Navigation:  Account Delinquency screen > Delinquent Payments tab > Common Loan Information Field Group > Paid Off

Entry: System, numeric, 8 digits

F/M: No

Mnemonic: LNCLDT

Screen: Multiple

Field Group: Common Loan Information

 

This field is entered by the system, but can be file maintained. The date is the date this loan was paid off and is the same date as the Payoff Date (PODATE) on the Loans > Payoff screen, regardless of what date the payoff was actually posted. This field will be updated when a payoff transaction code 580 is processed. A payoff correction code 588 will blank the field out.

 

Backdating a Payoff

 

If a payoff transaction is backdated, the date in this field is still  the same as the Payoff Date (PODATE).

 

Example: Payoff Calculation screen calculates the payoff to 1-20 (that date appears in the Payoff Date field). The payoff was processed on 1-26 and backdated to 1-23. The date in this field (LNCLDT) will be 1-20.

 

An option (CLZB) is available which will automatically close zero balance payment method 5 loans. At the time the loan is closed, the payoff date is also updated. The close transaction is a file maintenance tran code 22 to field 999 performed in GOLDTeller. The loan will automatically close on the night of the maturity date. If the maturity date is on a weekend or holiday, the loan will close on the night of the first business day following the maturity date.

 

Monetary balances that must be zero in order to process a payoff are principal balance, reserve balance, partial payments, miscellaneous funds, late charges, loan fees, accrued interest, accrued interest on reserves, accrued interest on negative reserves, customer balance, LIP balance, and, for payment method 5 loans, the prior and current finance charge. In addition, the loan cannot have an LIP method code greater than zero.