Section 721-7 - Residential mortgages; settlement officer satisfaction(a) Notice of intent to record satisfaction.--Whether or not the mortgagor has sent notice to the mortgagee as provided in section 6 , if a mortgagee of a residential mortgage has failed to present for recording to the office where the mortgage was recorded a satisfaction piece 90 days after the mortgagee has received payment of the entire mortgage obligation and all required satisfaction and recording costs in accordance with the payoff statement, a settlement officer may send a written notice to satisfy the mortgage using the means of delivery and in substantially the format described insection 6, except that the notice to satisfy shall be titled:NOTICE OF INTENT TO RECORD SETTLEMENT OFFICER SATISFACTION WITHIN SIXTY DAYS.
(b) Recording and form.--(1) If, within 60 days of the mortgagee's receipt of the notice of intent to record satisfaction issued by a settlement officer in accordance with this section, a satisfaction piece has not been recorded in the office where the mortgage was recorded and the mortgagee has not delivered to the settlement officer a response which details reasons why the mortgage should not be satisfied, a settlement officer may present for recording a settlement officer satisfaction. The settlement officer shall also send the mortgagee a copy of the settlement officer satisfaction by the same method and procedure described in section 6.(2) The settlement officer satisfaction shall be in substantially the following form and shall be executed by the settlement officer and acknowledged as provided by law:(1) The settlement officer is licensed by the Insurance Department as a Title Insurance Agent with license no. or is an employee of , a Title Insurance Company authorized to do business in Pennsylvania or is an attorney licensed to practice law in this Commonwealth.(2) The settlement officer business address is:(3) The settlement officer has conducted or supervised a settlement in which the above-captioned mortgage was paid in full in accordance with the payoff statement provided by the mortgagee.(4) The above settlement was held on at in which the mortgagor sold the property, refinanced the mortgage, other .(5) The settlement officer has ascertained, if the mortgage secures an open-end line of credit account, that the mortgagee has been instructed in writing, effective no later than the date and time of the receipt of the mortgage payoff figure, to close and decline any further advances on the home equity or other open-end line of credit which was secured by the affected mortgage.(6) The settlement officer has ascertained that the mortgagee has received payment of the loan secured by the mortgage in accordance with the payoff statement, as evidenced by a bank check, certified check, escrow account check from the settlement officer or an attorney trust account check that has been negotiated by the mortgagee, or any documentary evidence of the receipt of payment by the mortgagee.(7) A satisfaction piece has not been recorded concerning the mortgage, nor has the settlement officer received a satisfaction piece.(8) The settlement officer has delivered to the mortgagee notice of intent to present for recording a settlement officer satisfaction using the format and procedures described in the act of December 9, 2002 (P.L. 1530, No. 197), known as the Mortgage Satisfaction Act. Attached hereto is a copy of the written request notice of intent and a copy of the return receipt which indicates the written request and notice of intent were received by the mortgagee.(9) The settlement officer has no actual knowledge of any objection by the mortgagee to the recording of a settlement officer satisfaction, nor has an objection been recorded in accordance with the act.(10) Attached hereto is a copy of the canceled check, wire confirmation or other evidence of payment which paid the mortgage in full in accordance with the payoff statement. (signature of settlement officer)
In witness whereof, I have hereunto set my hand and official seal, this day of , .
Notary Public.
(c) Effect and objection.--(1) Except as otherwise provided in paragraph (2), a settlement officer satisfaction complying with the terms of this section shall be effective upon recording and, except as otherwise provided in section 8 , when so recorded has the same effect as a satisfaction piece recorded by the mortgagee in accordance withsection 4 . (2) If an objection complying with section 8 is issued by the mortgagee and recorded, the mortgage shall be considered unsatisfied in accordance with section 8.(d) Construction.--The procedure authorized by this section for the satisfaction of a mortgage shall constitute an optional method of accomplishing a satisfaction of a residential mortgage. The nonuse of the procedure authorized by this section for the satisfaction of a mortgage shall not give rise to any liability or any cause of action whatsoever against a settlement agent or any title insurance company by any mortgagee, mortgagor or third party. SETTLEMENT OFFICER SATISFACTION
| Name of mortgagor | Date of mortgage |
| Name of mortgagee | Principal amount |
| Name of last assignee | Recorded on premises |
| In County, Pennsylvania, in Book , | |
| Page /as instrument. | |
| Brief description or Statement of Location of | |
| Mortgaged Premises. | |
| COMMONWEALTH OF PENNSYLVANIA: | |
| COUNTY OF : ss: | |
Before me, the subscriber, a notary public in and for the Commonwealth of Pennsylvania, personally appeared , who, being duly sworn according to law, deposes and says:
2002, Dec. 9, P.L. 1530, No. 197, § 7, effective in 60 days.