Are lenders required to issue loan satisfaction after payoff.

[rspencer38]

I'm not familiar with Florida (or even US) law when it comes to loans/mortgages for DVC. Are lenders required to issue a loan satisfaction document once the amount is paid off? I noticed that Disney did this on our direct contract but I'm not sure if this is required or just some DVC/Disney does once the loan is satisfied. I paid off a short-term resale loan back in April/May but I don't see any registered loan satisfaction document.

 

[crvetter]

Is the mortgage recorded? If so then they should have recorded the satisfaction and mailed you the original mortgage stamped paid. If no mortgage is recorded they would have just provided you in the mail something to show it was satisfied.

 

[rspencer38]

Yes the mortgage was recorded. Perhaps I’ll reach out to the lender to clarify.