RC_LA_PLA_200.1 Mortgage Payoff Concepts

Mortgage Payoff Concepts explains the steps involved in completing the mortgage payoff process from start to finish. The course begins with an introduction to key mortgage terms, the overall payoff process, and the Uniform Residential Mortgage Satisfaction Act.

It then covers who may request a payoff statement, how requests are submitted, and the privacy and authorization requirements that may apply. The process of generating a payoff statement is explained, including the types of data collected and how payoff quotes are prepared.

The course also addresses how the payoff amount is calculated, including the determination of interest due, the application of prepayment penalties, and the effect of timing on the final payoff amount. Requirements for delivering payoff statements are outlined, such as timelines, delivery methods, applicable fees, and accuracy standards. The course concludes with the steps that follow receipt of the payoff funds, including fund processing, escrow refunds, and lien release.

This is a single-family/residential course.

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