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Q: What is a Payoff Quote?
A: Payoff Quote is a statement that itemizes the total amount required to repay the loan in full.
Click here to request a Payoff Quote
Q: What is the amount needed to pay off my loan?
A: The balance on your statement is NOT the amount needed to payoff your loan.
If you are planning on paying off your loan, you need to order a payoff
quote a minimum of 5 business days before your anticipated payoff date.
Please be aware that our representatives can not give you a verbal payoff quote.
Q: What is Interest in Arrears?
A: A simplified way to define Interest in Arrears is that the current month's
payment pays the prior month's interest. Interest in Arrears defines the
manner in which most mortgage loans are amortized (paid) to maturity.
Example: The October 1st payment will include interest from September
1st to September 30th.
Q: Do you accept personal checks towards payoff funds?
A: No, only certified funds will be accepted to payoff a loan. All payoff
funds must be in one of the following forms: Cashier's Check, Bank Certified Check,
Title Company Check, Bank Wire or Attorney's Escrow Check. All other forms of
payment will be returned and the payoff will not be processed.
Q: Where do I remit the payoff funds?
A: Please ensure that you have a valid payoff quote before you remit the payoff funds.
Please include your Ocwen loan number with the payment, and remit the payoff funds
to the below address:
BY OVERNIGHT COURIER
Ocwen Loan Servicing
Attention: Cashiering/Payoff Department
1661 Worthington Road STE 100
West Palm Beach, FL 33409
Q: What is a Prepayment Penalty?
A: Prepayment Penalty is an amount that is charged on some
loans if they are paid off early through refinancing and/or
sale or if payments of principal are made before they are due.
This penalty is charged in accordance to the terms reflected in the Note,
and any Riders or Addendums.
Q: What is Release of Lien Fee?
A: This fee may be charged to cover the expense of recording the release / satisfaction
of the lien as determined by the applicable county / town.
Q: How long will it take the lien to be released from my property after
I have paid off my loan?
A: Ocwen complies with state requirements for lien release/satisfaction.
However, the actual recording of the lien release/satisfaction is performed
by the county, in which the secured property resides. Upon receipt of the
lien release/satisfaction document, most counties record the document and
return it to Ocwen within 45 to 60 days. However, some counties can take
from 6 to 9 months.
Q: Will I receive a refund, if I overpaid my loan in paying
it off?
A: Yes. Refunds are mailed within 30 days after application of payoff
funds. However, keep in mind that your principal balance alone does
not represent the total amount necessary to pay your loan in full.
Typically a payoff consists of principal, current interest, any
outstanding fees and potentially may include a prepayment penalty.
Therefore, the total to pay off your loan could be considerably
higher than your current principal balance.
Q: If I plan to payoff my loan, must I send a regular payment?
A: Yes. If the payoff of your loan will occur after your regular
payment due date, you must send a payment to avoid collection calls,
late charge, and a possible negative report to the credit bureaus.
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