A borrower requests a payoff figure on 3 September for a sale closing on 30 September. What date information should the payoff figure include to account for continuing interest accrual?
Correct Answer
D) Give a figure good through a stated date, and update it if closing moves
A payoff statement carries a good-through date because interest keeps accruing, and a closing after that date needs a fresh figure. Other choices: the balance on the request date leaves the old loan short at closing; declining is not an option, since the borrower is entitled to the figure; and there is no 90-day validity. Source: Cal. Civ. Code § 2943
Why This Is the Correct Answer
A payoff statement carries a good-through date because interest keeps accruing, and a closing after that date needs a fresh figure. Other choices: the balance on the request date leaves the old loan short at closing; declining is not an option, since the borrower is entitled to the figure; and there is no 90-day validity. Source: Cal. Civ. Code § 2943
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