- January 23, 2014
- All Wisconsin Issuing Offices
- UNDERWRITING - Wisconsin Mortgage Satisfaction Act
On December 12, 2013, Wisconsin Governor Scott Walker signed into law an act that declares a new process to clear a mortgage from title. Wis. Stat. Sec. 708.15. The new law became effective on December 14, 2013. Among other things, the law provides for:
Procedures for a mortgage payoff statement request and lender response.
30-day time frame for lenders to submit a satisfaction for record after payment.
Reliability of the payoff statement.
Procedure for an Affidavit of Satisfaction to be signed by a Satisfaction Agent upon 30-day notice to the lender. The Affidavit of Satisfaction applies to residential property only.
The Affidavit of Satisfaction will operate as the equivalent of a release of the mortgage from the secured property. A title insurer or its authorized agent can serve as a Satisfaction Agent under the new law. A Stewart agent is not authorized to issue an Affidavit of Satisfaction without specific written approval from the Company. For questions on how to become an authorized agent, the new law or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.