Payoffs
Payoff Process Mastery Quiz
Test your knowledge on the crucial aspects of managing payoffs in the lending process. This quiz is designed to help you understand key terms and conditions around payoffs, ensuring you're equipped with the necessary information.
In this quiz, you will learn about:
- The duration for which a payoff is considered valid
- Essential details to match on the payoff
- Liabilities involved in payoffs
Generally, how long should you get a payoff good for?
10 days
15 days
30 days
1 day
What do we want to make sure matches encompass on the payoff?
Borrower Name
Loan Amount
Subject Property Address
Your Name
On the payoff, the borrower should be due for what month?
The loan started month
The closing month
If the payoff is expired and we are in conditional approval, do we need to get a new payoff?
Yes
No
Where do we find the liabilities that we are paying off?
EFolder
Credit Report
1003 page 2
For Conventional loans what liabilities do we generally payoff if they are checked as paid off?
Mortgage
New loan
Liability
Installments
If a payoff shows no next payment due date but says interest is calculated from Dec 1st to Dec 30th, what month is the borrower due for payment on their current mortgage?
December
November
January
Where do we check for contact info for the current lender to see how to request a payoff?
Mortgage Statament
Credit Report
Master Payoff List
HOI Master List
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