How quickly must a lender or servicer provide a payoff statement upon request by a borrower?

A lender or servicer is required to provide a payoff statement within three business days upon request by a borrower. This requirement ensures that borrowers have timely access to the information they need to understand their remaining balance and any applicable fees associated with paying off their loan.

Timeliness in providing this information is crucial, as it helps borrowers make informed decisions about their financial situation and facilitates the process of paying off their debt. By mandating that lenders respond within three business days, regulations aim to enhance consumer protection and promote transparency in the lending process.