Payoff FAQ

The payoff process is the same whether you have reached the maturity of your loan, or made additional payments throughout the life of your loan.

Once we have received and posted the final payment that will satisfy your mortgage loan, your account will automatically close. We will review the loan history and reimburse you for any overpayments (also called overages paid) within 60 days from the date the account is closed.

Learn more about Payoff.

Congratulations on paying off your Home Equity Line of Credit. To finalize payoff of this loan, please mail us a written request to close the account, to:

Ditech Account Processing
PO Box 6172
Rapid City, SD 57709-6172

If a payoff payment arrives at a ditech payment center in error, we route it to the payoff center for processing.

Learn more about Payoff.

Congratulations on nearing this milestone! We want this process to be as simple as possible for you.

There are specific ways to make your final payment to pay off your mortgage. To ensure a smooth payoff process, please choose a payoff payment option below.

  1. Pay with a money order, cashier’s check, bank wire, or other certified instrument unless a title company is remitting funds for you. This is very important. It enables us to verify and record your last payment and include it with all the other documents that validate the fulfillment of your mortgage loan. We cannot accept other types of payment, so if you are using AutoPay, bill pay service through your bank, or have pending payments, please call Customer Service at 1-800-643-0202 so we can help you prepare to make your final, authenticated payoff payment.
  2. Send your payoff payment to ditech. Use one of these 3 delivery options for payoff.
    1. MAIL your payoff money order, cashier’s check or other certified payment to this address, if you choose regular U.S. Post Office service or USPS Overnight Mail.
      DITECH
      DEPT CH 9052
      PALATINE IL, 60055-9052
    2. OVERNIGHT your payoff money order, cashier’s check or other certified payment to this address, if you choose FedEx, UPS, or another overnight service (other than USPS).
      DITECH
      ATTENTION: 9052 – PAYOFFS
      5505 N. CUMBERLAND AVE. #307
      CHICAGO, IL 60656
    3. WIRE or TRANSFER your payoff payment to the following account, using the following information*:
      ABA/ROUTING: 026009593
      ACCOUNT: 1257813511
      ACCOUNT NAME: Ditech Servicing LLC
      BANK NAME: Bank of America
      MEMO SECTION: The memo section (also referred to as Advice, Instructions to Beneficiary, or OBI) of the payoff wire must include the account name and ditech account number.*Please note: if this information is not included or incomplete, we cannot process the payoff. If the process is interrupted at this point, a new payoff quote is required and may result in a higher final payment amount.

Learn more about paying off your mortgage on our Payoff page.

After your account is closed, ditech begins another process—the mortgage satisfaction and release process. This process includes, but is not limited to, returning to you the documents held as security on the account. Until this release, a document custodian holds these loan documents. A document custodian is an independent third party that holds financial documents in a secure facility outside ditech.

Once the custodian returns loan documents to you and ditech, we publicly confirm the closing of the mortgage. Ditech creates and signs a Satisfaction of Mortgage document specifically for your account. We record the Satisfaction of Mortgage document with the County Clerk where the property is located.  The County Clerk then returns the recorded Satisfaction of Mortgage to ditech.  If you are interested in a copy of the Satisfaction of Mortgage document when it becomes available, you can request one from the County Clerk or from ditech.

Factors outside our control, such as delays at the County Clerk’s office, may result in a longer payoff process.

Want to know more about paying off your mortgage? Visit our Payoff page.

The payoff amount is updated regularly and available via your secure online account. Look for Payoff Amount in the MyAccount section. You can also obtain the amount by contacting Customer Service at 1-800-643-0202.

Login to MyAccount

Interested in learning more about paying off your loan? Go to our Payoff page for more information.

Your principal balance and payoff balance disclose different information.

Principal balance is the outstanding balance of debt on a loan, which does not include interest or other charges. The payoff balance is the principal balance plus interest due, outstanding fees and possibly a pre-payment penalty (if applicable).

Ready to learn more about paying off your loan? Visit the Payoff page.

Your loan may have multiple collateral documents. Ditech mails mortgage release documents directly to the county for recording. We mail these payoff documents within the time period required by applicable law, which is typically no more than 30 to 60 days from the date the payoff is posted to the account. Unless instructed otherwise, title documents will be released and sent to the mailing address on the account.

Learn more about paying off your loan on the Payoff page.

Refunds are generally released 20 days after the loan is paid in full unless an earlier date is required by applicable law.

Find out more about paying off your loan on the Payoff page.

Some accounts include a pre-payment penalty clause. Please review your loan documents to determine if your loan will be assessed a pre-payment penalty for early payoff.

Want to know more about the mortgage payoff process? Visit our Payoff page.