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 letter of explanation can clarify your financial situation and get you one step closer to qualifying for a mortgage. If your lender flags a portion of your mortgage application, you might need to draft a letter of explanation to move forward with the homebuying process. Truist Mortgage forms and documents. File a credit dispute, set up recurring mortgage payments, add authorized users and more with these downloadable files. This is an example of a payoff letter used in a syndicated loan transaction. Late payments show up on your credit report and may affect your ability to get credit in the future. Do not include a credit report as proof of payoff. The "Statute of Limitations" for credit card debt is a law limiting the amount of time lenders and collection agencies have to sue consumers for nonpayment.