PayoffStatement.com

    Mortgage payoff request letter template

    Use this letter to ask your mortgage servicer for a written payoff statement. Choose your servicer to fill in its address, add how you want the statement delivered and, if a title company or attorney is handling your closing, authorize them to receive it. Then print it, save it as a PDF or download it.

    Many servicers also take payoff requests by phone or through your online account. Check your servicer in the mortgage company directory first. A letter is most useful when the servicer wants the request in writing or someone else is requesting for you.

    1. Servicer
    2. Loan and borrower

    Each borrower gets a signature line.

    Escrow refunds and lien releases are usually mailed here after payoff.

    3. Delivery
    4. Authorization (optional)

    Everything you type stays in your browser. Nothing is sent to PayoffStatement.com. Don’t add your Social Security number; the servicer verifies identity through its own channels.

    [Date] [Mortgage servicer name] Attn: Payoff Department [Servicer mailing address] RE: Request for mortgage payoff statement Loan number: [Loan number] Borrower(s): [Borrower name(s)] Property address: [Property address] To the Payoff Department: I am requesting a written payoff statement for the loan above in connection with the sale of the property. Please calculate the total amount required to pay the loan in full through [good-through date], and include: - Unpaid principal balance - Accrued interest through the good-through date and the per diem (daily) interest amount - Any fees, charges or advances, itemized - Any credits, including unapplied or suspense funds - The escrow balance and how it will be refunded after payoff - Accepted payment methods and how to verify payoff funding instructions Please deliver the statement by email to: [email address] You can reach me with any questions at: Phone: [Phone] Email: [Email] Mailing address: [Current mailing address] Sincerely, ______________________________ Date: ____________ Borrower

    What a payoff request letter should include

    • Loan number and property address so the servicer can find the loan.
    • Every borrower’s name and signature. Servicers generally release payoff figures only to borrowers or someone a borrower has authorized.
    • A good-through date. Payoff amounts change daily because interest accrues every day, so give the date funds will reach the servicer, plus a few days if your closing could slip. See how the dates work in our payoff statement example.
    • Where to send it: email, fax, mail or your online account. Give one exact address or number.
    • Your current mailing address, especially if you’re selling. That’s usually where the escrow refund and lien release documents go.

    Borrower request vs. third-party authorization

    If you’re requesting for yourself, leave the authorization section off. The servicer sends the statement to you.

    If a title company, closing attorney, new lender or family member needs the payoff, turn on authorization and name that person, their company, their contact information and an expiration date. Every borrower should sign. Some servicers accept only their own authorization form or a request from their third-party portal. For example, Pennymac sends title companies and attorneys to a separate servicing partners site. Check the Pennymac payoff guide and your own servicer’s page before you send.

    How fast the servicer has to respond

    For a mortgage secured by a home, federal Regulation Z requires the servicer to send an accurate payoff statement within a reasonable time, and no more than seven business days after it receives a written request from you or someone acting for you. Exceptions such as bankruptcy, foreclosure, reverse mortgages and natural disasters allow longer. Some servicers ask for more lead time. BSI, for example, asks borrowers to order a quote at least five business days before payoff. See the BSI payoff guide.

    Source: 12 CFR 1026.36(c)(3). This page is general information, not legal advice.

    After you send it

    1. Write down when and how you sent it. If you faxed or emailed it, keep the confirmation.
    2. When the statement arrives, check the good-through date, the per diem and any credits. The annotated payoff statement example shows what each line means.
    3. If your closing date moves, use the payoff calculator to estimate the extra interest. Then ask the servicer for an updated statement. Don’t adjust the official figure yourself.
    4. Send payoff funds only using instructions you’ve confirmed with the servicer through a phone number from its website or your statement, never from an unexpected email.

    More payoff tools

    Annotated payoff statement example

    A sample payoff statement with the good-through date, per diem interest and credits explained line by line.

    Mortgage payoff calculator

    Estimate per diem interest and your payoff amount for a closing date before the official quote arrives.