Comment for 1026.36 - Prohibited Acts or Practices and Certain Requirements for Credit Secured by a Dwelling
Accuracy of payoff statements. Payoff statements must be accurate when issued.
- 1026 (Regulation Z)
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Accuracy of payoff statements. Payoff statements must be accurate when issued.
(9) Payoff statements —
Prior to charging a processing fee for provision of a payoff statement by fax or courier, as permitted
(v) Timing of delivery of payoff statements.
by a first lien on the property that will be paid off as part of the real estate closing, labeled “Payoff
by a second lien on the property that will be paid off as part of the real estate closing, labeled “Payoff
A creditor or servicer that has provided a payoff statement, as described in paragraph (a)(9)(i) of this
(3) Payoff statements.
A creditor or servicer may charge a processing fee to cover the cost of providing a payoff statement,
Examples include a loan payoff statement, a reconveyance document, or another document releasing the
Examples include a loan payoff statement, a reconveyance document, or another document releasing the
Examples include a loan payoff statement, a reconveyance document, or another document releasing the
Examples include a payoff statement, a reconveyance document, or another document releasing the creditor's
The creditor, assignee or servicer may specify reasonable requirements for making payoff requests, such
a loan by transmitting funds in excess of the total balance owed on the account, or from the early payoff
value of the trade-in amount, the creditor may disclose the consumer's trade-in value, the creditor's payoff
Examples of such information include a breakdown of payoff figures, a breakdown of the consumer's total
than closing funds, as defined under § 1026.38(j)(4)(ii), in connection with the second mortgage payoff
In that case, the total sale price would include the sum of the $20,000 cash price, the $2,000 lien payoff
In that case, the total sale price would include the sum of the $20,000 cash price, the $2,000 lien payoff
or similar organization, or a creditor with which the consumer is refinancing and which requires the payoff
customary recitals and information used locally in real estate closings (for example, breakdown of payoff
, construction costs in connection with the transaction that the consumer will be obligated to pay, payoff
explanation may include related information, such as a statement that the amount disclosed is “not a payoff
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