Escrow & Title
In Florida, a 'mortgage release' (satisfaction of mortgage) must be issued by the lender within how many days of loan payoff?
A30 days
B60 days✓ Correct
C90 days
D180 days
Explanation
Florida Statute 701.04 requires mortgage lenders to record a satisfaction of mortgage within 60 days of full payoff of the loan. Failure to do so exposes the lender to potential liability for failing to release the lien.
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