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A Mortgage Release is where you, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments.Depending on your situation, you may be required to make a financial contribution to receive a mortgage release.
In some cases, a mortgage may have been sold by the mortgage lender to another financial institution. If sold, the owner of the mortgage at the time of the final payment is responsible for completing the satisfaction of mortgage documentation.
A Satisfaction of Mortgage is used to acknowledge the same of a Mortgage agreement.In essence, the Deed of Reconveyance and Satisfaction of Mortgage both serve the same function, which is to show that the borrower has repaid the loan fully and that the lender has no further interest in the property.
Register the discharge of mortgage Once you return the Discharge Authority form, your bank would prepare a Discharge of Mortgage document. This document must be registered at the Land Titles office.
If a lender takes longer than 90 days to record it, they can be charged up to $1,500 in penalties. So, in theory, a satisfaction should be recorded within 30-90 days of payoff regardless of what state you work in.
Step 1 Identify the parties. The appropriate parties should be documented on the Satisfaction of Mortgage. Step 2 Fill and Sign. The Satisfaction of Mortgage should be signed by the mortgagee, after it has been issued. Step 3 File and Record the Form.
Go to the county recorder's office or local courthouse to find recorded mortgages. In states such as California, deeds, liens, mortgage documents and various types of land documents are available for review in the recorder's office.
You may contact us at (407) 836-5115 to request a search of your Satisfaction of Mortgage. You may also utilize our web site (www.occompt.com) to see if your Satisfaction has been recorded. Your Satisfaction is recorded under the names of the borrower/mortgagor on the original loan.
What is Satisfaction of Mortgage? A Satisfaction of Mortgage, also known as a Mortgage Lien Release, is a legal document provided by the mortgagee (financial institution) advising that the mortgage has been paid in full, all terms of the loan have been satisfied and there will no longer be a lien on the property.
Assignments Generally: Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rules is that the assignment must be in proper written format and recorded to provide notice of the assignment.
Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
Massachusetts Law
Execution of Assignment or Satisfaction: Must be signed by the mortgagee.
Assignment: An assignment must be in writing and recorded.
Demand to Satisfy: None required. Mortgagee must record satisfaction within 45 days of payoff or suffer liability.
Recording Satisfaction: The recordation of a discharge duly executed and acknowledged by a mortgagee, mortgage holder, mortgage servicer or note holder shall constitute a discharge of the mortgage and a release of the lien created by such mortgage on the mortgaged premises (but see statutes below for details).
Penalty: If holder of satisfied mortgage does not record satisfaction of record within 45 days of final payoff, he shall be liable to borrower for actual damages caused by holder's failure to so record.
Acknowledgment: An assignment or satisfaction must contain a proper Massachusetts acknowledgment, or other acknowledgment approved by Statute.
Massachusetts Statutes
Chapter 183: Section 54. Method of discharge of mortgage.
Section 54. (a) For the purposes of sections 54 to 55, inclusive, the following words, unless the context otherwise requires, shall have the following meanings:
Authorized person, a person authorized to act on behalf of another person by a written document signed by the person on whose behalf the person authorized thereby is acting. A photocopy, facsimile or scanned image of such document accompanying a request, demand or notice pursuant to sections 54 to 55, inclusive, may be relied upon by any recipient thereof acting in good faith.Bank confirmation of wire transmission, for wired funds, a written confirmation of the same issued by the bank or other institution transmitting payment, including a written print-out by facsimile or other electronic transmission, that recites the beneficiary account number and other payee information prescribed in a payoff statement.
Discharge, a duly executed and acknowledged deed of release of a mortgage or other written instrument that, by its terms, discharges or releases a mortgage or the lien thereof or acknowledges payment or satisfaction of a mortgage or the debt or obligation secured by a mortgage or the conditions therein contained, or, in the case of a partial release, a duly executed and acknowledged instrument that, by its terms, discharges or releases a mortgage or the lien thereof from less than all of the property encumbered by the mortgage.
