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 student loan payoff letter, also called a payoff statement or loan verification letter, outlines your loan's essential details. Say you have a mortgage and want to know exactly how much you'd need to pay to satisfy the loan. A mortgage payoff letter will tell you that magic number. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. 504. Payoff of first mortgage loan. 103. Settlement charges to borrower (line 1400). 403. 108. Assessments. 408. This form is a statement of final loan terms and closing costs.