Good morning,

As part of our mortgage loan q.c. we review for items returned back from the title company such as final title policy & recorded mortgage. If our new loan is paying off a current loan, we've always looked for the recorded satisfaction too. Our servicing department has been reaching out to the title companies to obtain these as it seems like they aren't automatically sent and receiving confusion from the title companies on why we are requesting them as other banks/mortgage companies have not requested. I'm just wondering if other banks look for the recorded satisfaction or just rely on the final title policy stating the title is clean and there are no other liens? Are we doing too much?

TIA!

If you are getting a clean final title policy, I am not sure why you would need a copy if the release of a previous lien by another lender. What purpose does it serve?

We've only done this on our own mortgages being satisfied. I guess just to close the loop, completeness of our records.

Well, if that is the case then I would think that you would want a copy of any document your bank actually recorded. In some States failure to file a release in a specific period of time after loan payoff creates liability to the borrower.