Mortgagee, the holder of record of a mortgage, or any successor in interest to the record holder, including as identified pursuant to subsection (i) of section 55 or by reference to other documents of record or to a database maintained by a governmental or quasi-governmental agency or entity; but, if the mortgage was properly assigned of record, mortgagee shall mean the last person to whom the mortgage was so assigned, or any such successor in interest thereto as so identified.
Mortgage servicer, the last person servicing a mortgage loan who is required under section 54D to provide a payoff statement with respect to the mortgage loan, whether or not appearing of record as the mortgagee.
Mortgagor, a grantor of a mortgage, the grantor's heirs, successors or assigns, or any other person who is an obligor of a note or other obligation secured by a mortgage.
Note holder, the holder of a note evidencing a debt or any other obligation secured by a mortgage; but, if the note holder is not the holder of record of the mortgage, the note shall contain the appropriate endorsements evidencing the transfer of ownership thereof to said holder.
Payoff statement, a statement in writing, including a written print-out by facsimile or other electronic transmission, issued at the request of the mortgagor or an authorized person on his behalf by a mortgagee, mortgage servicer or note holder indicating the amount of the unpaid balance of the mortgage loan, including principal, interest and other charges assessed pursuant to the mortgage loan, which may include the interest on a per diem basis with respect to the unpaid principal balance of the mortgage. A payoff statement shall include, where the context permits, a statement provided to the mortgagor or an authorized person on his behalf by a mortgagee, mortgage servicer or note holder, indicating the amount of the unpaid balance of the mortgage loan or other obligation that must be paid in order to issue a partial release of a mortgage.
Person, an individual, corporation, limited liability company, business trust, testamentary trust, partnership, association, joint venture, government, governmental subdivision or agency or other legal entity.
Recordation, recording or recorded, a recording with the registry of deeds in accordance with this chapter, or registration with the registry district of the land court in accordance with chapter 185.
Recording information, the date of recording or filing of an instrument or document at a registry of deeds or registry district of the land court, and the applicable book number and page number, or the land court document number, as assigned by the register of deeds or assistant recorder of the land court.
Servicing, the receipt by a mortgage servicer of scheduled periodic payments and payoff monies from a mortgagor on a mortgage loan, and the allocation of the payments to principal, interest, municipal real estate taxes and other appropriate assessments and charges, all pursuant to the terms of the loan.
(b) A mortgage may be discharged by 1 of 2 or more joint holders of a mortgage or the mortgagee, mortgage servicer or note holder, or an heir, executor, administrator, successor or assignee thereof, but, the discharge shall comply with the requirements of subsection (b) of section 55. The discharge shall have the same effect as a deed of release, and may be recorded when duly executed and acknowledged or on proof of its execution in accordance with sections 34 to 41, inclusive, or on such other proof of its due execution by credible evidence in the form of corroborating documents or affidavits establishing the authenticity of the discharge and the execution thereof and, in that case, the discharge and the corroborating documents or affidavits may be recorded along with or as exhibits to an affidavit under section 5B that refers to the documents or affidavits. The recordation of a duly executed and acknowledged or proven discharge as provided herein shall be conclusive evidence that the mortgage has been discharged, notwithstanding the fact that the party signing the instrument may have assigned the note or other evidence of debt to another party, unless the assignment had been duly recorded before the instrument discharging the mortgage. If a discharge is executed by a person who is not the holder of record at the time the discharge is recorded, the recorded discharge shall become conclusive when an assignment of mortgage from the then record holder or holders to that person is thereafter recorded. A discharge shall contain the street address of the mortgaged property, the book number and page number or the land court document number and recording date of the mortgage, and the name of the original mortgagor; but, the failure to include the information shall not affect the validity of the instrument. This section shall apply notwithstanding section 3-116 of chapter 106Chapter 183: Section 54A. Defective discharges of mortgages held by entirety; effect.
