record through GOLDMiner or GOLDWriter. See CSPH in the Mnemonic Dictionary for a list of all available fields in this record. Also see field descriptions in this help manual for mnemonics to include in reports.