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Sample Letter for Payoff of Loan held by Mortgage Company

Payoff Letter Template With Letterhead In Salt Lake

Q: Is a lender required to provide a payoff statement?

TILA requires that a mortgage lender or servicer send &#039;&#039;an accurate payoff balance within a reasonable time, but in no case more than seven business days&#039;&#039; after receiving the borrower&#039;s request. 15 U.S.C. 1639g.

Category:

Letters - Loans and Lending - Mortgages Payoff

State:

Multi-State

County:

Salt Lake

Control #:

US-0019LTR

Format:

Instant download

Description

The Payoff Letter Template With Letterhead In Salt Lake is designed to streamline the process of communicating loan payoff details to relevant parties. This form includes essential sections for the date, recipient's name and address, and specific references to the loan in question. Key features include a clear outline of the current payoff status, a note on increased escrow amounts due to insurance requirements, and the necessity to calculate interest accrued up to the payment date. Users are instructed to customize the template according to their unique circumstances. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who require a professional communication tool for managing loan payoffs. It assists them in efficiently tracking payments, ensuring clear communication with clients, and maintaining organized records. By using this template, legal professionals can avoid misunderstandings and facilitate smoother transactions in loan management.

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FAQ

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.

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.

Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions.

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.)

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.