Prepay & Payoff Requests

As written in Promissory Note: ‘Borrower may prepay 20% or less of the unpaid principal balance at any time without notice. If Borrower prepays more than 20% and the Loan has been sold on the secondary market, Borrower must:

  • Give Lender written notice;
  • Pay all accrued interest; and
  • If the prepayment is received less than 21 days from the date Lender receives the notice, pay an amount equal to 21 days’ interest from the date lender receives the notice, less any interest accrued during the 21 days and paid under subparagraph b., above.

If Borrower does not prepay within 30 days from the date Lender receives the notice, Borrower must give Lender a new notice.’

Payoff requests should be sent via USPS or emailed to your Relationship Manager and must include:

  • Loan name
  • WSFS Bank loan number
  • The reason for payoff
  • The date you would like the payoff effective through