MN HF704

Mortgagees and mortgage servicers must submit a satisfaction of mortgage to the county recorder or registrar of titles within 45 days of receiving full payment, eliminating the previous requirement for a written request to trigger this obligation.

Lenders may send corrected payoff statements if they discover the original amount was understated, and the corrected statement supersedes the original if received before payment is made.

Mortgagees and servicers are prohibited from denying the accuracy of an understated payoff amount against any person who reasonably and detrimentally relied upon it.

Failure to discharge a mortgage within 45 days of receiving full payment makes the mortgagee liable for all actual damages to the mortgagor, heirs, or assigns.

Lenders retain the right to recover amounts not included in a payoff statement from persons liable on the loan, and borrowers retain any claims or defenses available under other law.