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Sample Letter for Payoff of Loan held by Mortgage Company

Request For Payoff Letter Template In Salt Lake

Q: Is a lender required to provide a payoff statement?

TILA requires that a mortgage lender or servicer send &#039;&#039;an accurate payoff balance within a reasonable time, but in no case more than seven business days&#039;&#039; after receiving the borrower&#039;s request. 15 U.S.C. 1639g.

Category:

Letters - Loans and Lending - Mortgages Payoff

State:

Multi-State

County:

Salt Lake

Control #:

US-0019LTR

Format:

Instant download

Description

The Request for payoff letter template in Salt Lake is designed to streamline communication regarding loan payoffs. It facilitates professionals in requesting updated payoff information from lenders in an organized format. Key features include sections for borrower and lender details, a clear request for payment status, and a breakdown of any outstanding amounts, including increased escrow values. Filling out the template involves entering relevant details such as dates and specific financial figures, while editing can be done to adapt it to unique loan situations. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who need to ensure that their clients' financial obligations are accurately represented and addressed. The letter promotes a professional tone that fosters cooperation between parties, essential in legal and financial contexts. Users can quickly customize the template to meet the varying needs of different cases while maintaining clarity and professionalism throughout the communication.

Example of a mortgage payoff statement

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FAQ

To get a payoff letter, ask your lender for an official payoff statement. Call or write to customer service or make the request online. While logged into your account, look for options to request or calculate a payoff amount, and provide details such as your desired payoff date.

Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions.

Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions. (12 C.F.R. § 1026.36.)

TILA requires that a mortgage lender or servicer send ''an accurate payoff balance within a reasonable time, but in no case more than seven business days'' after receiving the borrower's request. 15 U.S.C. § 1639g.