Payoff a Loan

We use the ______ transaction when we want to pay all the principal and interest owed on a loan, and we want to close out the loan.

• Prepayment

• Principal Disbursement

• Paydown

• Payoff

Look at loan history to see if the member is set up with ACH. If they are set up for ACH, they will need to complete a ________.

• Share Transfer

• ACH Origination Form

• cView ticket

• Bank cancelation

True or False? If a member is set up with share transfer payments, they are still required to create a Cview ticket.

• True

• False

If the payoff comes from a dealer or insurance company, process the payoff and submit a ______ for a title release. This notifies the title department to release the title to the correct part.

• ACH Origination Cancellation Form

• Email

• cView Ticket

• Title Release Request

True or False? When paying off Share/Money Fund/CD Secured Loans, release the hold after processing the payoff.

• True

• False

True or False? Once you process a loan payoff, the loan will no longer be displayed on the Relationship Profile screen in DNA.

• True

• False