What you need to know. This form is furnished to give you a statement of actual settlement costs.First you need to know what the payoff figure is. Do you need a loan payoff request form? If you want to know what it will take to pay off a loan, you'll need to access a payoff statement (sometimes called a payoff letter). It's a statement that breaks down the payoff figure for the loan assuming no intervening payments, on a future (specified) date. How long does it take to have automated payments set up on my account? By adding to your mortgage payment, you'll not only payoff your mortgage quicker, but could also save money in the process. Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.