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Sample Letter for Payoff of Loan held by Mortgage Company

Sample Payoff Letter From Lender In Wake

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:

Wake

Control #:

US-0019LTR

Format:

Instant download

Description

The Sample Payoff Letter from Lender in Wake serves as a formal communication tool outlining the status of a loan payoff. It begins by addressing the recipient and referencing prior correspondence about the loan payoff. The letter highlights that a payment has not been received and requests an update on its status. Key features of this form include acknowledgment of any negative escrow portion and a calculation of accrued interest, which may affect the total payoff amount. This letter is adaptable, allowing users to modify specific details according to their circumstances. Attorneys, partners, owners, associates, paralegals, and legal assistants benefit from this form as it provides a clear and structured method for communicating with lenders and ensuring that financial obligations are met efficiently. Such communication is critical in managing client loans and can aid in the resolution of outstanding payments. By using this form, legal professionals can maintain accurate records and foster professional relationships with lenders.

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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.

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.

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.)