Part 2 Notices - Wisconsin's Mortgage Satisfaction Law

Date Posted 1/8/2014

In December of 2013,Craig Haskins and Cheri Hipenbecker from Knight Barry Title (title insurance) stood by Governor Walker as he signed into law the Mortgage Satisfaction Act, which established new requirements on obtaining mortgage payoff statements and new restrictions on the content of mortgage payoff statements. An important provision allows title insurance companies and their agents to sign and record an Affidavit of Satisfaction when the lender fails to record the satisfaction in a timely manner. The Affidavit of Satisfaction applies only to residential property. This new law will help speed up closings for homes encumbered by a paid off mortgage from a lender who cannot be reached, who may be out of business or has been taken over and spun off by the FDIC. Wisconsin joins more than a dozen other states who have such a law in place.
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