Is there any federal law that requires banks to record a reconveyance on paid-off mortgages?

Thank you in advance!

Not at the Federal level, but most States have them which include penalties. Most have a time period and many assess a statutory penalty for every day you are late.

In Oklahoma for example:

If, after 50 days following the satisfaction of the mortgage, the mortgagee has not satisfied the mortgage of record, then the mortgagor may, in a writing, request that the mortgagee do so. If the mortgagee fails to do so within 10 days of the written request, the mortgagee shall then forfeit and pay to the mortgagor a penalty of one percent (1%) of the principal debt not to exceed One Hundred Dollars ($100.00) for each day the release is not recorded after the ten day period has expired

Perfect! Thank you very much for the response.

It is a favorite topic for the ambulance chasing class action lawsuit lawyers at the moment:

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