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#1677759 - 03/14/12 09:56 PM Re: Payoff Statement Rules 7 TAC Chapter 155 swiggles
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Does anyone have, or know where to find, this document in a fillable format?
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#1677890 - 03/15/12 02:30 PM Re: Payoff Statement Rules 7 TAC Chapter 155 swiggles
MarieF Offline
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Joined: Nov 2011
Posts: 28
Texas

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#1678056 - 03/15/12 05:05 PM Re: Payoff Statement Rules 7 TAC Chapter 155 swiggles
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Dumb question.......what does "Inc. ODI Text Information required" mean?????
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#1678259 - 03/15/12 07:35 PM Re: Payoff Statement Rules 7 TAC Chapter 155 swiggles
swiggles Offline
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swiggles
Joined: Aug 2001
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No one knows? Is everyone just leaving it blank or erasing the text "Inc. ODI Text Information Required?" I asked our wire department what it means and they do not know.
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#1678269 - 03/15/12 07:46 PM Re: Payoff Statement Rules 7 TAC Chapter 155 swiggles
Lestie G Offline

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Joined: May 2002
Posts: 3,608
Near the Land of Enchantment
Well, ODI usually means originating depository institution...
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#1678291 - 03/15/12 07:59 PM Re: Payoff Statement Rules 7 TAC Chapter 155 swiggles
swiggles Offline
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swiggles
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So with what do we fill the blank? What information?
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#1678522 - 03/16/12 01:28 PM Re: Payoff Statement Rules 7 TAC Chapter 155 swiggles
Always In Training Offline
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Joined: Jul 2006
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Where the Green Grass Grows
We haven't done one yet, but I intend to put whatever it would take to get a wire credited to the loan.
We plan to include:
Bank's ABA
Customer's Record #: x-y (where x= customer # & y=loan's #)

Since I double in the wire department, it shouldn't be a big deal for us. I guess it would be trickier if you aren't online with Fed or have a correspondent arrangement for wires.

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#2264422 - 01/07/22 03:05 AM Re: Payoff Statement Rules 7 TAC Chapter 155 swiggles
p1_nfl_fan Offline
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Joined: Nov 2021
Posts: 3
Do these rules apply to OCC regulated banks?

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#2264425 - 01/07/22 12:43 PM Re: Payoff Statement Rules 7 TAC Chapter 155 swiggles
rlcarey Online
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rlcarey
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Posts: 83,227
Galveston, TX
Which rules, the timing of delivery, the content of the notice, or the use of the specific form?

You are already required to deliver a payoff statement within 7 business days under 1026.36(c)(3).

As far as the form, as long as your notice contains the required information, there is no requirement to use it. See 7 TAC 155.2(b)

7 tac 155.2
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#2264426 - 01/07/22 01:25 PM Re: Payoff Statement Rules 7 TAC Chapter 155 swiggles
p1_nfl_fan Offline
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Joined: Nov 2021
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Yes I was referring to the form itself. I think my bank is using this form for all of payoff quotes.

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