A 10 day payoff is crucial to getting your old loans paid off during a refinance. Learn how it works from start to finish.Private Loan Payoff Letter Template offers a clear and professional format for requesting an official statement of your loan payoff balance. Payoff procedures vary depending on whether the lienholder is using the Electronic Lien Title (ELT) system or a paper title. If interest is charged, the rate should be included with a repayment schedule. Create a Loan Payoff Letter online and download it as a PDF or Word document. Customize and print a blank Loan Payoff Letter for free. If interest is charged, the rate should be included with a repayment schedule. It is common for lenders to request "security" for the loan (such as a vehicle). 0137 Requirements for initial licensing as mortgage company or mortgage loan originator; regulations.