Security Instruments in Pennsylvania - Revision history

Davidjenkins: /* Pricing */

2020-01-22T15:27:18Z

‎Pricing

2020-01-22T15:25:27Z

‎Compliance

2020-01-22T15:21:48Z

‎Duration

2020-01-22T15:21:21Z

‎Execution Requirements

2020-01-22T15:17:32Z

2020-01-22T14:58:27Z

‎Search

2020-01-22T14:57:22Z

‎Trustees

2020-01-22T14:56:24Z

‎Duration

2020-01-22T14:55:47Z

‎Duration

2020-01-08T18:16:58Z

‎Satisfaction

← Older revision		Revision as of 15:27, 22 January 2020
Line 38:		Line 38:

	===Pricing===		===Pricing===
		+
		+	Agents are not permitted to charge any fees for preparing mortgages. The only fees permitted are pass-through fees for recording the Mortgage itself based on the cost charged by the Record of Deeds.

	==Types==		==Types==

← Older revision		Revision as of 15:25, 22 January 2020
Line 8:		Line 8:

	===Compliance===		===Compliance===
		+
		+	While not strictly prohibited, agents in Pennsylvania should avoid drafting mortgages in connection with any transaction they are insuring due to the complex nature of such documents. Drafting mortgages outside of insured transactions is considered the unauthorized practice of law.
		+
		+	It should be noted that it is common practice for lenders to require agents to attach legal descriptions to the already prepared mortgages sent as part of closing packages. This is not prohibited.

	===Forms===		===Forms===

@@ Line 47: / Line 47: @@
 ==Duration==
-* Pennsylvania does not have a statutory expiration period.
+* Pennsylvania does not have a statutory expiration period for Mortgages.
 ** Note: See Underwriting above.

← Older revision		Revision as of 15:21, 22 January 2020
Line 51:		Line 51:

	==Execution Requirements==		==Execution Requirements==
		+
		+	Like Security Instruments in other states, Mortgages in Pennsylvania must be executed and acknowledged by every party that is in title to the property at the time it is executed. There are no witnesses required although many mortgages contain signature lines for witnesses. Witnesses can be used to "Probate" a mortgage in the absence of a valid acknowledgement.

	==Satisfaction==		==Satisfaction==

@@ Line 1: / Line 1: @@
 ==Overview==
 ===Sources===
 ===Compliance===
 ===Forms===
 ===Search===
@@ Line 12: / Line 20: @@
 ===Examination===
 ===Underwriting===
 ===Recording===
 ===Pricing===
 ==Types==
 ==Content==
 ==Duration==
 * Pennsylvania does not have a statutory expiration period.
-** NOTE: Many underwriters have adopted a rule that a mortgage can be cleared in Pennsylvania 21 years after the maturity date of the mortgage. This is based on rule of evidence regarding the presumption of payment and is not statutorily based. It has been adopted as a guideline based on the reduced risk.
+** Note: See Underwriting above.
 ==Execution Requirements==
@@ Line 46: / Line 64: @@
 ==Vendor Liens==
 ==Cross-References==
-* [[Main Subject]]
+* [[Security Instruments]]
-* [[State]]
+* [[Pennsylvania]]
-** [[Related Subject 1 in State]]
+** [[Foreclosures in Pennsylvania]]
-** [[Related Subject 2 in State]]
+** [[Liens in Pennsylvania]]

← Older revision		Revision as of 14:58, 22 January 2020
Line 8:		Line 8:

	===Search===		===Search===
		+
		+	Mortgage are recorded in the Public Land Records Office in Pennsylvania at the county level. In most counties this office is called the Recorder of Deeds.

	===Examination===		===Examination===

@@ Line 40: / Line 40: @@
 ==Trustees==
-Pennsylvania only uses mortgage and not deeds of trust, so no trustee is required on any security instruments.
+Pennsylvania only uses Mortgages and not Deeds of Trust, so no Trustee is required on any Security Instruments.
 ==Vendor Liens==

@@ Line 35: / Line 35: @@
 Security Instruments in Pennsylvania are satisfied by recording a document which typically titled as a Satisfaction or Satisfaction Piece. In prior decades, security instruments were satisfied by a stamp and signature from a representative of the lender coming into the land records office and physically stamping and signing that a security instrument was paid in full in the margin of the first page of the recorded mortgage. Many lenders will accidentally recorded a Release of Mortgage instead of a Satisfaction when a mortgage has been paid in full.
-*Settlement Officer who is a licensed title agent, employee of an underwriter or Pennsylvania licensed attorney who conducted closing or directly supervised closing through which Mortgage was paid off may satisfy.  "Mortgage Satisfaction Act" (Act 197 of 2002 - effective 2/7/03)
+Settlement Officer who is a licensed title agent, employee of an underwriter or Pennsylvania licensed attorney who conducted closing or directly supervised closing through which Mortgage was paid off may satisfy.  "Mortgage Satisfaction Act" (Act 197 of 2002 - effective 2/7/03)
 ==Trustees==