NetLoan - Generate a Payoff Statement
Overview
This article covers how to generate a Payoff Statement for one or more loans using the Generate Statements page. Payoff Statements are primarily used by lenders to provide borrowers with the exact amount needed to fully pay off a loan as of a specific date, showing all due amounts and outstanding balances. The statement is generated as a PDF-ready document and saved as a Statement record in NetLoan.
Prerequisites
- Statement Suitelet permissions are required to access the Generate Statements page.
- The loan must be active (not marked Inactive).
- The loan must have a generated amortization schedule with at least one active schedule line. Loans without schedule lines will not appear in the loan listing.
Step-by-Step
Top navigation: NetLoan > Mass Update Loans > Generate Statements
1. Navigate to NetLoan > Mass Update Loans > Generate Statements.
2. In the Statement Template field, select Netgain Payoff Statement Template.
3. In the End Date field, enter the desired payoff date. This is the date as of which the payoff amount will be calculated.
4. Filter the loan listing as needed to locate the loan(s) you want to include.
5. Select the checkbox next to each loan you want to generate a statement for.
6. Click Generate.
7. The system creates a Statement record for each selected loan.
8. Open the Statement record to view or print the Payoff Statement using the Print button.
The generated Statement record is also accessible from the Related Records subtab on the loan record
Considerations
- Interest time-of-day behavior: The payoff amount reflects accrued interest calculated based on the Default Payoff Modification Time of Day setting on the Loan Type record. If not populated, the system defaults to End of Day — interest accrues through and including the payoff date. To use Beginning of Day (interest stops at the start of the payoff date), update this setting on the applicable Loan Type record.
- Payoff Statement Template: The Netgain Payoff Statement Template ships out of the box with the NetLoan bundle and requires no additional setup. If you want to customize the PDF layout, create a copy of the template first — bundle updates will override the out-of-the-box template and any changes made directly to it will be lost.
- Optional QR code: The statement template supports an optional QR code field. When configured, a QR code image from the NetSuite file repository will appear on the printed statement, directing borrowers to a payment portal.
- Loan listing is saved-search driven: Which loans appear in the listing is controlled by the Loan Saved Search field on the Statement Template record. If that field is blank, the system falls back to the default saved search. If a loan is not appearing and meets the eligibility requirements, check the saved search filters on the template.