Section 54A. After the expiration of a period of ten years from the recording of a discharge or release of a mortgage held by husband and wife as tenants by the entirety and signed by only the husband or the wife, no steps shall be taken by action, entry or otherwise to foreclose or enforce such mortgage or the note or notes secured thereby, unless within such period the spouse who did not sign such discharge or release has recorded in the registry of deeds for the county or district where the mortgage is recorded a notice identifying the mortgage and the book and page of its recording and stating that rights of a tenant by the entirety may be claimed in the mortgage or the note or notes secured thereby. A reference to such notice shall be noted on the margin of the record of the mortgage.
Chapter 183: Section 54B. Deed of release, written acknowledgement of payment or satisfaction, release or assignment of mortgage; execution before officer entitled to acknowledge instruments; effect.
Section 54B. Notwithstanding any law to the contrary, (1) a discharge of mortgage; (2) a release, partial release or assignment of mortgage; (3) an instrument of subordination, non-disturbance, recognition, or attornment by the holder of a mortgage; (4) any instrument for the purpose of foreclosing a mortgage and conveying the title resulting therefrom, including but not limited to notices, deeds, affidavits, certificates, votes, assignments of bids, confirmatory instruments and agreements of sale; or (5) a power of attorney given for that purpose or for the purpose of servicing a mortgage, and in either case, any instrument executed by the attorney-in-fact pursuant to such power, if executed before a notary public, justice of the peace or other officer entitled by law to acknowledge instruments, whether executed within or without the commonwealth, by a person purporting to hold the position of president, vice president, treasurer, clerk, secretary, cashier, loan representative, principal, investment, mortgage or other officer, agent, asset manager, or other similar office or position, including assistant to any such office or position, of the entity holding such mortgage, or otherwise purporting to be an authorized signatory for such entity, or acting under such power of attorney on behalf of such entity, acting in its own capacity or as a general partner or co-venturer of the entity holding such mortgage, shall be binding upon such entity and shall be entitled to be recorded, and no vote of the entity affirming such authority shall be required to permit recording.
Chapter 183: Section 54C. Discharge of mortgage and release of lien; conditions of discharge where discharge is not executed by holder of record.
Section 54C. (a) The recordation of a duly executed and acknowledged or proven discharge by a mortgagee, mortgage servicer or note holder shall constitute a discharge of the mortgage and a release of the lien created by the mortgage on the mortgaged premises; provided, however, that a discharge executed by a mortgage servicer or note holder who is not the holder of record of such mortgage, but which discharge is not accompanied by the supporting documents required in subsection (b) of section 55 will operate as a discharge and release of lien as aforesaid only as to a mortgage encumbering a 1–to–4–family residential property and only where the discharge is accompanied or supplemented by the following:
(1) In the case of a mortgage servicer, an original or photostatic copy of the servicing agreement, power of attorney, servicing notice letter to the borrowers, written payoff statement issued to a mortgagor, closing attorney or settlement agent, including a payoff statement issued by facsimile or other electronic transmission, or other document evidencing the authority of the mortgage servicer to service the mortgage, which, if not already of record before the recording of the discharge, shall be duly recorded together with the discharge, or recorded after the discharge but attached to an affidavit pursuant to section 5B, which affidavit shall contain the recording information for the mortgage that is the subject of the discharge as well as for the discharge itself and which shall be indexed under the name of the mortgagors named in the mortgage and discharge. If the authority document contemplated by this section is a copy rather than an original, it shall contain or be accompanied by a certification by the mortgagee, mortgage servicer or note holder that it is a true copy of the original document or a certification by an attorney licensed to practice law in the commonwealth, who has seen an original of the document, that it is a true copy of the document. For purposes of this section, an original printout of a facsimile or other electronic transmission addressed to an attorney licensed to practice law in the commonwealth, or to the attorney's law firm, shall constitute an original document and may be recorded if certified by the attorney to be an original printout or, if a photostatic copy of the printout, it is certified by said attorney, either on the copy or in an accompanying affidavit, that it is a true copy of the original printout.Chapter 183: Section 55. Liability for neglect or refusal to discharge; affidavits.
