Paid in Full

Paid in Full

Description

The Paid in Full process is used to move Loan/Receivables that meet either of the following conditions to a "Z" (Paid in Full) status:
- The Loan/Receivable currently has a status of "T" (Ready to Close)
- The Loan/Receivable currently has a status of “T” and the Loan/Receivable's principal balance is less than or equal to $5.00 (the Paid in Full Tolerance Amount defined in the System Configuration Parameters).
When the Loan/Receivable is "satisfied", a history entry is made to indicate that the Loan/Receivable was Paid In Full. If the Loan/Receivable has a positive or negative non-zero balance that falls within the Tolerance, the balance is set to zero and the appropriate Payment Adjustment ledger entries are made. The loan's close date and the SAT history date will be set to the date of the last monetary transaction in history. The PIF date you specify will be used when no monetary history exists.
Optionally, you can elect to print a Paid-in-full letter for each closed Customer.

Data Entry

Field	Purpose/Usage
Date Satisfied	Enter the date in mm/dd/yyyy format. Represents the date of status change from T to Z.
Add Letter to Customer’s Mail Queue?	If a Paid-in-full letter is to be created for each Loan/Receivable, the user must check the "Add Letter" box.
Which Letter?	Provide a valid 4-character letter code that corresponds to the letter that is to be sent.

Paid in Full Screen Sample

When the forecast process is complete, the processing statistics are displayed in a new pop-up window as shown in the following example:

"Click" to close window to return to the main (initial) Paid in Fulls window.