Section 155.2 - Payoff Statement Form(a) Requests made pursuant to this chapter shall be in writing and submitted to the mortgage servicer by mail, email, or fax . If the mortgage servicer has designated a specific mailing address, email address, fax number, and/or a specific representative to receive requests made pursuant to this chapter, then requests shall be submitted in accordance with such designation. Requests for a payoff statement shall, at a minimum, include the following: (1) Name of the mortgagor;(2) Physical address of the underlying collateral of the loan, or a legal description of the property; and(3) Proposed closing date of the loan.(b) Upon receipt of a valid request made under subsection (a) of this section, a mortgage servicer shall provide, in writing, by mail or email , the payoff statement information for the home loan specified in the request which must be provided on the prescribed payoff statement form, Figure 7 TAC §155.2(c)(6), or in a substantially similar format which contains all elements not indicated as optional on the prescribed payoff statement form. The statement must include the following information: (1) The proposed closing date for the sale or other transaction, as provided in the request made pursuant to this chapter;(2) The payoff amount that is valid through the proposed closing date; and(3) Sufficient information to identify the loan for which the payoff information is provided, including: (A) the loan number, if available; or (B) the original amount of the loan, if the loan number is not available.(c) If applicable, the payoff statement may contain:(1) Adjustable rate mortgage information;(3) Late charge information;(4) Escrow disbursement information;(5) A statement regarding which party is responsible for the release of lien; and(6) Other information necessary to provide a clear and concise payoff statement. Attached Graphic
7 Tex. Admin. Code § 155.2
The provisions of this §155.2 adopted to be effective January 8, 2012, 36 TexReg 9300; Amended by Texas Register, Volume 45, Number 37, September 11, 2020, TexReg 6359, eff. 9/20/2020