Section 55. (a)(1) A mortgagee, mortgage servicer or note holder who receives full payment and satisfaction of the conditions of a mortgage shall, within 45 days of receipt of payment, (i) cause to be recorded a duly executed and acknowledged discharge that conforms with subsection (b) and provide to the closing attorney, settlement agent or other person transmitting the payoff a copy of the discharge, together with the recording information therefor, or (ii) provide to the closing attorney, settlement agent or other person transmitting the payoff a duly executed and acknowledged discharge, also so conforming, which documents, in either case, shall be provided to the closing attorney, settlement agent or other person, irrespective of whether the mortgagee, mortgage servicer or note holder has withheld the fee for recording the discharge. Merely providing a copy of the discharge and evidence that the discharge was sent to a registry of deeds for recording shall not constitute compliance with this section unless the recording information required herein is noted on the copy.
(2) In addition to any other requirements under this section or section 54C, if the mortgagee, mortgage servicer or note holder elects to provide the discharge to the person transmitting the payoff and that person is someone other than a closing attorney or settlement agent, the discharge shall be accompanied by a transmittal letter that contains a statement in substantially the following form, in not less than 10–point boldface type:ENCLOSED WITH THIS LETTER IS A DISCHARGE OF YOUR MORTGAGE AND OTHER DOCUMENTATION IF NECESSARY TO SHOW THAT WE WERE THE HOLDER OF YOUR MORTGAGE WHEN IT WAS PAID. THESE ARE IMPORTANT LEGAL DOCUMENTS.
IN ORDER TO RELEASE THE MORTGAGE FROM THE TITLE TO THE PROPERTY, YOU MUST RECORD THE DISCHARGE AND ACCOMPANYING DOCUMENTATION, IF ANY, AT THE SAME REGISTRY OF DEEDS IN WHICH YOUR DEED WAS RECORDED. ALL RECORDING FEES THAT WE ARE REQUIRED TO PAY UNDER MASSACHUSETTS LAW HAVE BEEN INCLUDED IN THE ENCLOSED CHECK. THE RECORDING FEE FOR THE DISCHARGE ITSELF, UNLESS PAID BY YOU WITH THE LOAN PAYOFF, IS YOUR RESPONSIBILITY.
IT IS IN YOUR BEST INTERESTS TO RECORD THE DISCHARGE AND ACCOMPANYING DOCUMENTATION AS SOON AS POSSIBLE. IF YOU ARE UNSURE WHAT TO DO, PLEASE SEEK THE ADVICE OF AN ATTORNEY OR A CLERK AT THE REGISTRY OF DEEDS.
(b) In addition to containing the mortgage reference information required in subsection (b) of section 54, such discharge shall be executed and acknowledged by the holder of the mortgage and the note or other obligation secured thereby or an authorized person or entity acting on behalf of the holder. If the holder is not the holder of record, the holder shall also specify by what means the holder became the holder of such mortgage and the note or other obligation secured thereby, and shall: (1) specify the recording information for the documentation on record in the registry district where the mortgage is recorded supporting the holder's status as such; or (2) record the documentation, along with the discharge, if the holder records the discharge; or (3) provide to the closing attorney, settlement agent or other person transmitting the payoff the recordable discharge and the documentation in recordable form necessary to establish the holder's status of record, such documentation shall include, but not be limited to: the note, any assignments, certificates of change of name or certificates of merger; provided, however, that, if the holder's status as such is based upon a corporate change of name or identity by any of the actions or events described in subsection (i) and the discharge refers to those actions or events as provided in said subsection (i), then the holder need not provide or record any further documentation in support of such actions or events. If the discharge is executed on behalf of a mortgage and note holder by a mortgage servicer, an attorney-in-fact under a power of attorney or other agent, the mortgage servicer, attorney-in-fact or other agent shall, in addition to the information and documents required of the mortgage and note holder, provide to the closing attorney, settlement agent or other person transmitting the payoff the recordable discharge and the documentation in recordable form necessary to establish the authority of the agent of the mortgage and note holder to act on behalf thereof, or the recording information for the documentation if already recorded in the registry district where the mortgage is recorded. Such documentation shall include, but not be limited to the servicing agreement, power of attorney or other written authorization from the mortgage and note holder to so act on behalf thereof. Any mortgage and note holder, servicer, attorney-in-fact or other agent for the mortgage and note holder who provides to the closing attorney, settlement agent or other person transmitting the payoff the documentation, rather than recording the same and providing the recording information to such person, shall also forward to the closing attorney, settlement agent or other person all recording fees established under sections 38 or 39 of chapter 262 necessary to record the documents.Assignments Generally: Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rules is that the assignment must be in proper written format and recorded to provide notice of the assignment.
Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
Massachusetts Law
Execution of Assignment or Satisfaction: Must be signed by the mortgagee.
Assignment: An assignment must be in writing and recorded.
Demand to Satisfy: None required. Mortgagee must record satisfaction within 45 days of payoff or suffer liability.
Recording Satisfaction: The recordation of a discharge duly executed and acknowledged by a mortgagee, mortgage holder, mortgage servicer or note holder shall constitute a discharge of the mortgage and a release of the lien created by such mortgage on the mortgaged premises (but see statutes below for details).
Penalty: If holder of satisfied mortgage does not record satisfaction of record within 45 days of final payoff, he shall be liable to borrower for actual damages caused by holder's failure to so record.
Acknowledgment: An assignment or satisfaction must contain a proper Massachusetts acknowledgment, or other acknowledgment approved by Statute.
Massachusetts Statutes
Chapter 183: Section 54. Method of discharge of mortgage.
Section 54. (a) For the purposes of sections 54 to 55, inclusive, the following words, unless the context otherwise requires, shall have the following meanings:
Authorized person, a person authorized to act on behalf of another person by a written document signed by the person on whose behalf the person authorized thereby is acting. A photocopy, facsimile or scanned image of such document accompanying a request, demand or notice pursuant to sections 54 to 55, inclusive, may be relied upon by any recipient thereof acting in good faith.Bank confirmation of wire transmission, for wired funds, a written confirmation of the same issued by the bank or other institution transmitting payment, including a written print-out by facsimile or other electronic transmission, that recites the beneficiary account number and other payee information prescribed in a payoff statement.
Discharge, a duly executed and acknowledged deed of release of a mortgage or other written instrument that, by its terms, discharges or releases a mortgage or the lien thereof or acknowledges payment or satisfaction of a mortgage or the debt or obligation secured by a mortgage or the conditions therein contained, or, in the case of a partial release, a duly executed and acknowledged instrument that, by its terms, discharges or releases a mortgage or the lien thereof from less than all of the property encumbered by the mortgage.
Mortgagee, the holder of record of a mortgage, or any successor in interest to the record holder, including as identified pursuant to subsection (i) of section 55 or by reference to other documents of record or to a database maintained by a governmental or quasi-governmental agency or entity; but, if the mortgage was properly assigned of record, mortgagee shall mean the last person to whom the mortgage was so assigned, or any such successor in interest thereto as so identified.
Mortgage servicer, the last person servicing a mortgage loan who is required under section 54D to provide a payoff statement with respect to the mortgage loan, whether or not appearing of record as the mortgagee.
Mortgagor, a grantor of a mortgage, the grantor's heirs, successors or assigns, or any other person who is an obligor of a note or other obligation secured by a mortgage.
Note holder, the holder of a note evidencing a debt or any other obligation secured by a mortgage; but, if the note holder is not the holder of record of the mortgage, the note shall contain the appropriate endorsements evidencing the transfer of ownership thereof to said holder.
