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How to Audit Advertising - Compliance Issues Here, There, Everywhere!;
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Documenting an Applicant's Intent to be a Joint Applicant;
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Domestic Violence & Workplace Violence: There Is A Link;
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#699312 - 03/09/07 01:06 PM Form - Partial Release of mortgage
Banker Sue Offline
100 Club

Registered: 05/20/04
Posts: 149
Does anyone have a form they would be willing to share when they do a partial release of mortgage?

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General Discussion
#699776 - 03/12/07 11:31 AM Re: Form - Partial Release of mortgage [Re: Banker Sue]
Truffle Royale Offline

10K Club

Registered: 07/09/03
Posts: 14321
We don't use a specific form for a partial release. It's all in how you word it. After stating the recording information of the original mortgage in the spaces provided on your release form, just state something like "That portion of (the original legal) more particularly described as (the description of the portion you're releasing.)
_________________________
Your life is an occasion. Rise to it! Suzanne Weyn

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#700041 - 03/12/07 03:36 PM Re: Form - Partial Release of mortgage [Re: Truffle Royale]
Banker Sue Offline
100 Club

Registered: 05/20/04
Posts: 149
We have a standard release form used to be recorded. I was looking for a form that would be sent to loan operations to maintenance the loan. We have issues with the system not being updated and the file not being real evident of the value and release information. I was hoping someone had an internal form I could use to start from.

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#700077 - 03/12/07 04:00 PM Re: Form - Partial Release of mortgage [Re: Banker Sue]
Truffle Royale Offline

10K Club

Registered: 07/09/03
Posts: 14321
Wouldn't putting a copy of the recorded partial release in the file suffice? It has all the information you need. The mortgage amount isn't going to change due to the release unless there's a pay down amount involved and the system MUST show that.

Personally I'm against extra forms and documents that require information to be transfered correctly in order for them to be effective. Just another chance for error, imho.
_________________________
Your life is an occasion. Rise to it! Suzanne Weyn

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