Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started.A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. 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. This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. Have the loan number handy, keep in mind that if the mortgage was assigned, it might have a different number to reference. To request a payoff quote, please complete the payoff quote form. This form is intended for 3rd parties acting on behalf of Mr. Cooper customers.