Standard Conveyancer™ automatically calculates payoff totals based on the data from your payoff statements without you having to do manual date or dollar calculations. The system handles unlimited payoffs and automatically creates and totals a payoff addendum if there are more than two payoffs in a closing.

On the “Payoff Information” screen, add payoff items individually, clicking New to add each new one after the first. Select the payoff type in the pull-down box in the upper-left corner.

To switch between views of payoffs you have entered, click List and select the payoff from the browse list that you wish to review. To delete a payoff, press Ctrl-T on the entry in the browse list (you may also need to manually delete it from the HUD-1 screen).

For mortgage payoffs, Standard Conveyancer™ will automatically figure out the difference between the As of Date and the Disbursement Date (from the “Requests and Scheduling” screen), and then add the number of days it has calculated is necessary for mailing (based on the number of business days entered for “Add Days,” and compensating for weekends and holidays). If the Disbursement Date is changed on the “Requests and Scheduling” screen, SC will automatically update the payoff totals for the HUD-1 and the letters. For the calculations, fill in:

• OK Thru: The date your payoff figures are usable through (usually the end of the month on a mortgage). This date is not used in the calculations, but prompts the system to warn you if your figures expire.
• As of Date: The date of the figures that you entered in the left-hand column. Often called the "Good Through” date.
• Add Days: The number of business days you are adding for shipping the funds. SC will automatically compensate for weekends and holidays, and add a total number of days in the “Total Days” field.
• Per Diem: The per diem amount obtained from the creditor.

Adding a payoff with no financial information will give you the payoff request letter, PayoReqB/S (or POReqMAB/S for Massacbusetts), in the New File print batch. Adding payoff financial information will give you a payoff letter, PayoffB or S (or POLtrMAB/S for Massachusetts) in the Closing print batch and will be added to the HUD-1. (Each of these letters appears only once in your print batch regardless of how many payoffs you have – each will print as many copies of the letter as you have payoffs.)

If you have more than two payoffs, print the Payoff Addendum (PayoffAB/S) in addition to the payoff letters. Standard Conveyancer™ will add the total of the addendum onto the second payoff line (105 or 505) of the HUD-1.

For mortgage payoffs, filling in the Original Amount, Date Recorded, Original Date, and Recording Information fields will add this information to the payoff letter to provide this information to the creditor. This information, if filled in when you first get your title exam, will also generate the Requirements text for Schedule B1 of your commitment.