Selling 1 rental of a port. loan - Payoff calculation way off!?

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Last year i did a cash out refi of 3 rentals. 75% LTV with a loan amount of $232,500. Within a week of closing, a neighbor inquired about buying one of the rentals for his daughter. The appraised value at the time was $95k, and at 75% LTV the lender told me the pay off would be $71,250. The deal fell through and i've been paying promptly since.

Yesterday that same property was supposed to close. The settlement statement showed up in my inbox for review and the payoff (one year later) was $80,000.00 even.

The loan officer who handled the transaction told me he just took the original appraised value of $100k (wrong) and took the original LTV of 80% (also wrong).. basically.. he just threw a number out. 

I just got off the phone with the president of commercial lending at the bank and he told me, verbatim, that they can make the payoff whatever they want........

Can someone with experience in commercial lending or portfolio loans explain this one to me??