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What does the term PIF Auto Disb mean on a check from the former mortgage company after a refinance?
...asked on June 27th, 2012 @ 7:07 pm in Refinancing
“PIF” is industry standard for “Paid in Full”. “Auto Disb” makes me think “Automatic Disbursement”.
If I had to guess, this is an overpayment to the former mortgage company to pay off your loan with them using the refinance funds. When you refinance, the current lender provides payoff information but this is approximate because interest accrues daily and they don’t know when the title company will get the closing funds to them.
They and the title company may have overestimated your payoff amount a little too high, and this is what they owe you back. Or, it could be some overage in your tax and insurance escrows that they are refunding to you.
...answered by OldJimmy on June 27, 2012 @ 7:41 pm