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Mortgage Payoff Statements State Requirements Matrix 2021 

by Bradley Arant Boult Cummings LLP

Published: April, 2021

Submission: April, 2021

 



One consistent struggle faced by the mortgage servicing industry is the prevalence of conflicting state laws that address payoff statements. One state may permit a servicer to charge a fee for providing a payoff statement while another prohibits such a fee. One state may have specific content requirements that must be included in a payoff statement while another provides the servicer with discretion about the content of the payoff statement. These are just two examples of the questions that are included in the state-by-state matrix provided by MBA Compliance Essentials, in collaboration with leading legal experts. This concise yet comprehensive matrix provides mortgage servicers with an overview of the laws of all 50 states and the District of Columbia pertaining to the provisions of payoff statements, including:


  • Whether a servicer can charge a fee for providing a payoff statement
  • Whether there are timing requirements for providing a payoff statement
  • Persons entitled to receive a payoff statement
  • Content requirements governing payoff statements
  • Whether amended payoff statements are permitted
  • The manner in which a payoff statement must be provided
  • Content requirements for requests to receive payoff statements

The publication titled, "MBA Compliance Essentials: Mortgage Payoff Statements State Requirements Matrix" was published by the Mortgage Bankers Association in April of 2021. More information and purchasing details can be found at the MBA Education page.


One consistent struggle faced by the mortgage servicing industry is the prevalence of conflicting state laws that address payoff statements. One state may permit a servicer to charge a fee for providing a payoff statement while another prohibits such a fee. One state may have specific content requirements that must be included in a payoff statement while another provides the servicer with discretion about the content of the payoff statement. These are just two examples of the questions that are included in the state-by-state matrix provided by MBA Comp


 



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