By including a per diem amount in the letter, the parties will not have to execute another payoff letter if the termination date. Please accept this as my authorization to issue a payoff statement to.Through an effective date of . The Participation Application from Seller in which Seller seeks approval to participate in the Low Interest Rate Mortgage Program. (b). What is a Payoff Agreement? A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. The defendant faxed a payoff statement-- a statement including the mortgage balance, per diem rate, and other charges it was due-- to the mortgagor. The defendant faxed a payoff statement-- a statement including the mortgage balance, per diem rate, and other charges it was due-- to the mortgagor. A servicer can add up to 250 bps. Massachusetts does not have legislation that would require banks or mortgage companies to accept or allow tax deferrals.