The Payoff Demand Letter is a crucial document in U.S. lending practices, typically issued when a borrower requests information about completely paying off their loan or debt obligation. This document serves as an official statement from the lender or loan servicer, providing the exact amount needed to satisfy the debt in full, including all principal, interest, and fees. It must comply with federal regulations such as the Fair Debt Collection Practices Act and state-specific requirements. The letter includes time-sensitive information, as payoff amounts can change daily due to interest accrual, and typically provides a specific timeframe during which the quoted amount remains valid. Lenders are legally required to provide accurate payoff information within a reasonable timeframe upon request, making this document essential for loan settlements, refinancing, and property sales.
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1. Letter Date and Recipient Information: Current date and complete borrower/recipient contact information
2. Loan Identification: Loan number, original loan date, and other relevant identifying information
3. Current Payoff Amount: The total amount required to pay off the loan as of a specific date
4. Payoff Breakdown: Itemized list of principal, interest, fees, and any other charges included in the payoff amount
5. Payoff Valid Through Date: The date through which the quoted payoff amount is valid
6. Payment Instructions: Detailed instructions for submitting payment, including acceptable payment methods and where to send payment
7. Contact Information: Lender's contact information for questions or concerns
1. Per Diem Interest: Daily interest charge if payment is made after the payoff valid through date, included when payment timing might vary
2. Escrow Account Information: Details about any escrow account and its handling, required for mortgage loans
3. Lien Release Information: Information about how and when liens will be released, included for secured loans
4. Prepayment Penalty: Details of any prepayment penalties that apply, included when relevant to the loan terms
5. Wire Transfer Instructions: Specific instructions for wire transfers, included when wire payments are accepted
6. Automatic Payment Cancellation Notice: Instructions regarding the cancellation of automatic payments, included when borrower has automatic payments set up
1. Fee Schedule: Detailed breakdown of all fees included in the payoff amount
2. Interest Calculation Worksheet: Shows how interest was calculated and per diem interest details
3. Payment Method Instructions: Detailed instructions for each accepted payment method
4. Required Documentation Checklist: List of any additional documents needed to process the payoff
Relevant legal definitions
Payoff Amount
Good Through Date
Per Diem Interest
Principal Balance
Accrued Interest
Late Charges
Prepayment Penalty
Escrow Balance
Recording Fees
Wire Transfer
Certified Funds
Business Day
Loan Number
Settlement Date
Release Fee
Outstanding Charges
Satisfaction Document
Lien Release
Reconveyance Fee
Disbursement Instructions
Payoff Statement
Payment Methods
Borrower
Lender
Loan Servicer
Good Through Date
Per Diem Interest
Principal Balance
Accrued Interest
Late Charges
Prepayment Penalty
Escrow Balance
Recording Fees
Wire Transfer
Certified Funds
Business Day
Loan Number
Settlement Date
Release Fee
Outstanding Charges
Satisfaction Document
Lien Release
Reconveyance Fee
Disbursement Instructions
Payoff Statement
Payment Methods
Borrower
Lender
Loan Servicer
Clauses
Payment Terms
Interest Calculation
Validity Period
Fee Disclosure
Payment Instructions
Prepayment Conditions
Lien Release
Escrow Terms
Document Delivery
Contact Information
Legal Compliance
Additional Charges
Payment Methods
Settlement Instructions
Account Identification
Time Sensitivity
Liability Release
Documentation Requirements
Interest Calculation
Validity Period
Fee Disclosure
Payment Instructions
Prepayment Conditions
Lien Release
Escrow Terms
Document Delivery
Contact Information
Legal Compliance
Additional Charges
Payment Methods
Settlement Instructions
Account Identification
Time Sensitivity
Liability Release
Documentation Requirements
Relevant Industries
Banking
Financial Services
Real Estate
Mortgage Lending
Consumer Finance
Auto Finance
Commercial Lending
Credit Unions
Alternative Lending
Asset Management
Relevant Teams
Legal
Compliance
Loan Operations
Credit Administration
Collections
Customer Service
Document Processing
Account Management
Treasury Operations
Risk Management
Relevant Roles
Loan Officer
Credit Manager
Collections Specialist
Account Manager
Mortgage Processor
Legal Counsel
Compliance Officer
Financial Services Representative
Debt Collection Manager
Treasury Manager
Portfolio Manager
Loan Servicing Specialist
Real Estate Transaction Coordinator
Banking Operations Manager
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