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How to fill out 3rd party payoff statement

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How to fill out 3rd party payoff statement

01
Obtain the necessary information about the third party that will be paying off the loan.
02
Contact the lender or mortgage company and inform them that you need to fill out a third party payoff statement.
03
Ask the lender for any specific forms or documentation that they require for the payoff statement.
04
Fill out the required information on the payoff statement form, including the borrower's name, loan account number, and the amount to be paid off.
05
Provide any additional information or documentation requested by the lender, such as proof of funds from the third party payer.
06
Review the completed payoff statement form for accuracy and make any necessary corrections or adjustments.
07
Submit the filled out payoff statement form to the lender or mortgage company, following their preferred method of submission (e.g. in person, by mail, or electronically).
08
Keep a copy of the submitted payoff statement form for your records.
09
Follow up with the lender to ensure that they have received the payoff statement and that it is being processed accordingly.
10
Confirm with the third party payer that the payment has been made, if possible.

Who needs 3rd party payoff statement?

01
Anyone who has a loan or mortgage and plans to have a third party pay off the remaining balance needs a 3rd party payoff statement.
02
This may include individuals who are selling a property and having the buyer's lender pay off their mortgage, or individuals who are refinancing their loan with a new lender.
03
The third party payoff statement helps to facilitate the smooth transition of funds and ensures that the remaining balance is paid off in a timely manner.
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A 3rd party payoff statement is a document prepared by a creditor that outlines the total amount required to pay off an outstanding loan or debt owed by a borrower to that creditor, including any fees and interest.
Creditors who have outstanding loans or debts owed by borrowers are required to file a 3rd party payoff statement.
To fill out a 3rd party payoff statement, creditors need to provide the borrower's information, the loan or account number, the total payoff amount, any applicable fees, and the date until which the payoff amount is valid.
The purpose of the 3rd party payoff statement is to provide a clear, concise summary of the total amount owed by the borrower, allowing for a straightforward payoff process and ensuring that all parties have accurate information.
The 3rd party payoff statement must report the borrower's name, account number, total payoff amount, interest rate, fees, and the expiration date of the offer.
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