Payoff Foundations
This team prepares payoff calculations and statements, but call center representatives should not transfer callers directly to them
What is the Payoff Quoting Unit / Quoting Section
When P&I is paid in full, this can be deferred if the customer remains in the home
What is subsidy recapture
This date is required for a final payoff request
What is a payoff good thru date
This task is used to request a standard SOLB when no exception blocks the request
What is task #582
After payoff posting, this office is tasked to process the release of lien
What is the Field Office
This statement shows the maximum amount a customer may owe when information needed for a final calculation has not been provided
What is a Statement of Loan Balances, or SOLB
Recapture may become due when the customer no longer occupies the property, pays the loan in full, or does this
What is transfers title
This document is used to recalculate subsidy when refinanced or possible sell, is used to determine value and can’t be older than 1 yea
What is a Uniform Residential Appraisal Report
This task is used for a final payoff refax or email request
What is task #604
Customers should generally allow this timeframe for release documents, depending on the state
What is 30 to 60 days
This payoff type is calculated as of a proposed payoff date once required documentation is received
What is a Final Payoff Statement
This screen should be checked to determine whether an account is subject to recapture
What is RH/SUB
These two items are not acceptable substitutes for an appraisal in this process
What are a market valuation/property assessment and an appraisal waiver
This task is used when payoff funds are in Unapplied and Cash Management needs to be notified
What is task #449
Remaining escrow funds are generally released this many days from the payoff posting date
What is 30 days
This team posts payoff funds after the funds are received
What is Payoff Cash / Cash Management
This letter is sent once the P&I is paid in full and the borrower has received payment assistance
What is the Congratulation letter
Capital improvements must be listed here, rather than just mentioned casually by the customer
What is a separate addendum to the appraisal
This task is used when a customer disputes a final payoff or recapture calculation
What is task #581
Representatives should verify this before discussing refund mailing expectations
What is the customer’s current mailing address
If a borrower has multiple loans, this must be generated separately for each loan account
What is a separate payoff statement
This will remain on the property when subsidy is deferred or until it’s paid in full
What is a property lien?
If a final payoff request is missing required documentation, this should be sent instead of pushing the request forward
What is a Missing Document Letter?
If a Warning Code 5 is present, representatives should not open task #582; they should open this foreclosure SOLB task instead
What is task #603
For subordination requests, representatives may provide the packet and route the task, but this group determines approval or denial
What is Quoting