Bulletin: WI2014001

Dear Associates: 

On December 12, 2013, Wisconsin Governor Scott Walker signed into law an act that declares a new process to clear a mortgage from title. Wis. Stat. Sec. 708.15. The new law became effective on December 14, 2013. Among other things, the law provides for:

Procedures for a mortgage payoff statement request and lender response.

30-day time frame for lenders to submit a satisfaction for record after payment.

Reliability of the payoff statement.

Procedure for an Affidavit of Satisfaction to be signed by a Satisfaction Agent upon 30-day notice to the lender. The Affidavit of Satisfaction applies to residential property only. 

The Affidavit of Satisfaction will operate as the equivalent of a release of the mortgage from the secured property. A title insurer or its authorized agent can serve as a Satisfaction Agent under the new law. A Stewart agent is not authorized to issue an Affidavit of Satisfaction without specific written approval from the Company. For questions on how to become an authorized agent, the new law or other bulletins, please contact a Stewart Title Guaranty Company underwriter. 

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter. 

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