Payoff statement, a statement in writing, including a written print-out by facsimile or other electronic transmission, issued at the request of the mortgagor or an authorized person on his behalf by a mortgagee, mortgage servicer or note holder indicating the amount of the unpaid balance of the mortgage loan, including principal, interest and other charges assessed pursuant to the mortgage loan, which may include the interest on a per diem basis with respect to the unpaid principal balance of the mortgage. A payoff statement shall include, where the context permits, a statement provided to the mortgagor or an authorized person on his behalf by a mortgagee, mortgage servicer or note holder, indicating the amount of the unpaid balance of the mortgage loan or other obligation that must be paid in order to issue a partial release of a mortgage.
Person, an individual, corporation, limited liability company, business trust, testamentary trust, partnership, association, joint venture, government, governmental subdivision or agency or other legal entity.
Recordation, recording or recorded, a recording with the registry of deeds in accordance with this chapter, or registration with the registry district of the land court in accordance with chapter 185.
Recording information, the date of recording or filing of an instrument or document at a registry of deeds or registry district of the land court, and the applicable book number and page number, or the land court document number, as assigned by the register of deeds or assistant recorder of the land court.
Servicing, the receipt by a mortgage servicer of scheduled periodic payments and payoff monies from a mortgagor on a mortgage loan, and the allocation of the payments to principal, interest, municipal real estate taxes and other appropriate assessments and charges, all pursuant to the terms of the loan.
(b) A mortgage may be discharged by 1 of 2 or more joint holders of a mortgage or the mortgagee, mortgage servicer or note holder, or an heir, executor, administrator, successor or assignee thereof, but, the discharge shall comply with the requirements of subsection (b) of section 55. The discharge shall have the same effect as a deed of release, and may be recorded when duly executed and acknowledged or on proof of its execution in accordance with sections 34 to 41, inclusive, or on such other proof of its due execution by credible evidence in the form of corroborating documents or affidavits establishing the authenticity of the discharge and the execution thereof and, in that case, the discharge and the corroborating documents or affidavits may be recorded along with or as exhibits to an affidavit under section 5B that refers to the documents or affidavits. The recordation of a duly executed and acknowledged or proven discharge as provided herein shall be conclusive evidence that the mortgage has been discharged, notwithstanding the fact that the party signing the instrument may have assigned the note or other evidence of debt to another party, unless the assignment had been duly recorded before the instrument discharging the mortgage. If a discharge is executed by a person who is not the holder of record at the time the discharge is recorded, the recorded discharge shall become conclusive when an assignment of mortgage from the then record holder or holders to that person is thereafter recorded. A discharge shall contain the street address of the mortgaged property, the book number and page number or the land court document number and recording date of the mortgage, and the name of the original mortgagor; but, the failure to include the information shall not affect the validity of the instrument. This section shall apply notwithstanding section 3-116 of chapter 106Chapter 183: Section 54A. Defective discharges of mortgages held by entirety; effect.
Section 54A. After the expiration of a period of ten years from the recording of a discharge or release of a mortgage held by husband and wife as tenants by the entirety and signed by only the husband or the wife, no steps shall be taken by action, entry or otherwise to foreclose or enforce such mortgage or the note or notes secured thereby, unless within such period the spouse who did not sign such discharge or release has recorded in the registry of deeds for the county or district where the mortgage is recorded a notice identifying the mortgage and the book and page of its recording and stating that rights of a tenant by the entirety may be claimed in the mortgage or the note or notes secured thereby. A reference to such notice shall be noted on the margin of the record of the mortgage.
Chapter 183: Section 54B. Deed of release, written acknowledgement of payment or satisfaction, release or assignment of mortgage; execution before officer entitled to acknowledge instruments; effect.
