How to submit a Payoff Request:
Please go to the following link to submit a payoff request: Payoff Request Form
All payoff requests will be returned in the form of an e-mail or fax. Please allow 48 hours (2 business days) for payoff statements to be produced.
Method of Payoff:
All payoffs must be received via wire. Wiring instructions will be sent along with all payoff statements.
What happens to remaining escrow money?
A positive escrow balance is deducted from total payoff statement.
Will my loan still be active?
Once the payoff is quoted, the loan will be locked out from processing any future or pending transactions. If you intend to make a payment before the effective date of payoff, please note that in your payoff request.
The loan will still be open until the payoff is received and late fees may accrue if a payment is not made while the payoff is pending. Should a monthly payment come due before a payoff is set to take place, please contact Loan Servicing directly to have the payment processed and payoff quote revised.
What happens with my real estate tax payment after my loan is paid?
Once a loan is closed after payoff is received, the borrower is responsible for paying real estate taxes directly or through their new lender.
How will my loan be discharged?
For Residential Mortgage/HELOC Borrowers: The bank will prepare and faciliate the recording of your Mortgage Discharge at the applicable Registry of Deed upon the payoff of your loan. The $105.00 discharge fee (for MA residents) represents the fee charged by the State to faciliate this service. Upon recording, you will receve a letter in the mail from the bank confirming that the loan has been paid off and the mortgage discharge has been recorded. Please keep such documentation for your records.
For Commercial Mortgage Borrowers: The bank will prepare and facilitate the discharge of the Commercial Mortgage in the same manner referenced above. However, the Assignment of Rents will need to be recorded by the borrower and/or the requesting attorney. The bank will prepare, norarize and mail the Assignment of Rents upon payoff. It is imperative that this is recorded by the requesting party as soon as possible.
Contact Loan Servicing:
For further questions you may contact the loan servicing department:
781-783-1702 or [email protected]