| (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;
(2) Per diem amount;
(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.
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