The Loan Payoff Letter is a crucial document in lending transactions within the United States, used when a borrower intends to fully satisfy their loan obligation. It provides the borrower with an official statement of the exact amount needed to pay off the loan, including principal, interest, and any additional fees or charges. The letter must comply with federal regulations such as the Truth in Lending Act and the Fair Debt Collection Practices Act, as well as state-specific requirements. It typically includes the payoff amount, good-through date, per diem interest, payment instructions, and information about releasing any security interests. This document is essential for loan satisfaction, refinancing transactions, property sales, and other situations where precise loan payoff information is required.
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1. Lender Information: Complete name, address, and contact information of the lending institution
2. Borrower Information: Full name and address of the borrower(s) as listed on the original loan agreement
3. Loan Information: Loan account number, original loan amount, and type of loan
4. Payoff Amount: Total amount required to pay off the loan, including principal, interest, and any fees
5. Payoff Date: The specific date through which the payoff amount is valid
6. Payment Instructions: Detailed instructions on how and where to send the payoff payment
7. Per Diem Interest: Daily interest amount if payment is made after the payoff date
1. Escrow Account Details: Information about any escrow account balance and its disposition, used for mortgage loans
2. Prepayment Penalty: Details of any prepayment penalties if applicable to the loan
3. Security Release Information: Instructions regarding the release of any security interests or liens, used for secured loans
4. Satisfaction Documentation: Information about when and how loan satisfaction documentation will be provided
5. Good Through Date Extension: Instructions for requesting an extended payoff quote if needed
1. Payment Calculation Schedule: Detailed breakdown of how the payoff amount was calculated
2. Fee Schedule: Itemized list of any fees included in the payoff amount
3. Wire Transfer Instructions: Detailed banking information for wire transfer payments
4. Lien Release Documentation: Copies or templates of lien release documents to be executed upon payoff
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Mortgage Lending
Consumer Finance
Commercial Lending
Asset Finance
Insurance
Legal Services
Relevant Teams
Legal
Finance
Compliance
Credit Administration
Loan Operations
Treasury
Risk Management
Customer Service
Collections
Documentation
Relevant Roles
Loan Officer
Credit Manager
Financial Services Manager
Mortgage Specialist
Legal Counsel
Compliance Officer
Account Manager
Treasury Manager
Collections Manager
Debt Recovery Specialist
Real Estate Manager
Finance Director
Banking Operations Manager
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