How do I use the loan payoff screen?
This screen displays information required to quote a loan payoff. This
information is calculated as of the date listed in the red As Of Date textbox.
This date can be changed by entering a different date or by selecting a date
from the pull down calendar accessed by clicking on the down arrow on the right
side of the date box.
The screen has another option. Number of additional days. In this box you can
enter a number of days to be added to the payoff. We recommend you handle
additional days by changing the As Of date. Days added through the additional
days feature will not show up on the printed report but will be added into the
total payoff.
Post Payoff Button
If you click the Post Payoff button, the system will post all transactions
necessary to pay off the loan. Be sure you want this posted before you click.
Print Report Button
This command button will print a report including the same information as the
screen. It will include a “Form Number” that has a number in parentheses (2)
means two additional days were added, etc.
As Of Date
This date defaults to the date the loan was last updated. This is the last date
for which hard information is available.
This date can be changed by editing the date in the text box or by opening the
calendar control associated with the text box. Click on the down pointing
triangle to the right of the date. The calendar control will appear:
Change the date by clicking on the date for which you want then payoff. Change
the month by clicking on the right or left arrow at the top corners of the
calendar.
Not that when you change the date, the interest accrued and net payoff fields on
the pay off window will change. If you edit the date manually, from the
keyboard, there will be a slight delay before the payoff changes. This delay is
caused by Windows waiting a few seconds to be sure you have finished with your
changes. If
Mail To Edit Box
The program assumes you will be mailing the payoff quote to the borrower and
places the borrower’s name and address in this box. Many times this will not be
correct. You may want to mail the quote to a title company or a mortgage
company.
Print Payoff Report
Click the Print Report button to print the report
You can change the name and address in this box to any name and address simply
by deleting it and retyping a new one. The name and address in this box will be
printed on the payoff report (if you print it.). It will not be stored or
remembered by the system. If you need a record, print another copy.
You can print multiple copies with different addresses. For example: print the
first copy with the borrowers address and mail it to the borrower. Print another
for your permanent file. Change the address to the title company address and
print two more copies. Mail one to the title company and place the other in the
permanent file.
The report is formatted to fit a standard window envelope.
Loan Payoff Report:
Post Loan Payoff
DO NOT CLICK THIS BUTTON UNTIL YOU HAVE THE CHECK
This command does a lot. It is NOT reversible. It can be undone by manual
editing and posting but it is a LOT of work.
This command posts the payoff and clears several numeric fields.
Functions performed:
Post principal payment
Post interest payment
Post interest deferred
Post late charge payment
Post escrow balance closeout
Post penalty due closeout
Post capital expense closeout
Post collection expenses closeout
Post legal expenses closeout
Post unapplied credits closeout