Uniform Residential Mortgage Satisfaction Act Law and Legal Definition

The Uniform Residential Mortgage Satisfaction Act was promulgated by the National Conference of Commissioners on Uniform State Law (NCCUSL) in 2004. This act provides rules and procedures for clearing fully paid residential real estate mortgages from the real property records in every state. The act provides that a mortgagee must provide a statement of satisfaction that is recorded in the real property records when a mortgagor has paid off the mortgage. The mortgagor is also entitled to a payoff letter. In case there is no timely response to a request for a statement of satisfaction, the mortgagor may provide an affidavit through qualified intermediaries for the real property records in lieu of the statement of satisfaction. North Carolina, Virginia and Alabama has adopted the act.