Prepare for Loan Payoff (2)/Estimate Mortgage Loan Payoff

Screen ID:  Screen Title:  Panel Number:

UMBRLNCL-02 Prepare Loan for Payoff/Estimate Mortgage Loan Payoff 3902

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Access this screen from the initial Prep Mortgage for Payoff Deposit screen after you have selected a loan account number. When you are finished calculating on this screen use Post All (F5) to move to the confirmation screen. where you can review your changes once more prior to finalizing the process.  

You can also access this screen after selecting a 360 calc loan on the Phone Operator screen and using the Payoff option, by using Mortgage Payoff (F12) on the Standard Payoff screen, or by using Tool 1235: Loan Payoff Estimator and selecting a mortgage on the second screen. This allows you to quote a payoff for the member's loan.

This screen is used to quote a payoff for a member's loan and also to prepare a loan for payoff.

Using this Screen to Quote a Payoff for a Member's Loan

Using this Screen to Prepare a Loan for Payoff

Using this Screen to Quote a Payoff for a Loan

When a member wants to determine the amount they still owe on a 360-day calc loan (or a 365 calc loan where you want to use mortgage features), you can use this screen to determine the final amount based on a selected date or number of days in the future.  This mortgage-version payoff screen includes additional relevant mortgage information, including estimated finance charges and year-to-date interest paid.  This access point only allows you to enter a Payoff date and to adjust the Miscellaneous fees.  

· To print a Payoff statement for the member, use F14.  (Your credit union will first need to configure a PAYOFM form.)  Learn more in the Miscellaneous Member Account Forms booklet.

Want to Record these Payoff Estimates?

You can activate a feature to record the payoff information in a Tracker conversation.  To activate the feature check "Generate a tracker for loan payoff requests" on the Teller/Member Workflow Configuration and designate a Tracker Type and Memo Type for the conversation.  Then every time you use Enter on this Payoff screen, CU*BASE will automatically generate a tracker that will appear on the loan associated loan sub account.  This way these Tracker entries will appear on a much shorter list of Trackers and will be separate from the main share account Tracker listing. The payoff requests can then be routed to a loan officer or other employee for follow up. 

Using this Screen to Prepare a Loan for Payoff

This is the main "Prepare Loan for Payoff" screen which calculates the payoff amount for the current day. When first entering the screen, the payoff amount includes interest due and delinquency fines.

· IMPORTANT NOTE: This tool provides the payoff amounts as of today. Currently, the tool will not calculate a payoff for a future date.

The information on this screen can be used to quote a payoff for the current day. But in most instances, this screen is used to compare the calculated payoff amount to the amount that the member has presented for the payoff.

If the Amount member will be paying has been entered, the goal is for the Net Difference to be zero unless you plan to transfer funds to or from another account (to either add to the payoff amount or subtract). The transfer transaction is done separately.

If the interest amount needs to be adjusted or a miscellaneous fee needs to be added, use the appropriate which takes you to another screen (Interest or (Fees) to make the appropriate entries.

· The “adjusted” interest amount may be different than the “before” interest amount because the “adjusted” interest amount can include additional interest due or a refund of interest. This is because 360 mortgage loans only calculate interest once a month and the system is comparing the last “interest accrued through” date to the current date and either adding or subtracting the appropriate interest amount.

If you would like to add or change a delinquency fine amount, enter the amount in the Delinquency Fines adjusted column directly on the “Prepare Loan for Payoff” screen. The delinquency fine amount on the member loan record will be updated with this amount. This amount is added to the adjusted Total Calculated Payoff.

If the mortgage loan has an escrow account tied to it, you must indicate what to do with the escrow funds. The “Prepare Mortgage Loan for Payoff” screen allows you to do the following:

· Pay the accrued dividends to the escrow account

· Keep the escrow account open and break the link to the loan

· Close the escrow account and apply funds to the loan payoff

· Close the account and transfer funds to an account

· Keep the escrow account open

For all options, the link between the escrow account and the loan is broken when you post the “prepare” transactions.

