Thinking 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 quote include:
- Principal Balance
- Paid Ahead Interest
- Hazard/Flood insurance
- Corporate Advances
- Late Fees
- Returned Check Fees
- Other fees or credits
- Deferred Interest
- Unapplied Funds, and
- Payments Held in Suspense
 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
- 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.
- Send your payoff payment to ditech. Use one of these 3 delivery options for payoff.
- 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
- 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
- WIRE or TRANSFER your payoff payment to the following account, using the following information*: Bank Name: Citibank, N.A. 111 Wall Street New York, NY 10043 ABA# 021000089 Account Name: Ditech Financial LLC Account # 31115214 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.