Real estate loans that are not within the western states are typically secured by a mortgage which is recorded in the county recorder’s office where the property is located. The mortgage always has two parties to it, the mortgagor (borrower) and the mortgagee (lender).
When the loan is Paid-In-Full, the mortgagee (lender) is required to have a Satisfaction of Mortgage, or in some cases a Discharge of Mortgage (often referred to as a Lien Release) recorded to have the loan properly released from the Mortgagor’s property.
If the loan is partially paid, the mortgagee (lender) may have recorded a Partial Satisfaction of Mortgage, thereby releasing a portion of the property originally encumbered by the mortgage. Additionally, the mortgagee (lender) reserves the right to release all the property, even though the loan might not have been paid in full. This is accomplished by recording a Release of Mortgage Without Satisfaction.
TSI is fully equipped to process the various types of releases that the lender must process. Since 1994, TSI has been developing its own proprietary database and website for fast and efficient processing satisfactions on a national level, while maintaining the flexibility to meet each customer’s specific needs.