Changing the Payoff Date Calculation Method
- 27 Apr 2022
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Changing the Payoff Date Calculation Method
- Updated on 27 Apr 2022
- 1 Minute to read
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- DarkLight
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This guide will help you change the payoff calculation method, which allows the lender to decide whether or not they want to collect interest on the payoff date.
If set to 'Yes' then interest will be charged on the payoff date, for instance, if a loan closed on the 1st and then paid off on the 15th, setting this to 'Yes' would yield 15 days of interest, setting it to 'No' would yield 14 days.
To change the payoff calculation setting, you'll want to navigate to the Admin tab and look for the 'Other Settings' tab on the left-hand list of items.
Once there you'll want to click on the 'Edit' button to change the payoff calculation method.
After clicking the Edit button you'll be allowed to change the 'Collect Interest on the Date of Payoff' setting to 'Yes' or 'No'.
Once you've selected your desired payoff date calculation method, click on the 'Save Changes' button and you're done.
To verify these changes feel free to compare the payoff date calculation amounts by going to a loan and using the payoff calculator.
Please contact Bryt support if you have any further questions. Thanks!