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Navigation: Loans > Loan Screens > Account Information Screen Group > Account Detail Screen > Account tab > Payment and Classification field group > Payment Method 0: Conventional Loans >
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When a conventional loan (payment method 0) is nearing payoff, you will want to consider creating an event letter to send to borrowers explaining payoff details. You can also print a quote from the Loans > Payoff screen. For more information on the payoff event letter, payoffs, and payoff quotes, see the following topics in DocsOnWeb:
You may also want to consider whether a conventional loan can be paid off with a recurring payment or through your institution’s website. Certain options must be set up to allow payoffs through recurring payments or your website. See Important Payoff Options You Should Know About.
Once the loan has been locked and paid off, the loan is closed. It remains on the system as a closed loan until designated by your archive options, and then it is archived.
Accounts are archived according to the Last Transaction Date (LNTRAN), which is usually the same as the Payoff Date (LNCLDT). If accounts have a Last Transaction Date older than the number of months entered in institution option ARCM (or older than two years), the account is archived.