DIGEST OF INTRODUCED BILL
Mortgage release by title insurance companies. Allows a title insurance company, or an officer or agent of a title insurance company, on behalf of a mortgagor or a person who acquired from the mortgagor a lien against all or part of the property described in a mortgage, to record a certificate of release in the real property records of each county in which the mortgage is recorded if the company, officer, or agent has not received an objection to the recording of the certificate of release from the: (1) mortgagee; or (2) mortgage servicer or mortgage servicer's successor in interest. Allows the company, officer, or agent to use any recording fee the company, officer, or agent collected for the: (1) recording of the certificate of release; or (2) satisfaction of the mortgage; to record the certificate of release. Provides that a certificate of release must contain: (1) a statement that the payoff amount of the mortgage was an amount of not more than $1,000,000 instead of a statement that the mortgage was in the original principal amount of not more than $1,000,000; and (2) a statement that the mortgagee or mortgage servicer provided a written payoff statement that was used to make payment in full of the unpaid balance of the loan secured by the mortgage. Provides that if a receipt of payment has been issued under a lender's written payoff statement: (1) the receipt of payment constitutes authority for a title insurance company, or an officer or agent of a title insurance company, to record a certificate of release; and (2) the company, officer, or agent may not be required to search the public record for a possible recorded satisfaction or release of the mortgage.