[NoteSmith user: The text of this boilerplate BP-PAYOFF-TX.TXT appears on page 2 of your payoff report. It is used when the payoff request comes from a title company and the collateral is a primary residence in Texas. Modify it from Tools, Text Editor, Open. Do NOT include these directions with your printouts.]

To Submit Payoff Funds by Wire Transfer
RBeneficiary Name: 
Beneficiary/Receiving Bank:
Beneficiary Bank ABA:
Beneficiary Bank Account:

To Submit Payoff Funds by Overnight Mail
Attention:
Company:
Street Address:
City, State, Zip:

Legal Notices

TEXAS FINANCE CODE § 343.106 REQUIRES PAYOFF STATEMENT CONTAIN CLOSING DATE AND DATE THROUGH WHICH PAYOFF AMOUNT IS VALID. THESE REQUIREMENTS CANNOT BE DELETED FROM PAYOFF STATEMENT.

TEXAS FINANCE CODE § 343.106 REQUIRES THE IMPLEMENTING RULE TO ALLOW MORTGAGE SERVICERS AT LEAST SEVEN (7) BUSINESS DAYS FROM THE DATE OF RECEIPT OF PAYOFF REQUEST TO RESPOND TO A REQUEST MADE UNDER THE STATUTE.

ANY AMOUNT HELD IN ESCROW AT CLOSING WILL BE SETTLED IN ACCORDANCE WITH APPLICABLE FEDERAL LAW.

Optional sections (as applicable)

If this is an adjustable rate mortgage, we only will issue a payoff through the next change date. If the closing date is past the next change date, an updated payoff statement from us will be required.

If loan has quotable per diem interest, then funds received after the expected closing date will be subject to an additional per diem interest amount as shown on page 1. FUNDS MUST BE RECEIVED BY 3PM FOR SAME-DAY PROCESSING. PAYOFFS ARE NOT POSTED ON WEEKENDS OR HOLIDAYS. INTEREST WILL BE ADDED TO THE ACCOUNT FOR THESE DAYS.

This Note/Security Instrument is next due for payment on as shown on page 1. If payment is not timely received, a late charge will be assessed and is included on the proration figures shown on page 1.

Release of Lien Processing: [Provide the Servicer’s practice regarding releases (i.e. Servicer will prepare the release of lien; the title company must prepare the release of lien; release is mailed to the county, borrower, or title company for recording).]

Escrow

Escrow on hand is saved in a special account and will be refunded to you separately a few days after payoff.