Common use of PAYOFFS Clause in Contracts

PAYOFFS. A. Provide a list of loans that have prepayment penalty provisions in the mortgage. B. Loan level prepayment penalty information must be provided on any loan with a prepayment penalty. This information should be provided in an electronic file or hard copy. C. Unprocessed payoff funds should be accompanied by a copy of the payoff quotation. D. Information should be furnished on any issued and unexpired payoff statements or assumptions in process. E. Information on any incomplete partial release should be provided.

PAYOFFS. A. 1. Provide a list of loans that have prepayment penalty provisions in the mortgage. B. 2. Loan level prepayment penalty information must be provided on any loan with a prepayment penalty. This information should be provided in an electronic file or hard copy. C. 3. Unprocessed payoff funds should be accompanied by a copy of the payoff quotation. D. 4. Information should be furnished on any issued and unexpired pending payoff statements or assumptions in processassumption. E. 5. Information on any incomplete partial release should be provided.

PAYOFFS. A. Provide a list of loans that have prepayment penalty provisions in the mortgage. B. Loan level prepayment penalty information must be provided on any loan with a prepayment penalty. This information should be provided in an electronic file or hard copy. C. Unprocessed payoff funds should be accompanied by a copy of the payoff quotation. D. Information should be furnished on any issued and unexpired pending payoff statements or assumptions in processassumption. E. Information on any incomplete partial release should be provided.