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Payoffs

A borrower can pay their loan in full at anytime without paying a prepayment penalty. Payoff quotes can be faxed or mailed to the appropriate party. WCDA does not give verbal payoff figures over the telephone. For a party other than the borrower to receive payoff figures, a written authorization must be received by our office. You will be charged $5 for each payoff faxed.

A loan payoff request, accompanied by written customer authorization, can be faxed to 307-265-5102 or emailed to .(JavaScript must be enabled to view this email address).

On loans that are closed as a FHA/Fannie Mae, (Federal Housing Administration) loan the payoff will calculate through the 1st of the following month. [Example: Closing date (payoff date) is the 5th of the month, interest would be charged through the 31st of the month.]

For standard FHA, Rural Development, VA, second mortgages and all other loans, the payoff will have interest calculated through the date the payoff check is received in our office. Post mark date is not accepted.

If the loan has an ACH (automatic debit) drafted from a bank account, a written cancellation must be received by the 25th of the month before the next draft date. If the notice has not been received by that date, the draft will debit the bank account. However, these funds will be returned to you within two weeks from the loan paying in full once drafts have cleared the bank accounts. Your bank may charge you a stop payment fee.

Escrow funds are refunded directly to the borrowers within 30 days of their loan paying in full.

A $12.00 recording fee will be added to all payoff statements to record the release of lien. Once the loan is paid in full, WCDA will send the Release of Mortgage to the appropriate County Clerk’s office for recording. At the request of the borrower, a recorded copy of the Release can be mailed to them for their records.

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