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AGENT UNDERWRITING BULLETINMortgage Payoff ProceduresEffective as of June 1, 2008, the following procedures shall be adhered to by all parties throughout the State of Connecticut involved in a purchase
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Mortgage payoff procedures are the steps and paperwork required to fully pay off a mortgage on a property.
The borrower or property owner is usually required to file mortgage payoff procedures.
To fill out mortgage payoff procedures, you typically need to contact your lender and follow their specific instructions.
The purpose of mortgage payoff procedures is to officially release the borrower from the obligation of the mortgage debt once it has been fully paid off.
Information such as the loan number, property address, borrower details, and the amount to be paid off are typically reported on mortgage payoff procedures.
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