May 14, 2009 6:51 PM Subscribe
Why is the disbursement amount to my original mortgage lender more than what they say the payoff amount is?
posted by Zoyashka to Work & Money (5 answers total) 1 user marked this as a favorite
It's my first time refinancing and I noticed something while looking at all the paperwork.
On my settlement statement for the refinance it has the disbursement to others at an amount that is approx $1,200 higher than the amount that I see when looking at the Early Payoff Calculation from my original mortgage lender.
I am not looking at the balance on my statement, I am looking at the actual payoff calculation my original lender provides on their website.
The Question: Is this normal? I assume that my original lender will refund the money to me? Is there an average time frame for getting that check?
If it matters, my loan was/is being serviced by Countrywide which is now BofA. I've tried The Googles, but can't seem to frame my query correctly to find out...
Anything else I need to know about how everything gets transferred around?