How to Generate Payoff Requests for Payments

 

First confirm you have a Payoff Request default document selected. Payments > Settings > General Tab. Under Forms Section (1st Section), the Default Payoff Request field needs to have a document selected. If you have Web Templates you can make a custom Payoff Request document to use and add here, instead of the System Document: Payments: Payoff Letter.

 

 

• Access the Loan
• Payments > Payoff-Requests and click Add. Enter the Estimated date of payoff. System will automatically calculate the accrued interest and Per Diem Interest. Any outstanding Fees assessed and not paid will be listed but not editable.
• Add any applicable payoff fees in the fields provided.
• Click Save.

 

*Please note, whatever is entered in the Prepayment Penalty field during posting of payoff will be reported as interest at year-end*

 

 

 

A record will then be created in the Payoff-Request tab. Click on the Hyperlink (blue lettered Estimate Date) to open the Payoff Record. At this point you can:

 

a. Generate Payoff - Click Generate Payoff and a Word Document of the payoff will automatically download to your computer.
b. Delete Payoff Record by clicking on the Red Delete button.  This action will remove record from Payoff-Requests table. 
c. Make edits to the Fees - If you edit the fees within the record, you will have to click save and then go back into the Payoff record to generate a payoff with new amounts.

 

 

 

FAQ and Issues:

 

Q: Why am I getting this error?

A: You need to set up the Default Payoff Request document. Go to Payments > Settings > General > Forms section > Default Payoff Request field.

 

 

 

Q: What if I need to make a new Payoff Request Statement?

A: You can add as many Payoff Request records as you want (ie Borrower chooses not to payoff and makes several requests for a new payoff statement after initial statement). Just click the Add button and make a new  record with new date/information. You do not need to delete old payoff request records, as you are generating a statement within one record.  

 

Q: What if I need to make adjustments to Other Fees and Late Fees?

A: You will need to go into Payments > Transactions tab of the specified loan and make your adjustments to these Fees via Late Fee and Other Fee Transaction Types. Once adjusted in this section, it will be reflected in your payoff request record.