New Mortgage Discharge Legislation for Massachusetts

Standard Solutions is working on several new components to help you to use the system to take advantage of the new mortgage discharge law.

The aspects of the new law that relate to use of Standard Conveyancer cover payoff statement requests, mortgage discharge requests and discharge recording. By participating in the statutory scheme, conveyancing attorneys will be able to hold lenders responsible for timely response to requests for payoff statements and mortgage discharges.

REBA, the Real Estate Bar Association, has been running a series of free seminars across the state to cover the changes coming into effect. These seminars, sponsored by individual title insurance companies, are open to all Massachusetts practitioners. At the seminars, REBA is distributing a comprehensive book of proposed forms for use under the statute.

Standard Solutions is adding new payoff request and discharge request letters to Standard Conveyancer. Rather than distribute our own letters, as REBA has done a great deal of work to develop forms for use under the statute, we requested and have just obtained permission to add their copyrighted letters to the program.

Standard Solutions is also testing new components designed to keep track of requests for payoff statements and payoff discharges, plus received discharges that you need to record. These new features will help you track lender response time and avoid financial penalties for failing to record payoff discharges. If you currently have Event Tracking enabled, your Standard Conveyancer system is already tracking your payoff discharge requests. Our program update will convert these existing requests to the new statutory schedule.

These program updates will be available for download on our Web site when testing has been completed. Included will be instructions on how to use the new payoff request and discharge request letters, as well as the new tracking components. Watch for notice in an upcoming QuickNote soon, or check our Web site for news.

Please contact us at services@standardsolutions.com.

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