What is the turn-around time once I've requested a Payoff Statement?
Statements are usually mailed or faxed within 48 hours.
For what length of time is interest calculated?
Interest is calculated to the payoff statement expiration date.
What happens if I have a negative escrow balance at the time?
Any escrow funds advanced by SFN will be collected at the time of payoff.
Should I verify the payoff figures on the day of closing?
The amount due will change if payments are posted or withdrawn/reversed from your account or a disbursement from your escrow account occurs after the payoff statement is issued. If payoff funds are received after the expiration date of the payoff statement, the interest amount due will be different. You can call 610-325-5002 and choose option #3 to verify the payoff figures.
What happens when a monthly payment is returned to me after the loan is paid off?
The payoff statement may be based upon payments that have been received but have not yet cleared your bank. If a payment is returned unpaid after the loan is paid off, SFN will adjust the payoff. Interest continues to accrue on the loan until SFN receives all amounts due.
What are the acceptable forms of payment for paying off my loan?
A certified check, a cashier’s check or a money order are the only acceptable forms of payment for loan payoff. Personal checks are not acceptable.
Funds should be made payable to State Financial Network, Inc. and sent to:
Attn: Payoff Administration
State Financial Network, Inc.
1974 Sproul Road Suite 302
Broomall, PA 19008
What happens to funds in my escrow account when my loan is paid off?
Any funds in escrow are credited to the payoff.
What happens to my tax and insurance bills after my loan is paid off?
If you still own the property, and did not refinance your loan, contact your tax collector and insurance agent to have the bills sent to you.
