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Payoff Statement – Texas Finance Commission Proposes Payoff Statement Form and Administrative Rules to Implement Section 343.106, Finance Code.

In today’s issue of the Texas Register (Volume 36, Number 44) the Finance Commission of Texas (the Commission) proposes new Administrative Rules under 7 TAC Chapter 155, §§155.1 – 155.3, concerning Payoff Statements to implement the new statutory provisions of Section 343.106 of the Texas Finance Code.

Mortgage Servicer Enforcement Action by Federal Reserve Board

The Federal Reserve Board published the following press release yesterday regarding potential mortgage foreclosure irregularities by four mortgage servicers: The Federal Reserve Board on Tuesday announced that borrowers who believe they were financially harmed during the mortgage foreclosure process by four institutions in 2009 and 2010 can now request an independent review and potentially receive compensation. Four large mortgage servicers supervised by the Board [names deleted] are required to conduct this program as part of their compliance with enforcement actions issued by the Board in April 2011. Under these actions, servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes. A number of servicers supervised by the Office of the Comptroller of the Currency must also conduct the program.

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