What is the difference between my current
principal balance and the total payoff amount due?
Your current principal balance is the total
amount remaining on a loan, excluding accrued interest and unpaid fees and
costs. Your total payoff balance amount owed to Bayview Loan Servicing, LLC
includes principal, interest, fees, late charges, etc. This amount will
change based on your date of payoff.
Will I receive a refund if I overpaid my
loan in paying it off?
Yes. Refunds are mailed within 21 days after
application of funds. Please keep in mind that your principal balance alone
does not represent the total amount necessary to pay your loan off. A payoff
consists of principal, current interest, any outstanding fees and may include
a prepayment fee.
What is Interest in Arrears?
A simplified way to define Interest in
Arrears is that the current month's payment pays the prior month's interest.
Interest in Arrears defines the manner in which most mortgage loans are
amortized (paid) to maturity.
If I plan to pay off my loan, must I send
in a regular payment?
Yes. If the pay off of your loan will occur
after your regular payment due date, you must send your payment to avoid
collections calls, late charge, and possible negative reporting to the credit
What is a Statement Fee?
A Statement Fee is charged for a written
payoff demand service. These charges may vary by loan type and where
permissible by law.
What is a Recording Fee?
A Recording Fee is a fee charged by the
County Recorder's office to record the release or reconveyance document.
What does Bayview Loan Servicing, LLC
consider acceptable forms of pay off funds?
Title Company Checks
Escrow Company Checks
Attorney Certified Escrow Checks
Where do I wire funds to pay off a loan?
JP Morgan Chase
One Chase Manhattan Plaza
New York, NY 10005
Loan Number #
Wired funds received in this office after 12:00 noon Eastern Time
will be processed the next business day, with interest charged to that date.
Important: All wires must include MORTGAGOR NAME, PROPERTY
ADDRESS, AND BAYVIEW LOAN NUMBER to ensure proper and timely credit. Funds
remitted without this information may experience a delay in processing or may
be returned to the sender.
Where do I mail my Payoff funds?
Bayview Loan Servicing, LLC
ATTN: Payoff Department 5th Floor
4425 Ponce de Leon Boulevard
Coral Gables, FL 33146