A Few Facts About The...

UNIFORM RESIDENTIAL MORTGAGE SATISFACTION ACT (2004)

PURPOSE:
The Uniform Residential Mortgage Satisfaction Act provides that a mortgagee must provide a statement of satisfaction that is recorded in the real property records when a mortgagor has paid off the mortgage. The mortgagor is also entitled to a payoff letter. In the event there is no timely response to a request for a statement of satisfaction (30 days after notice), the mortgagor may provide an affidavit through qualified intermediaries for the real property records in lieu of the statement of satisfaction.

ORIGIN:
Completed by the Uniform Law Commissioners in 2004.