Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started.Be it known that on the day of. , (year), at the request of. What is a Payoff Agreement? A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. To request a payoff quote, please complete the payoff quote form. This form is intended for 3rd parties acting on behalf of Mr. Cooper customers.