Yes. When a closed end loan is paid in full, the nightly processing cycle will move that member record to a "closed" file. This file retains the detail and transaction history of that loan. The 3-digit suffix (account type) is available for use the next day.
NOTE: If you need to use the suffix the same day the loan is paid (before the nightly process is run), use Tool #211 "Clear Closed Member Accounts."