If you are requesting a Demand for Payoff after your due date and grace period accrued late charges will show on the Demand for Payoff because it assumes you are not making a payment until you pay off the loan. If you make your [...]
Interest is paid in arrears so if you paid a 6/1/17 due date and you are paying off on 6/5/17 the Demand for Payoff will show interest due for 6/1/17 – 6/5/17. The interest paid on your 6/1/17 due date was interest that accrued [...]
A credit or negative interest may appear on the Demand for Payoff if the interest has been paid ahead.
A negative trust balance is a credit to the borrower. Reasons for a negative trust balance include: impound funds being credited to borrower since we will not need the funds to pay taxes\insurance or unapplied funds from the reserve account. The lender still receives [...]
The trust balance may include funds that were collected for a Reserve payment or taxes and insurance.
Some loans do have a prepayment penalty. If there is a prepayment penalty it will be outlined in the Promissory Note.
Once the loan pays off your lender has 30 calendar days to send the original documents and have the loan reconveyed.
Each accounts payoff fees differ because each loan is different. Examples of payoff fees may include: Demand Fee: Paid to NSC for preparing payoff amount. Wire Fee: Most loans are paid off by wire so there is a wire fee included in the payoff [...]
The payoff and principal balance amounts differ because you have interest and standard payoff fees due to payoff and close out the loan.
Yes. There is a $30 Demand for Payoff fee which is included in the payoff amount. If multiple Demands for Payoff are requested each Demand for Payoff fee will be added as an unpaid charge to your account as of the date of the [...]
