1. (a) Requests made pursuant to this chapter shall be in writing and submitted to a mortgage servicer by mail, electronic mail or facsimile. If the mortgage servicer has designated a specific physical address; electronic mail address; 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 made pursuant to this chapter shall, at a minimum, include the following:

   1. (1) Name of the mortgagor;
   2. (2) Physical address of the underlying collateral of the loan, or a legal description of the property; and
   3. (3) Proposed closing date of the loan.

2. (b) Upon receipt of a valid request made under subsection (a) of this section, a mortgage servicer shall provide, in writing, by mail or electronic mail, 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. (1) The proposed closing date for the sale or other transaction, as provided in the request made pursuant to this chapter;
   2. (2) The payoff amount that is valid through the proposed closing date; and
   3. (3) Sufficient information to identify the loan for which the payoff information is provided.

3. (c) If applicable, the payoff statement may contain:

   1. (1) Adjustable rate mortgage information;
   2. (2) Per diem amount;
   3. (3) Late charge information;
   4. (4) Escrow disbursement information;
   5. (5) A statement regarding which party is responsible for the release of lien; and
   6. (6) Other information necessary to provide a clear and concise payoff statement.
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Source Note:The provisions of this §155.2 adopted to be effective January 8, 2012, 36 TexReg 9300.