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RC_LA_PLA_200.1 Mortgage Payoff Concepts

1-5 CMB Points Education Intermediate Loan Administration & Servicing Residential Residential Certified Mortgage Servicer (RCMS) Self-Study Web-Based Courses
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Option Price
Member $50.00
Non-Member $100.00

Mortgage Payoff Concepts details the steps involved in the mortgage payoff process. The course begins with an overview of the payoff process, including the terms of the mortgage, the overall payoff process, and the Uniform Residential Mortgage Satisfaction Act. Next it goes through the requirements of requesting the payoff statement and how to generate the payoff statement. The course then details calculating the payoff amount including calculating interest due and prepayment penalties, as well as timing the payoff, and provides payoff calculation and statement examples. From there, we explore the delivery of the payoff statement. The course concludes with information on necessary steps to complete once the payoff funds have been received.

This is a single-family/residential course.

Topics:

  • Fundamentals of the Payoff Process
  • Requesting the Payoff Statement
  • Generating the Payoff Statement
  • Calculating the Payoff Amount
  • Delivering the Payoff Statement
  • Payoff and Post-Payoff Activities

     

    Seat time approximately 1 hour.

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