FAQ: How Are Payoff Calculations Handled?

Q: How Are Payoff Calculations Handled in Charlie?

A: Charlie calculates loan payoff amounts using a combination of manually entered or extracted fields and automated logic.

Input Fields for Calculation:

Automated Calculations

1. Per Diem Days Count:

• If not entered manually, the system calculates it as:
  Estimated Disbursement Date – Payoff Good Through Date

  • If result is negative, the value is set to 0

• If entered manually, that value is used and the system skips the auto-calculation

2. Total Per Diem Amount: 

• Total Per Diem Amount = Number of Days Per Diem x Per Diem

3.  Total Per Diem Amount: 

• Payoff Amount = Payoff from Statement + Total Per Diem Amount

Key Notes

• All calculations use calendar days, not business days.
• Manual overrides provide flexibility for edge cases.
• Payoff logic is implemented consistently, accessible in dedicated 'Payoffs" sections in both the Credit and Closing Review advanced activities as well as the corresponding Progress Item detail screens.