TILA requires that a mortgage lender or servicer send ''an accurate payoff balance within a reasonable time, but in no case more than seven business days'' after receiving the borrower's request. 15 U.S.C. § 1639g.

There's a process to getting the mortgage payoff statement. First, you'll need to contact your lender and let them know you want the information. Depending on your lender, you may have to sign in to an online account, call a helpline, or send a formal letter to start the request process.

The statement is provided by the mortgage servicer and can be requested at any time. Accurate payoff information is crucial for managing financial decisions related to property ownership.

To get a payoff letter, ask your lender for an official payoff statement. Call or write to customer service or make the request online. While logged into your account, look for options to request or calculate a payoff amount, and provide details such as your desired payoff date.

Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions. (12 C.F.R. § 1026.36.)

Generally speaking, it takes 5-7 business days for a payoff request to be processed.

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"Payoff amount" is generally higher than the remaining balance on the home. A mortgage payoff letter can come in two forms.One form tells borrowers the remaining principal amount and interest they have to pay to close out the loan. Here's how to determine your payoff amount: Contact your lender: Contact your mortgage servicer to request an official payoff statement. 1) Call the mortgage department and request an official principal payoff letter. Depending on your lender, you may have to sign in to an online account, call a helpline, or send a formal letter to start the request process. Remember to include the loan account number in the letter to ensure proper identification. Providing better banking to Southern California and the Bay Area, with checking, mortgages, auto and home equity loans, credit cards, investments and more. Mortgage Loan Servicing. Don't Take Our Word For It. Check Out These Testimonials: Slide.

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