General

No. If we receive a check to payoff your loan we will not include the wire fee.

You do not need to request a new Demand for Payoff however if you would like to request a new demand there is an additional $30 Demand Fee. If you do not request a new Demand for Payoff and the account is overpaid you [...]

Our office services the loan, your lender still needs to approve the demand for payoff because they are still the noteholder.

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.