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You'll likely need to supply some personal information, such as your name, signature, contact information, account number, property address and the date you want the payoff to be effective. Some lenders will also want to know why you're choosing an early payoff.
A payoff request is a statement prepared by your lender which details the payoff amount for prepayment of your mortgage loan. The payoff statement will typically be the remaining balance on your mortgage loan, but it might also include any accrued interest or late charges/fees that could be owed.
First, you'll need to contact your lender and let them know you want the information. Depending on your lender, you may have to sign in to an online account, call a helpline, or send a formal letter to start the request process. Alternatively, your lender may have a form you must fill out.
Include all relevant information in the payoff letter, including: Include the name of the loan or mortgage holder. Include the loan or mortgage number. Include the payment amount. Include the date you plan to make the payment. Include your name and address. Include your contact information.
The CFPB alleges that Freedom's practices violate both the Home Mortgage Disclosure Act (HMDA) and a 2019 consent order. In a recent separate matter, in August 2023 the CFPB fined Freedom $1.75 million for paying illegal kickbacks for mortgage loan referrals.