A New York lender refuses to issue a satisfaction of mortgage after payoff in 2026. Assuming the payoff satisfied all amounts due and the refusal is improper, can that refusal be grounds for discipline?
Correct Answer
B) A ground: the improper refusal to issue a satisfaction
The grounds encompass the improper refusal to issue a satisfaction of mortgage. Other choices: the regulatory route exists alongside the judicial one; a sale is not required; and no waiting period is written into that ground. Source: N.Y. Banking Law § 595-a(1)(e)
Why This Is the Correct Answer
The grounds encompass the improper refusal to issue a satisfaction of mortgage. Other choices: the regulatory route exists alongside the judicial one; a sale is not required; and no waiting period is written into that ground. Source: N.Y. Banking Law § 595-a(1)(e)
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