satisfaction of mortgage

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A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower. The facts of the mortgage loan, conditions relieving the lender from a lien against the property, and the actions necessary to transfer the property title are all included in a satisfaction of mortgage document. Mortgage lenders are obligated to prepare a satisfaction of mortgage document that is signed by all parties involved in the loan and collateral title.

[Last updated in April of 2022 by the Wex Definitions Team]