Compliance Essentials: Mortgage Payoff Statements State Requirements Matrix 2021

MBA Compliance Essentials: Mortgage Payoff Statements State Requirements Matrix ©2021

Summary:

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

Developed by:

• D. Brian O’Dell, Partner, and John M. Harrelson and J. Riley Key, Associates, at Bradley Arant Boult Cummings LLP

Pricing:

• All States (including Washington, DC): $4,000 member/$8,000 non-member
• MBA and Bradley Arant will review the content for accuracy at the end of each calendar year. MBA will notify purchasers if there is an update to the matrix at which time the purchaser has the option to renew: $500 member/$1,000 non-member

Delivery Method:

• Delivered electronically in PDF and Word formats