The Payoff tab allows users to enter all debts being paid off from closing. These debts can be first and/or second mortgages or other borrower debts.
The Count field will automatically display a count for each payoff line (1-25.)
The Payoff Party field allows users to enter the name of the Payoff Party for the debt that is being paid off.
The Amount field allows users to enter the total amount being paid off for the Payoff Party specified.
The Total Payoffs field will calculate the total of all amounts being paid off at closing.
If any debts are marked to be Paid at Closing from Loan Proceeds on the Forms & Docs > 1003 > Liabilities tab, each debt will automatically populate the Payoff Party and Amount fields. The Payoff Party for any debts automatically populated will be not be editable and the Payoff Party field for the debt will be disabled. The Amount field for debts automatically populating will be enabled and allow for users to make edits to the dollar amount.
For debts automatically populating from the Forms & Docs > 1003 > Liabilities tab: If any of the dollar amounts in the Amount fields are edited, the edited dollar amount will automatically update the dollar amount on the Forms & Docs > 1003 > Liabilities tab to coincide between the two screens.