Re-Fi Closing Statement Payoff Amounts

[peteml]

What is the name of your state? California

We received our closing statement for a refinance and the payoff amount to the bank was much higher than we believe it should be. The bank did not provide a breakdown of the payoff amount. Are they required to provide the details of the payoff amount?

Additional information: The payoff figure was disclosed in the Good Faith Estimate which we received one day before signing. As soon as it was received, I requested additional information from my mortgage broker and title officer. I was not given the details, but assured that it was okay and that it might change in the closing statement.

1. Are lenders required to provide details of the payoff amounts?
2. What are my recourse rights?

[efflandt]

Didn't your previous bank provide regular statements or a web site showing interest paid and remaining principal? Did your previous loan have a prepayment penalty?

There is interest charged from the last payment made until the actual payoff date, and for the new loan from then until 1st payment of new loan. But the 1.5 months between payments gave me an extra paycheck before having to make the next payment.