Minnesota HF704 modifies mortgage payment satisfaction provisions, including correcting understated payoff amounts and penalties for failure to.

Minnesota HF704 modifies provisions governing mortgage payment satisfaction. It allows mortgagees or servicers to send corrected payoff statements if the initial amount was understated. It prohibits these entities from denying the accuracy of the understated amount against those who reasonably relied on it. The bill also mandates that upon full payment or performance of the loan, a mortgagee or servicer must issue a satisfaction of mortgage within 45 days. Failure to do so subjects the mortgagee to liability for damages.

Minnesota HF704 modifies mortgage payment satisfaction provisions, including correcting understated payoff amounts and penalties for failure to.

Minnesota HF704 modifies provisions governing mortgage payment satisfaction. It allows mortgagees or servicers to send corrected payoff statements if the initial amount was understated. It prohibits these entities from denying the accuracy of the understated amount against those who reasonably relied on it. The bill also mandates that upon full payment or performance of the loan, a mortgagee or servicer must issue a satisfaction of mortgage within 45 days. Failure to do so subjects the mortgagee to liability for damages.