You are here: Features > Loan Payoff

LOAN PAYOFF

Function 
To provide calculations necessary to determine an accurate amount required, as of a specified date, to repay the loan principal and accrued interest in full.


Operating Instructions 
From the GMS-RLSS Main Menu, select Features, Loan Payoff.

Loan Number 
Select the appropriate loan from the combo box or enter manually.

Payoff Date 
Select from the calendar the proposed date payment in full is expected.

Other Fee 1 
An optional field used to enter the description of any additional fees required to settle the account in full (ex: repossession fees).

Other Fee 1 Amount 
Enter the amount of the fee associated with Other Fee 1.

Other Fee 2 
An optional field used to enter the description of any additional fees required to settle the account in full.

Other Fee 2 Amount 
Enter the amount of the fee associated with Other Fee 2.

Other Fee 3 
An optional field used to enter the description of any additional fees required to settle the account in full.

Other Fee 3 Amount 
Enter the amount of the fee associated with Other Fee 3.

Optional Message 
Enter any text you would like to be included on the document.

Exclude Additional Loan Costs
Checking this box will prevent any amounts entered in the Additional Loan Costs screen from printing and being added to the Total Due.

Interpreting the Report
In addition to the date, loan number, lender’s and borrower’s name and address, the following information is listed:

Projected Pay-off Date 
As entered previously.

Last Activity Date 
The date of the last recorded activity.

Last Paid-thru Date 
The “new paid-thru” date as listed on the most recently recorded loan activity.

Maturity Date 
As entered into the Loan Master file.

Days to Pay-off 
The number of days between the “Last Activity Date” and the “Pay-off Date”.

Annual Interest Rate 
As entered into the Loan Master file.

Daily Interest Rate 
The annual rate divided by either 360 or 365 days (as entered into the Loan Master file).

Daily Interest Amount 
Loan balance multiplied by the Daily Interest Rate.

Principal Balance 
The loan balance as of the date the report is produced.

Past Due Accrued 
Any outstanding accrued interest as recorded through Loan Interest Activity.

Additional Accrued 
Interest that has accrued between the “Last Activity Date” and the Interest “Pay-off Date”.

Late Fees 
Based on the “Next Payment Due Date” of the last recorded activity and the amount within the late fee field in the Loan Master file.

Additional Costs 
If a balance remains in Additional Loan Costs, it will be added into the Total Due, unless Exclude Additional Loan Costs has been checked.

Total Due 
The sum of “Principal Required”, “Past Due Accrued Interest”, "Additional Accrued Interest”, "Additional Loan Costs"(unless box is checked to exclude), and “Late Fees".

Things You Should Know

• This report may be produced as desired with no impact on the database. 
• Any other fee descriptions and amounts entered will be itemized below “Late Fees” and included in “Total Due”. 
• The accuracy of this report will depend upon the completeness and accuracy of pertinent fields within the Loan Master file, along with properly recorded Loan Activity. 
• If payment is not received on the Projected Pay-off Date, the Daily Interest Amount may be used to manually calculate the exact amount due as of the day payment is actually received. 
• If activity has been entered with an activity date greater than the payoff date, you will receive a screen alert that those activities will not be included in the payoff calculation.