Section 54B. Notwithstanding any law to the contrary, (1) a discharge of mortgage; (2) a release, partial release or assignment of mortgage; (3) an instrument of subordination, non-disturbance, recognition, or attornment by the holder of a mortgage; (4) any instrument for the purpose of foreclosing a mortgage and conveying the title resulting therefrom, including but not limited to notices, deeds, affidavits, certificates, votes, assignments of bids, confirmatory instruments and agreements of sale; or (5) a power of attorney given for that purpose or for the purpose of servicing a mortgage, and in either case, any instrument executed by the attorney-in-fact pursuant to such power, if executed before a notary public, justice of the peace or other officer entitled by law to acknowledge instruments, whether executed within or without the commonwealth, by a person purporting to hold the position of president, vice president, treasurer, clerk, secretary, cashier, loan representative, principal, investment, mortgage or other officer, agent, asset manager, or other similar office or position, including assistant to any such office or position, of the entity holding such mortgage, or otherwise purporting to be an authorized signatory for such entity, or acting under such power of attorney on behalf of such entity, acting in its own capacity or as a general partner or co-venturer of the entity holding such mortgage, shall be binding upon such entity and shall be entitled to be recorded, and no vote of the entity affirming such authority shall be required to permit recording.
Chapter 183: Section 54C. Discharge of mortgage and release of lien; conditions of discharge where discharge is not executed by holder of record.
Section 54C. (a) The recordation of a duly executed and acknowledged or proven discharge by a mortgagee, mortgage servicer or note holder shall constitute a discharge of the mortgage and a release of the lien created by the mortgage on the mortgaged premises; provided, however, that a discharge executed by a mortgage servicer or note holder who is not the holder of record of such mortgage, but which discharge is not accompanied by the supporting documents required in subsection (b) of section 55 will operate as a discharge and release of lien as aforesaid only as to a mortgage encumbering a 1–to–4–family residential property and only where the discharge is accompanied or supplemented by the following:
(1) In the case of a mortgage servicer, an original or photostatic copy of the servicing agreement, power of attorney, servicing notice letter to the borrowers, written payoff statement issued to a mortgagor, closing attorney or settlement agent, including a payoff statement issued by facsimile or other electronic transmission, or other document evidencing the authority of the mortgage servicer to service the mortgage, which, if not already of record before the recording of the discharge, shall be duly recorded together with the discharge, or recorded after the discharge but attached to an affidavit pursuant to section 5B, which affidavit shall contain the recording information for the mortgage that is the subject of the discharge as well as for the discharge itself and which shall be indexed under the name of the mortgagors named in the mortgage and discharge. If the authority document contemplated by this section is a copy rather than an original, it shall contain or be accompanied by a certification by the mortgagee, mortgage servicer or note holder that it is a true copy of the original document or a certification by an attorney licensed to practice law in the commonwealth, who has seen an original of the document, that it is a true copy of the document. For purposes of this section, an original printout of a facsimile or other electronic transmission addressed to an attorney licensed to practice law in the commonwealth, or to the attorney's law firm, shall constitute an original document and may be recorded if certified by the attorney to be an original printout or, if a photostatic copy of the printout, it is certified by said attorney, either on the copy or in an accompanying affidavit, that it is a true copy of the original printout.Chapter 183: Section 55. Liability for neglect or refusal to discharge; affidavits.
Section 55. (a)(1) A mortgagee, mortgage servicer or note holder who receives full payment and satisfaction of the conditions of a mortgage shall, within 45 days of receipt of payment, (i) cause to be recorded a duly executed and acknowledged discharge that conforms with subsection (b) and provide to the closing attorney, settlement agent or other person transmitting the payoff a copy of the discharge, together with the recording information therefor, or (ii) provide to the closing attorney, settlement agent or other person transmitting the payoff a duly executed and acknowledged discharge, also so conforming, which documents, in either case, shall be provided to the closing attorney, settlement agent or other person, irrespective of whether the mortgagee, mortgage servicer or note holder has withheld the fee for recording the discharge. Merely providing a copy of the discharge and evidence that the discharge was sent to a registry of deeds for recording shall not constitute compliance with this section unless the recording information required herein is noted on the copy.
