This Payoff Transmittal Letter serves as a formal request to close your loan account. A payoff statement is a document that shows how much money a borrower must submit to fully pay off a loan.This form is furnished to give you a statement of actual settlement costs. A 10day payoff refers to the time it takes for your new lender to pay off your old loans during a refinance. West Valley City, UT 84120. Loan Type x Conventional FHA. This is a legally binding Real Estate Purchase Contract ("REPC"). Utah law requires real estate licensees to use this form. Create a Loan Payoff Letter online and download it as a PDF or Word document. Customize and print a blank Loan Payoff Letter for free.