Loan Payoff Statements

On August 21, 2020, the Finance Commission adopted amendments to 7 TAC §155.2, concerning Payoff Statements Forms. The amendments revised the loan payoff statement form loan servicers are required to use when reporting the payoff figure for a mortgage loan. The revised form requires the loan servicer to state the loan number assigned for identification purposes, or if the loan number is not available, the original loan amount.

The amended rule and revised form became effective on September 20, 2020.

You may view the amended rule on the Secretary of State’s website for maintaining the Texas Administrative Code by visiting their website.

A form-fillable version of the revised payoff statement form has been posted to SML’s website.

Caroline C. Jones