Loan Payoff Calculation
Calculate the payoff of an existing loan with this function.
To use this function, place your cursor on the amount column of Hud-1 lines 504, click Calculate. The Payoff Calculation will appear.
In the Payoff Calculation screen:
Enter the full payoff amount, including all principal, interest and other charges, as of a date.
Enter the date that the amount must be received by (the payoff due date).
Enter any per diem interest amount that will be added before the payoff due date.
If a late charge applies to late payments, enter the date that the late charge becomes due, and the late charge dollar amount that will become due.
Enter the number of days to allow for the lender to receive the payoff (via mail/courier) from the disbursement date. The number of mailing days can also be set as the default for all new files.
Similarly, lines 505-509 can be used to pay off additional loans (e.g., second or third mortgages). First, those lines would need to be unlocked by unlinking them with the borrower column. See the section that explains unlinking the borrower and seller column for a particular line.