Confirm Adjustments to Loan
Access this confirmation window after you have pressed Post All (F5) from the Prepare Loan for Payoff screen.
The confirmation window lists the activity that will occur on the loan. It is important to review the items because the activity cannot be undone!
Once you have confirmed the activity, use F5-Confirm and Post to post the transactions. You will move to the appropriate Adjustments Complete confirmation window.
· Interest will be adjusted (if applicable)
· Delinquency Fine amount will be adjusted (if applicable) and a file maintenance record created
· Miscellaneous fees will be posted to the loan (if specified)
· The link between the escrow account and the loan will be broken
· Escrow funds will be transferred to the loan OR to another account (if specified)
· Escrow account will be closed (if specified)
· All Automatic Funds Transfer (AFT) records to this mortgage will be deleted (if applicable)
· The interest accrued through date on the member file is updated to the current date
· The loan is flagged to allow a paid ahead payment (this facilitates the final payment being made without error messages)
o NOTE: In addition to the above activity, the interest due bucket on the loan may get populated. The system rules for 360 mortgages require that a payoff gets processed as a regular payment (with excess funds to principal). Therefore, if the interest due amount is zero when you use F5-Confirm and Post, the system will put an amount in this field temporarily so that the payoff transaction flows smoothly. This situation may occur on a paid ahead loan.