---
title: Lender Payoff
---

![product image](https://verityglobalsolutions.com/hs-fs/hubfs/raw_assets/public/@marketplace/maka_Agency/POWER%20THEME/images/bgs/pwr-img_bg_mockup-product.jpg?width=300&name=pwr-img_bg_mockup-product.jpg)

# Lender Payoff

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PROJECT

Lender Payoff

Domain

Title & Settlement Services

CLIENT

Americas

Process Improvement

Reduction in timeline to obtain lender payoff, resulting in reduction in closing timeline

## Action Plan

- Calibration done by Verity with the lender to determine all the prerequisites needed before ordering a lender payoff. Example: Need the loan statement or the complete loan number and  lender name and borrowers last four digits of the SSN, to effectively order the payoff via phone.
- Verity has developed a repository of lender contact information starting with 30% of the most common / leading payoff lenders in the U.S.

- Verity continues to add more lender information to capture details for all possible payoff lenders.
- Verity re-created the standard operating procedure. The preferred method to order the payoff should always be through call/IVR.

## Outcome / Achievement

- Continuous monitoring was done to measure the effectiveness of ordering the payoff through call/IVR.
- Weekly and monthly data were compared with the current statistics post implementation of the process.

- The reduction in turn time was improved by two business days by the end of the month.

```json
{
  "@context" : "https://schema.org",
  "@type" : "Organization",
  "address" : {
    "@type" : "PostalAddress",
    "addressCountry" : "",
    "addressLocality" : "San Antonio",
    "addressRegion" : "TX",
    "postalCode" : "78249",
    "streetAddress" : "15926 University Oak"
  },
  "knowsLanguage" : "en",
  "logo" : {
    "@type" : "ImageObject",
    "url" : "https://cdn2.hubspot.net/hubfs/4900107/Verity-logo-1.jpg"
  },
  "name" : "Verity Global Solutions",
  "url" : "https://verityglobalsolutions.com/lender-payoff"
}
```