T/R Payoff Information

The T/R Payoff Information

The purpose of this process is to give you and the closing company information for closing purposes on the status of any amounts owing on a specific unit, and other information such as mortgagee information and insurance information.

Request for Payoff Information

Many requests for information on Real Estate closings are received by telephone and can be responded to. There are no restrictions on who can request closing information.

Review Account Balance Information

Before printing the final Payoff Data form, you should call up the unit information in TR. Verify the unit number and owners name from the information on the Worksheet. This is to insure you are reporting on the correct unit.

Also go to the T/R option, Post Charges and Credits to review whether there are any unapplied funds in ADVANCE or any CREDIT MEMOS. These items must be applied or amounts reflected on the final form will not be correct.

Print Customer Data Sheet

Go to the T/R option# 6.5 to input information for the Customer Payoff Data and input information as prompted.

The output looks like:

                      C U S T O M E R   P A Y O F F   D A T A

 Homeowner's Assn:  DEMO VILLAGE CONDOMINIUMS (16 Units)         Date: 15 Jan 2009

 Seller's Name:  ROBERT J. JOHNSON                        Unit Number: 2
 Unit Address:   7114 JOHNATHAN LANE                       % Interest: 6.555000
                 ENCINITAS, CA 92024
                                                  Purchaser's Name(s)...........
                                                  John Smith
 To:    Transamerica Title Co.                    Susan Frankfurter
                                                  Loan Originator(s)............


   ASSOCIATION DUES:       334.00          DELINQUENT CHARGES:       5.00
   LEGAL CHARGES:           31.25          INSURANCE PREMIUM:      163.48
   PARKING:                175.00          OTHER AMOUNTS DUE:      102.50
                                               AMOUNT# 1 DUE:      811.23

   TRANSFER FEE:            85.00          DOCUMENT PREP FEE:       15.00
                                               AMOUNT# 2 DUE:      100.00
 Please collect all amounts indicated and issue (2) separate checks, payable as
 instructed above!  If you forward a different amount to the Association, please
 explain this difference.  The Document Preparation Fee's payable by the SELLER.
 Please contact our office for an update to this letter if time has passed since
 the above date (15 Jan 2009).

 We cannot invoice the NEW CUSTOMER or change any information in our files until
 we RECEIVE a copy of the WARRANTY DEED !  The above amounts due AREN'T ABSOLUTE
 since there may be some transactions not yet received by our office.

 Monthly Association Fees: 167.00

 There is NO DUES DEPOSIT transferable between BUYER & SELLER !
 The TRANSFER FEE should be paid by the Seller.
 A LATE FEE of $ 5.00 is Assessed amounts over 25 days past due !

 INSURANCE:  (Premium IS NOT included in Assn. Fees !)
   For a Cert of Ins please contact: STATE FARM FIRE INSURANCE
   Annual Premium(s) = $2,515.00, $267.00
   Expiration Date(s): 16 Apr 2009, 26 Aug 2009

 Please send the two (2) checks along with a copy of the WARRANTY DEED, Buyer's
 Mailing Address, and the Name of the Beneficiary to:
                          P.O. BOX 99114
                          SAN DIEGO, CA 92109

 SPECIAL INSTRUCTIONS:  Please return this letter with the moveout package.
                        Please deliver the package to 1234 Fifth Ave, #215

Fax or Email information to requester; place copy in the binder.

The printing of this form places a flag on the system to alert the T/R module a sale is in progress. No payments should be posted to the account after data has been forwarded unless it is communicated to the closing agent.

Closing Packages

The result of our information should be a closing package forwarded from the closing agent, which includes a copy of the deed, Mgmt Co's transfer fee and any amounts owing on the account. If any discrepancies occur, contact closing agent immediately and return package for correction.

Follow up on Closings

Generally, you should expect a closing package within several days of forwarding payoff information; however, for various reasons no response may be received.

Because the system creates a flag on the account "THIS UNIT IS IN PROCESS OF SALE, DO YOU WANT TO PROCEED?" we need to delete these flags if the closing was cancelled or delayed.

On a monthly basis, review Payoff Data forms over 30 days old. If you have processed a Transfer of Ownership, the form should have been filed with the Move-in documentation and should be done now. If advised the sale was cancelled, pull the Payoff Data form and go to T/R menu option (1.1) Maintain Customer Information and delete the Notice Date (page 2).

If advised the sale was completed, and you have no record of receiving funds requested, ask the closing agent to research where the checks went, etc. They have been known to send to the wrong management company or not send at all.

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