Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING
Chapter 78 - WRAP MORTGAGE LOANS
Subchapter C - BORROWER'S RIGHTS AND RESPONSIBILITIES
Section 78.201 - Right to Deduct; Notice of Deduction
Universal Citation: 7 TX Admin Code ยง 78.201
Current through Reg. 49, No. 38; September 20, 2024
(a) Purpose. The purpose of this section is to clarify and establish requirements related to a wrap borrower's right to make deductions from the amounts the wrap borrower owes to the wrap lender under the terms of a wrap mortgage loan, as provided by Finance Code § 159.202.
(b) Notice of Deduction. To the extent the wrap borrower seeks to exercise its right to deduct amounts owed to the wrap lender pursuant to Finance Code § 159.202, the wrap borrower must, at the time the wrap borrower makes the deduction, provide the wrap lender or its third-party servicer notice of the amounts deducted including:
(1) an itemized list of the
deductions made, describing in detail the amounts paid by the wrap borrower on
behalf of the wrap lender;
(2) the
dates on which such payments were made; and
(3) supporting documentation evidencing
paragraphs (1) and (2) of this subsection.
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