The Mortgage Satisfaction Clerk processes incoming pay-off requests and delivers to requesting parties within bank allotted timeframes; validates funds received and cancels closed mortgages within prescribed windows as established by local, state and federal guidelines; prepares and delivers Satisfactions or Discharges on mortgage loans previously paid off but not canceled of record and handle all CEMA requests on New York Properties. Responsibilities include but are not limited to:
- Review payoff requests received from borrowers, attorneys, title companies or other representatives of the borrower. Ensure borrower has authorized the release of information.
- Process and prepare payoff statement in accordance with the written request and bank policy.
- Deliver payoff request to requesting party timely and in advance of the requested date.
- Verify funds received upon remittance of payoff funds. Secure necessary funds to satisfy the loan when funds are short.
- Review daily reports of loans paid in full and begin the preparation of the cancellation of the Mortgage or Deed of Trust in accordance with local, state or federal guidelines.
- Ensure loan is satisfied by reviewing history; verifying the principal balance is zero.
- Retrieve the Permanent and Collateral files from the File Room. Review files for appropriate documentation to cancel the banks lien against the mortgaged property in a timely manner and in compliance with regulations.
- Prepare cancellation documents for signature by authorized bank personnel and send to the respective County Clerks for cancellation.
- Return documents to borrower showing the loan has been paid in full and the lien has been cancelled of record.
- Prepare completed files for shipping to Archives
- Maintain full compliance with all Regulatory requirements and bank policies and procedures.
- Be able to lift and move boxes up to 20 pounds.
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