What is a mortgage payoff statement? It details the exact money needed to pay off a mortgage.This form is furnished to give you a statement of actual settlement costs. A mortgage lender might ask you to write a letter of explanation to better understand your finances when deciding whether to approve you for a loan. How to fill out the Mortgage Payoff Statement Request Form? Property owner entitled to written statement of payoff amount. All the forms and documents you need for originating, underwriting and closing Virginia Housing single family mortgage loans are available in electronic format. Loan Type x Conventional FHA. A letter of explanation can be important in the mortgage underwriting and application process.