Credit when closing a loan, payoff quote with closing fees

Payoff quotes, refinancing, charge offs, paid in full, zeroing balances and closing loans.
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wtech_josh
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Posts: 37
Joined: Tue Jul 30, 2019 7:17 pm

Credit when closing a loan, payoff quote with closing fees

Post by wtech_josh » Wed Jul 08, 2020 1:56 pm

When I use Pay-Off calculator I add closing costs and a total is printed on a letter that I mail. See attached as example.
Today I received the $903.73 and posted the payment using the drop down “Final Payment”
Then I go to close account and I get the message that the Borrower has paid more and has a credit of $387.86
Please advise at your convenience.
mlp-payoff-with-fee.PNG
mlp-payoff-with-fee.PNG (127.2 KiB) Viewed 147 times

wtech_josh
Site Admin
Posts: 37
Joined: Tue Jul 30, 2019 7:17 pm

Re: Credit when closing a loan, payoff quote with closing fees

Post by wtech_josh » Wed Jul 08, 2020 1:57 pm

The box on the payoff quote window is a place to enter tentative fees that you’ll charge if the borrower actually pays off the loan.

When recording the payoff payment and closing the loan, if you have such fees, add them to the loan before closing on the Settings tab > Other Fees section. Record the amount, date and description for your closing fee(s) to charge them to the loan. Now when you close the loan, those fees will be part of the final considerations and the numbers should look better.

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