Mortgage Lending · Servicing
Payoff quote procedures
An internal guide for servicing staff on how to prepare, verify, and issue payoff quotes for mortgage loans.
What it usually contains
- Steps for calculating principal, accrued interest, and per diem to the quote date
- Rules on which fees to include, such as recording, statement, and prepayment charges
- Who may request a payoff and what authorization is required
- Turnaround times, quote expiration dates, and reissue rules
- Delivery methods, disclosures, and handling of funds received after expiration
What the assistant uses it for
Answer questions about how a payoff figure is calculated, how long a quote stays valid, and who is allowed to request one. Also useful for resolving disputes over fees or interest charged through the payoff date.
How it is versioned
A document of this type has exactly one current version at a time. Upload a revision and it becomes the version that counts — the one before it is kept and dated, but is no longer what your assistant answers from. Nothing is ever deleted, so you can always show what this document said on a given date.
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