A payoff is how much a borrower must pay to satisfy the debt. The quote will include the outstanding principal balance, accrued interest through the good-through date, and any additional fees or costs incurred.
To get a payoff statement, you must submit a written payoff request. The payoff demand will be sent to the lender/broker/originator for approval. Processing time is subject to lender responding to the payoff request.
How to Request a Payoff Demand
1. Requesting a Payoff Demand
To get a payoff statement, you must submit a written payoff request with authorization from the requesting Escrow Officer and/or Title Company signed by the borrower (electronic signature will not be accepted). The quote will include your outstanding principal balance, accrued interest through the good-through date, and any additional fees or costs incurred. Your payoff statement will most likely be different than the principal balance shown on your monthly statement. Please send demand requests to DEMANDS@SLSBOX.COM.
* If a borrower wants to request a payoff demand without escrow or title involvement, they can send an email directly to DEMANDS@SLSBOX.COM using the borrower’s email that we have on file.
2. Understanding Your Good-Through Date
The good-through date on your quote is the day your payoff must be received to pay off your loan. The good-through date of demand can not exceed 30 days. If the loan is not paid by that date, additional interest accrues and an updated quote will need to be requested with a new good-through date (turnaround times are 2-3 business days).
3. Demand Fee
There is a $30 fee for each demand request, as well as for each updated quote (which will be added to the loan charges). RUSH demand requests will be assessed a $75 fee.
4. Lender Approval
Superior Loan Servicing will send the payoff demand statement to the lender for approval. All payoff demands require an approval from the lender. Typically we will receive a response from the lender within 2-3 business days, but processing times is subject to lender response.
5. Make the Payment
Wire or transfer funds to Superior Loan Servicing as outlined in the payoff letter. We can also accept cashier’s checks, escrow attorney checks, and title company checks. We can’t accept personal funds for final payment. All funds must be made payable to Superior Loan Servicing.
6. Cancel Automatic Payments
If you are enrolled in automatic monthly ACH payments, please make sure to cancel and update your mailing address if it has changed. Please send requests to LSS@SLSBOX.COM.
7. After Loan is Paid Off
After the loan has been paid off, SLS will send a zero balance letter to the borrower 10 days after it pays off. SLS will start the lien release process within 5 business days. Each State varies on how long it will take them to process the lien release (typically from 30 – 90 days).
You may check your status 30 days after your loan has been paid in full by emailing LIENRELEASES@SLSBOX.COM
Need Additional Help?
Our live Customer Service Team is here to help, call us at 818-483-0027. Search our FAQs for answers to common questions.