It is important that while servicing your client’s loans with PNC Bank that you understand their Pay Off Statement Request Guidelines. Often when ordering a pay off it is no more than a request by phone but every so often you come across a lender that asks for you to request it in writing. This is generally due to the fact that there are fees associated with the ordering of a pay off. Well, naturally the fees are generally charge to the account as the pay off is for that account. With PNC Bank this is not exactly what they consider to be their standard practice.
In fact for Authorized Third Parties to order a pay off they are required to call a 900 Number. Yes, generally once only reserved for phone sex lines and having your future told, PNC Bank (or also known as Consumer Services) has brought back the 900 Number in order to charge 3rd parties $20 for making a phone call to request one. They do state that it is supposed to be to you within 30 minutes but we here as MLReport still feel that is a steep price to charge someone who’s not the loan holder for a requesting a pay off on their behalf.
In case you are in hurry. Here’s the number to reach them:
**NOTE: THIS IS A 900 number and costs $20 to use.
Essentially there are ways around this but they figure that it’s more effort than its worth.