You must select one of the three options to indicate what to do with the escrow funds. If you choose to close the account and apply the funds to the payoff, after you use Enter, you will see the escrow funds subtracted from the adjusted Total Calculated Payoff.

If the escrow account has accrued dividends, you will see the accrued dividends amount below the escrow balance along with a selection box where you indicate whether to forfeit or force pay the dividends.

Once you have made all appropriate adjustments, use F5-Post All to post the adjustment transactions.

Remember to post the payoff transaction the same day!!

Field Descriptions

Field Name	Description
Int Calc Type	Interest Calculation Type from CU*BASE loan record.
Loan Category	Loan Category Code from CU*BASE loan record along with the description.
Interest Rate	The interest rate on the loan.
Next Due Date	Next Due Date on the loan.
Interest Calculated Through	The date that interest has been accrued through on the CU*BASE loan record.
Amount Member will be paying	The amount of funds the member is presenting for the payoff. This field either defaults from the first screen or is entered on this screen. This is not a required field.
Total Calculated Payoff	The total calculated payoff amount after adjustments. This amount is compared to the Amount member will be paying.
Net Difference	This is the net difference between the amount the member will be paying and the adjusted total calculated payoff. This field is calculated (Amount Member will be Paying – Total Calculated Payoff) and could result in a negative amount.
Payoff will be posted	The current date.
Current Balance	The loan principal balance. Both the “Before” and “Adjusted” principal balance amounts are protected (no adjustments allowed).
Interest Due
Before	The calculated interest due. It includes the amount in the interest due field on CU*BASE member file.
Adjusted	The adjusted interest due. When the screen first displays, it includes the amount in the Interest Due field on CU*BASE member file plus the calculated amount of interest based on the number of days since last “interest accrued through” date. If an interest adjustment is made via the pop-up, this adjusted amount is updated.
Delinquency Fines
Before	Defaults in the Delq Fine Due from the CU*BASE member file if applicable, otherwise is zero.
Adjusted	When the screen first displays, this is the delinquency fines due if applicable. The fine amount is adjusted here.
Misc Fees
Before	This will be blank. No Misc fees will default when first entering the screen.
Adjusted	When the screen first displays, this is zero. If a fee adjustment is made via the pop-up, the miscellaneous fee amount displays.
Escrow funds applied to loan
Before	n/a
Adjusted	When first entering this screen, this field is zero. If you choose to close the escrow account and apply the funds to the loan payoff (per option 2 under “What to do with escrow funds”), the escrow amount will display here.
Total Calculated Payoff
Before	This is the total calculated payoff amount.
Adjusted	This is the total calculated payoff before any adjustments. (Curr Bal +/- Interest Due + Delinquency Fines) This is the total calculated payoff after adjustments. (Curr Bal +/ - Interest Due + Delinquency Fines + Misc Fees – Escrow funds) · NOTE: When first entering the screen, the Before and After amounts can be different because the Adjusted interest amount includes additional interest due (or a refund of interest) since the last “interest accrued through” date.
Escrow Information Note: If the loan does not have an escrow account, "No Escrow Information" will display in this section.
Escrow account	Escrow account number and suffix tied to the loan (if applicable)
Current escrow balance is	Escrow account balance.
Freeze code	Freeze indicator and description from CU*BASE member file.
Accrued dividends section	If the member has accrued dividends on the escrow savings, the amount will display here. If there are no accrued dividends, the message ‘Member has no accrued dividends on their escrow’ will display.
What to do with the escrow funds	One of the following options must be selected to indicate what to do with the escrow funds; 1=Do not close the account 2=Close the account and apply funds to the loan payoff 3=Close the account and transfer funds to XXXXXXX-XXX. If option 2 is selected, the payoff amount will be reduced by the escrow balance amount.