A mortgage payoff statement details the total amount needed to fully pay off a loan as of a specific date. The bank will mail you the title and a letter saying you've put off your loan, take these to the DMV to put the title under your name only.A payoff statement should include the name and address of the lender preparing the statement and be addressed to the lender that requested the payoff. A mortgage payoff letter can come in two forms. One form tells borrowers the remaining principal amount and interest they have to pay to close out the loan. To add or remove a lien on your vehicle title, visit your local county tax office. For Collin County Motor Vehicle Transactions. One form tells borrowers the remaining principal amount and interest they have to pay to close out the loan. It linked a distinguished panel of experts on food, nu trition and economic development issues to. 1,000 receive sites in the United States and.