A letter of explanation may be requested to clarify information regarding your financial history. Learn more about how to write a letter of explanation.Do you need a loan payoff request form? This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. A 10 day payoff is crucial to getting your old loans paid off during a refinance. Learn how it works from start to finish. A mortgage payoff letter can come in two forms.