Paying off your mortgage loanThinking about paying off your loan?

Paying off your mortgage loan is a big milestone. If you’re getting close to loan payoff, congratulations!

First, thank you for being a ditech customer. We were honored to serve you and hope your experience was positive.

Secondly, don’t forget that ditech is also a mortgage loan and refinancing lender. We would be proud to continue our relationship with you in the refinancing of your current property or the purchase of your new home.

Have a question? Call 1-800-700-9212

Starting the loan payoff process

The payoff process isn’t complicated, but there are a number of steps to complete. Questions are common. The following information should make your payoff preparation easier.

Requesting a payoff quote

The first step in completing your payoff process is to request a payoff quote. This is a document that ditech prepares and sends to you or the authorized party.  This may be sent via phone, fax or through MyAccount. Please read the payoff quote carefully because it contains important information and instructions.

What’s in a payoff quote?

The payoff quote provides you with the total payoff amount owed, based on a specific date. It also includes an itemization of any related charges.

Amounts you might see on a payoff[1]  quote include:

  • Principal Balance
  • Interest
  • Paid Ahead Interest
  • Hazard/Flood insurance
  • Corporate Advances
  • Late Fees
  • Returned Check Fees
  • Other fees or credits
  • Deferred Interest
  • Escrow
  • Unapplied Funds, and
  • Payments Held in Suspense

[1] Accounts in a legal or foreclosure status must contact Customer Service for a payoff quote, as all fees may not be listed.

What’s the loan payoff quote expiration date?

One thing you may notice is a line that reads, “This amount is good through . . .,” followed by a date. This is the expiration date of the payoff quote. If you haven’t paid off your account by the expiration date, you may need to request a new payoff for updated information.

Please note that until you pay off your account—and it closes—payments are still required and interest will continue to accrue.  Any transactions occurring on or after the quote or expiration date may change the payoff amount.

Important instructions in the payoff quote

You’ll also find these important instructions on the payoff quote:

  • How to remit payoff funds through money order, cashier’s check, or other certified method (unless a title or escrow company is responsible for delivering your payoff).
  • Where to send your payoff by mail or USPS Priority Mail/Priority Mail Overnight.
  • Where to send your payoff by FedEx or alternate overnight service.
  • Details for setting up a loan payoff through your bank wire service.
  • How to ensure your AutoPay (automatic payments) plan is deactivated prior to payoff
  • How to close any home equity line of credit or HELOC on the account.
  • What happens if you send a payoff that is not sufficient to cover the required amount.

LOAN PAYOFF FAQS

 

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.
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.
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.
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.
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.
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.
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