M
ULTIFAMILY MORTGAGE PAYOFF / SATISFACTION / RELEASE REQUEST FORM
Complete 1 Form for each Mortgage / Agreement
Request Type: Servicing Fee: Estimated
Processing Time*
Payoff Letter: A payoff letter outlines your financial
obligation to satisfy the mortgage.
$400 Up to 20 Business
Days**
Mortgage Satisfaction: A satisfaction of mortgage is
a recordable document indicating that a loan has
been
pai
d in full and that the mortgage lien securing suc
h
loan has been extinguished.
$400 (if unpaid
previously for
Payoff Letter)
20 Business Days
Release of Agreement: A release of agreement is a
r
ecordable document reflecting the expiration of the
said restriction period.
$400 (unless
agreement states
there is np fee)
20 Business Days
*Processing Time may be longer during peak closing season months (Nov-Dec, May-Jul). Borrowers are encouraged to send
requests in earlier in order to account for potential delays
** Note: If loan is serviced by HDC, processing time is up to 2 weeks from when HPD notifies HDC of the payoff request
N
ote that payment in full of your financial obligation does not mean that you have fulfilled all your
obligations under the HPD Mortgage. A Mortgage Satisfaction will only be issued on the condition
that all other requirements under the mortgage have been met.
All documentation should be sent electronically to [email protected]
R
equired Items
Completed Mortgage Payoff/ Satisfaction Request Form
$400 non-refundable servicing fee (wiring instruction will be forwarded to you after your request has
been submitted)
HPD Mortgage and Note (including Enforcement Mortgage Note if applicable)
To reduce processing time, include additional items below (where relevant)
HPD Regulatory Agreement
HPD HOME Agreement
Any Additional HPD Documents (i.e. Funding and Disbursement Agreement, Commitment Letter,
etc.)
Our Next Steps
• Requests will not be processed until all required items are received.
• Processing time begins upon submission of complete application along with required
documentation. Timing may vary depending on the responsiveness of borrower to HPD if contac
ted
for additional information.
• To inquire about the status of the request, send an email to [email protected]
M
ULTIFAMILY MORTGAGE PAYOFF / SATISFACTION / RELEASE REQUEST FORM
Complete 1 Form for each Mortgage / Agreement
MORTGAGE INFORMATION
HPD Program:
Loan Number:
Original Loan Amount:
Loan Servicer:
HPD (Dept. of Housing Pres. & Dev.) CPC (Community Pres. Corp.)
HDC (NYC Housing Dev. Corp.)
Other ___________________
Unknown
Construction Status:
Under Construction
Construction Completed
REASON FOR REQUEST
Refinance
Property Sale
All Obligations Fulfilled Under Fully Amortizing Loan/Forgivable Mortgage
Expiration of Regulatory Agreement / HOME Written Agreement
Other _________________________________________________
If your request is for mortgage balance ONLY, please complete the Mortgage Confirmation Request Form.
PROPERTY INFORMATION
Project/Development Name:
Street Address:
Borough/Block/Lot:
Please list all addresses associated with the mortgage. If additional space is needed, please attach table in similar form to request.
BORROWER / LEGAL OWNER INFORMATION
Name(s):
EIN:
Street Address:
City, State, Zip:
Phone:
Email:
CONTACT INFORMATION (If Different from Above)
Name(s):
Company:
Relationship to Borrower:
Street Address:
City, State, Zip:
Phone:
Email:
