A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. Creating a payoff letter is essential to any loan or mortgage repayment process.Our free templates and this guide can help you get started. This checklist will help you focus on homes that meet your top priorities. Decide which of the below are "needs" and which are "wants." A demand letter is an official notice requesting money, possession of assets, or action on a legal matter. This form is furnished to give you a statement of actual settlement costs. To the residential mortgage originator at the address stated in the contract. Transfer documents should contain language to indicate when an eCRV is not required. This chapter shall be cited as the "Minnesota Residential Mortgage Originator and Servicer Licensing​.