(2) In addition to any other requirements under this section or section 54C, if the mortgagee, mortgage servicer or note holder elects to provide the discharge to the person transmitting the payoff and that person is someone other than a closing attorney or settlement agent, the discharge shall be accompanied by a transmittal letter that contains a statement in substantially the following form, in not less than 10–point boldface type:ENCLOSED WITH THIS LETTER IS A DISCHARGE OF YOUR MORTGAGE AND OTHER DOCUMENTATION IF NECESSARY TO SHOW THAT WE WERE THE HOLDER OF YOUR MORTGAGE WHEN IT WAS PAID. THESE ARE IMPORTANT LEGAL DOCUMENTS.
IN ORDER TO RELEASE THE MORTGAGE FROM THE TITLE TO THE PROPERTY, YOU MUST RECORD THE DISCHARGE AND ACCOMPANYING DOCUMENTATION, IF ANY, AT THE SAME REGISTRY OF DEEDS IN WHICH YOUR DEED WAS RECORDED. ALL RECORDING FEES THAT WE ARE REQUIRED TO PAY UNDER MASSACHUSETTS LAW HAVE BEEN INCLUDED IN THE ENCLOSED CHECK. THE RECORDING FEE FOR THE DISCHARGE ITSELF, UNLESS PAID BY YOU WITH THE LOAN PAYOFF, IS YOUR RESPONSIBILITY.
IT IS IN YOUR BEST INTERESTS TO RECORD THE DISCHARGE AND ACCOMPANYING DOCUMENTATION AS SOON AS POSSIBLE. IF YOU ARE UNSURE WHAT TO DO, PLEASE SEEK THE ADVICE OF AN ATTORNEY OR A CLERK AT THE REGISTRY OF DEEDS.
(b) In addition to containing the mortgage reference information required in subsection (b) of section 54, such discharge shall be executed and acknowledged by the holder of the mortgage and the note or other obligation secured thereby or an authorized person or entity acting on behalf of the holder. If the holder is not the holder of record, the holder shall also specify by what means the holder became the holder of such mortgage and the note or other obligation secured thereby, and shall: (1) specify the recording information for the documentation on record in the registry district where the mortgage is recorded supporting the holder's status as such; or (2) record the documentation, along with the discharge, if the holder records the discharge; or (3) provide to the closing attorney, settlement agent or other person transmitting the payoff the recordable discharge and the documentation in recordable form necessary to establish the holder's status of record, such documentation shall include, but not be limited to: the note, any assignments, certificates of change of name or certificates of merger; provided, however, that, if the holder's status as such is based upon a corporate change of name or identity by any of the actions or events described in subsection (i) and the discharge refers to those actions or events as provided in said subsection (i), then the holder need not provide or record any further documentation in support of such actions or events. If the discharge is executed on behalf of a mortgage and note holder by a mortgage servicer, an attorney-in-fact under a power of attorney or other agent, the mortgage servicer, attorney-in-fact or other agent shall, in addition to the information and documents required of the mortgage and note holder, provide to the closing attorney, settlement agent or other person transmitting the payoff the recordable discharge and the documentation in recordable form necessary to establish the authority of the agent of the mortgage and note holder to act on behalf thereof, or the recording information for the documentation if already recorded in the registry district where the mortgage is recorded. Such documentation shall include, but not be limited to the servicing agreement, power of attorney or other written authorization from the mortgage and note holder to so act on behalf thereof. Any mortgage and note holder, servicer, attorney-in-fact or other agent for the mortgage and note holder who provides to the closing attorney, settlement agent or other person transmitting the payoff the documentation, rather than recording the same and providing the recording information to such person, shall also forward to the closing attorney, settlement agent or other person all recording fees established under sections 38 or 39 of chapter 262 necessary to record the documents.