Payoff Statement – Proposed Changes for Uniformity

The Texas Department of Savings and Mortgage Lending (TDSML), operating on behalf of the Finance Commission of Texas, published proposed revisions to the payoff statements used in Texas mortgage transactions. The proposed changes were developed in coordination with the Texas Department of Banking and Office of the Consumer Credit Commissioner. 
 
TLTA sought the inclusion of additional information on the form, including the loan number and the original loan amount, in order to distinguish loans when multiple loans exist on the same property with the same lending institution.
 
Shortly after the TDSML published a proposed form in the Texas Register seeking comments, TLTA submitted comments to TDSML reasserting our industry's desire to see a place for this information on the form.

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