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A release can be obtained after a certain number of on-time payments and a credit check of the original borrower to determine whether he or she is now creditworthy. Most lenders don't actively let borrowers know whether or when they can obtain a release; borrowers have to seek out that information themselves.
A release assignment or satisfaction of mortgage form is a document stating that the lender has released the homeowner from all liability regarding her mortgage. The release assignment must be recorded at the local land office in order to be valid.
Releasing a mortgage lien often involves two or three signatures. Depending on your state, the person who's given the mortgage, the borrower, and the lender may be required to sign the release. In many states, a notary public signature and, possibly, a seal, is also needed to have a legal release of lien.
Loan Release means the process that Party B issues an instruction to Party A to cancel the suspension of payment of all bidding funds for certain subject in the case of fulfillment of the conditions of loan release, and transfer them to the payment account designated by the borrower, and to credit any amount receivable
A service release premium (SRP) is the payment received by a lending institution, such as a bank or retail mortgage lender, on the sale of a closed mortgage loan to the secondary mortgage market.