Navigation:  Loan Screens > Payoff Screen > Balances tab > Payoff Fields field group > Per Diem

Entry: System, numeric

F/M: No

Mnemonic: PODIEM

Screen: Loans > Payoff > Balances tab

 

The value in this field is one day's accrued interest of the Principal Balance plus Deferred Interest (or the LIP Undisbursed Balance if this loan is in process). This field is not valid for precomputed rule of 78.

 

When the payoff is processed, this value will be added to the payoff Amount for each day after the Payoff Date the payoff actually occurs. The interest calculation method used to this value is specified by the Per Diem Code field. This field is not file maintainable.

 

Institution Option POPD allows the amount in this field (and the online payoff letter) to display as three decimals (as opposed to two). Event letters do not use this option.