In researching whether Oklahoma bank employees are required to send the original note papers (marked "paid" and the date the loan was paid off) to the customer, I found where the same question had been submitted to BOL on 06/25/2010. The question received no response. Our bank would like to begin sending a one page notification that the note has been paid with less private information involved. It would also be more cost effective. Of course, if a lien release is involved it would be included. Four years later, can anyone answer this?

I have been working on this too since I went to a national loan operations conference and I think I was the only bank (Oklahoma) there that still sent out the originals. We are going to stop sending the originals out, probably effective Jan 1st, based on talking to our legal counsel. Some customers might insist on getting theirs but depending on the volume we will cross that bridge when we come to it. We will go ahead and always send a general payoff notification and thank you for your business type letter. You should ask the same question of your legal counsel. I decided, for us, that the cost savings in postage and overhead will offset the legal bill!