Overview

An automatic payoff demand condition has been implemented for all refinancing loans to ensure proper documentation of existing mortgage payoffs.

When This Condition Applies

• All refinance loans automatically receive a payoff demand condition
• This condition requires obtaining payoff statements from existing lenders

Free and Clear Properties

For properties that are free and clear (no existing mortgage):

• Underwriters can waive the payoff demand condition
• This provides flexibility when no existing mortgage needs to be paid off

Implementation Status

This automatic condition feature has been successfully implemented in the system.