Personal Finance (Not Investing) • Refinance - Payoff amount on CD does not match Payoff Quote

Hi All,
I recently refinanced my loan which closed on 10/15 as scheduled. When reading the final CD, i noticed that my payoff amount seemed too high (even accounting for any daily interest through 10/15). I asked the loan officer for a copy of the payoff letter from the previous lender which showed a payoff date of 10/15 but the payoff letter was about $1,000 lower than what was listed on my CD. I asked the loan officer about this and he stated that the previous lender padded the payoff amount and that i would be refunded the difference by the previous lender after closing. I asked if the discrepancy in the payoff was documented anywhere (ie. how would the refinancing lender know they need to pad the payoff quote w/out any documentation), and he didn't give me a clear answer. We were at final closing so i went ahead and proceeded with closing. I plan on calling the previous lender soon, but wanted to check to see if any of you have ever had the payoff amount padded above what's listed on the payoff quote/letter.

Thanks.

Statistics: Posted by seatownflyer — Wed Oct 23, 2024 1:20 am — Replies 0 — Views 25

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