A final IRS tax form 1098 statement will be sent by mail or email, according to your preference, no later than January 31 of the next year. You'll be able to access an electronic version up to two years after paying your loan in full. To do this, visit My documents from your U.S. Bank mobile or online account.
Your responsibilities after payoff
Receive confirmation.
You’ll receive a confirmation email from us, which will include information about next steps you still need to take.
Estimated time: usually within a week after you send the funds
Cancel autopay.
If you’re enrolled in U.S. Bank autopay for your home mortgage, we’ve already canceled that service on your behalf.
If you were sending funds to U.S. Bank from another financial institution using an automated method to pay your mortgage, you’ll need to contact that financial institution to cancel those payments.
Confirm address.
Because we’ll be sending important final documents through the mail, make sure your most recent address is on file with us.
Log in to the U.S. Bank Mobile App or usbank.com to confirm or update your address.
You’ll need to pay property taxes from now on.
As soon as you send payoff funds, we’ll close your escrow account and stop paying taxes and insurance. Please contact the appropriate taxing authority in your area to begin making payments yourself. If you need help getting started, your town clerk's office or city hall should be able to help you identify next steps.
When to do this: when you send payoff funds
Contact your insurance provider.
Once your escrow account is closed, you’ll need to pay your homeowner’s insurance premiums yourself. If you want to continue with your current insurance, contact your provider and tell them you’ve paid off your mortgage.
When to do this: when you send payoff funds
You must obtain the property deed through your county.
U.S. Bank isn’t authorized to provide property deed copies. If you need a copy of your property deed, we advise you to contact the county your mortgage is recorded in or check their website for instructions on how to request one.
When to do this: when you receive payoff documents from U.S. Bank
U.S. Bank responsibilities after payoff
Recording with the county.
Once your mortgage is paid off, we’ll prepare a lien release, also called the “reconveyance” or “satisfaction of mortgage” document. Once that’s ready, all necessary documents will be sent to the applicable county for recording. The processing time for this varies by county.
Sending your payoff documents.
Once the county has recorded the release/reconveyance, those documents will be returned to U.S. Bank. When this process is complete, we’ll mail a copy of the documents with a letter to you.
Sending your overage refund check.
If your loan was escrowed, we’ll conduct a final escrow analysis, and any remaining escrow balance and excess payoff funds will be returned to the address we have on file.
Frequently asked questions
U.S. Bank will report your payoff to all three major credit reporting agencies. Your payoff should be reflected on your credit report within 60 days. If you still have additional questions after that time, call us at 800-365-7772, Monday through Friday 7 a.m. to 8 p.m. CT or Saturday 8 a.m. to 2 p.m. CT.
No worries! We’ll return the payment to you, so you won’t need to take any action.
Once you pay off your mortgage, we’ll keep that account active for two years after payoff. During that period, you’ll have access to your payment history and electronic versions of previous statements.
You can request a formal payoff confirmation reprint by calling 800-365-7772, Monday through Friday 7 a.m. to 8 p.m. CT or Saturday 8 a.m. to 2 p.m. CT.
Please give us 30 days for the check to be delivered to the current mailing address we have on file. If you still have additional questions after that time, call us at 800-365-7772, Monday through Friday 7 a.m. to 8 p.m. CT or Saturday 8 a.m. to 2 p.m. CT.
When you own a home, the property deed is the physical legal document that proves ownership. It can be requested through the county of record. The word “title” is used to describe the concept of legal ownership and possession of the property. You can think of the deed as the written document that transfers, or passes on, the title, or the right to ownership.
If you live in a townhome or condo community with a homeowners association (HOA), you'll need to let your property manager or HOA know when your mortgage has been paid off.
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