Regulation .14 Payoff and Accounting Statements — Releases.
Regulation .14 Payoff and Accounting Statements — Releases.LinkCopy Citation
A.
Within 5 business days after written request by the borrower, a licensee shall provide the borrower or the borrower's designee with a written statement of the dollar figure which will repay a loan in full.
B.
Upon written request by the borrower, a licensee shall provide, within a reasonable time, but not in excess of 45 days, an accounting statement to the borrower, setting forth:
(1)
All payments made on the loan;
(2)
All amounts credited to principal and interest; and
(3)
Any other charges.
C.
If a loan is being serviced by a different entity than the licensee, this regulation applies when the servicer of the loan is in receipt of a written request from the borrower for a payoff or accounting statement.
D.
Within 30 days from the date a loan is repaid in full, a licensee shall:
(1)
Prepare and forward to the borrower documents sufficient for the borrower to obtain a release of the lien securing the loan; or
(2)
Prepare and deliver to the appropriate city or county land records office documents which are sufficient to release the lien securing the loan.