By Matthew A. Quick The Mortgage Certificate of Release Act, specifically, 765 ILCS 935/1, et seq., notes the contents requirements of mortgage releases and the form and content of attendant documents. The forms available and the location of each follow:
-- The form of a certificate of release, 765 ILCS 935/50, -- The form of an appointment of title insurance agent for issuance of certificates of release, 765 ILCS 935/55, -- The form of a revocation of appointment of title insurance agent or agents for issuance of certificates of release, 765 ILCS 935/60, and -- The form of a hold harmless agreement, 765 ILCS 935/70.
Pursuant to 765 ILCS 935/20, a certificate of release must contain substantially all of the following for each mortgage being released:
1. The name of the mortgagor, the name of the original mortgagee, and, if applicable, the mortgage servicer at the date of the mortgage, the date of recording, and the volume and page or document number or other official recording designation in the real property records where the mortgage is recorded.
2. A statement that the mortgage was paid in accordance with the written payoff statement and there is no objection from the mortgagee or mortgage servicer or its successor in interest. With respect to previously paid mortgages, the hold harmless letter from a title insurance company, as provided in Section 10.1 of this Act, shall satisfy this requirement.
3. A statement that the person executing the certificate of release is an officer or a duly appointed agent of a title insurance company authorized and licensed to transact the business of insuring titles to interests in real property in this State.
4. A statement that the certificate of release is made on behalf of the mortgagor or a person who acquired title from the mortgagor to all or a part of the property described in the mortgage.
5. A statement that the mortgagee or mortgage servicer provided a written payoff statement. The hold harmless letter from a title insurance company shall satisfy this requirement with respect to previously paid mortgages.