Mortgage - Pay-Off Statement/Quote vs Actual Pay-Off

BingBlangBlaow said:   Business as usual. Be careful though, I believe some servicers charge a fee for requesting a payoff.

So there is a potential fee for simply requesting a Pay-Off Statement?!!!!

Well this is definitely something I need to be careful about then.

However, when I looked at the statement I requested - the only "Other Fee" I saw listed was a Recording Fee (which I guess is normal). It didn't show any "Pay-Off Statement" fee or any other fees of any sort. So I guess I am in the clear?

uutxs said:   If you are not planning to do an actual payoff or refi, you can calculate the payoff amount yourself by simply adding to the principal balance from last statement a prorated interest for the days since last statement. Should be easy to do this and will give you a figure close enough for all practical purposes (assuming no pre-payment penalty or other special situations).

Yeah - I know about that. I just wanted to get something straight from the mortgage lender (aka the Horse's Mouth.) But this now really does disturb me about this potential fee that could get tacked on just for inquiring about this.

Since my payoff statement as of right now doesn't show this - it means then that I didn't get charged a fee for doing this right? How can I be sure? Will this fee show up in my upcoming monthly mortgage statement or is it hidden somewhere I can't conveniently see?

When it came to paying off my house recently, Chase actually had an automated system to tell me my payoff amount (no fee). If I would have been subject to a fee I'd have just overpaid by a couple-hundred as I'd have to deal with depositing a check anyway for the escrow balance they carried. There was a different address I had to mail my payoff to, but I suspect it'd have worked if I just mailed it to the regular address too.

Thank you all for the responses - I guess any potential fees that will occur - I will eventually see it in a future monthly statement - so if this fee does come (if at all) - I'll find it out sooner or later...

It seems these days you can't be too careful with banks trying to nickel-and-dime all its customers... In the end - it's hard not to be cynical about all of this - but c'est la vie...

nullterm said:   What bank is it? This would be a really simple question to answer if you told us that rather than all this very unlikely speculation and worrying...

Sorry - should have stated that earlier - it's with Wells Fargo.

proxy101 said:   nullterm said:   What bank is it? This would be a really simple question to answer if you told us that rather than all this very unlikely speculation and worrying...

Sorry - should have stated that earlier - it's with Wells Fargo.

There shouldn't be a fee for just requesting a pay off statement from Wells Fargo online. I did this a couple times as I was thinking of refi.

SUCKISSTAPLES said:   It depends , loans get sold and servicing transferee all the time. Some wf customers will get hit with a payoff statement fee while others won't

sometimes the fee doesn't appear on your monthly statement but they add these fees in a separate account and ask you to pay later

Sorry - I'm getting confused...

What "separate account" are you talking about? And why wouldn't it show up in a future monthly statement? Aren't all misc. fees (including stuff like prepayment penalties) suppose to eventually show up in a monthly mortgage statement? Also - doesn't the mortgage Pay-Off Statement itself signify ALL the items due (so ALL the items should have been settled and listed right on the statement itself - including the Pay-Off Statement Fee item?)

I hope what you are saying isn't true - cause Banks shouldn't be hiding stuff like this from its customers...