Who Is Responsible For Requesting A Loan Payoff Statement Before Closing?

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 Typically, it's the responsibility of the borrower or their representative (such as a real estate agent, attorney, or loan officer) to request a loan payoff statement before closing.

Here's how it usually works:

  1. Borrower's Responsibility: The borrower, or the individual representing them in the transaction, is responsible for initiating the request for a loan payoff statement from the lender. This is typically done to ensure that the correct amount is paid off and that there are no surprises at closing regarding the remaining balance on the loan.

  2. Request Process: The borrower or their representative will contact the lender, either by phone, email, or through an online portal if available, and request a payoff statement for the loan in question. They may need to provide certain information, such as the loan account number, property address, and borrower's personal information, to verify their identity and the loan details.

  3. Timing: It's important to request the loan payoff statement well in advance of the closing date to allow time for processing and to ensure that the statement reflects the most up-to-date balance owed on the loan. Lenders typically provide payoff statements within a few business days of the request, but it's a good idea to confirm the timeline with the lender and plan accordingly.

  4. Verification of Payoff Amount: Once the payoff statement is received, the borrower or their representative should carefully review it to ensure that the payoff amount is accurate and includes any applicable fees or interest charges up to the anticipated payoff date. If there are any discrepancies or questions, they should be addressed with the lender promptly to avoid delays at closing.

By proactively requesting a loan payoff statement before closing, the borrower can ensure that the loan is paid off in full and that there are no outstanding balances or issues that could affect the closing process. It's an important step in the overall transaction to ensure a smooth and successful closing.

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