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Mortgage Release Certificate Program

The mortgage release certificate program provides a simple and inexpensive way to obtain a release of a mortgage that has been paid in full, but not released of record or incorrectly released. It can also provide a remedy for “missing” assignments.

  Program Procedures
Applications for Mortgage Release Certificates must be made by a lender, attorney, abstractor, real estate broker or licensed closing agent.

Submit the completed Application for Mortgage Release Certificate Request to Iowa Title Guaranty (ITG) along with supporting documentation and fee for each mortgage to be released.  Required documentation includes a copy of the payoff statement and proof of payoff – canceled check, wired funds receipt or other proof of receipt of payment or other documentary evidence acceptable to ITG of payment to the mortgagee or mortgage servicer.  Upon receipt of the application, fee and supporting documentation, ITG will notify the lender or servicer by certified mail of the intent to execute and record a Mortgage Release Certificate (MRC).  The lender or servicer has 30 days after the effective date of the notice to notify ITG in writing of any reason why the MRC should not be executed and recorded.  If ITG does not receive a response, the Mortgage Release Certificate will be recorded in the appropriate county.  If mailing or contact information for the lender or servicer is unavailable, the applicant will be required to post a notice that must be published in the county where the mortgage was recorded.  The publication process involves three weeks of publication (once per week) followed by the 30-day waiting period from the last publication for the lender to respond.  After the publication, the Mortgage Release applicant must also complete the Affidavit for Publication listed below the application.  If there is no response to the published notice, ITG will record the Mortgage Release Certificate.

Also submit a check in the amount of $100 payable to Iowa Title Guaranty.  This fee covers the cost of processing and researching the request, mailing any required notice(s) and recording the Mortgage Release Certificate with the County Recorder.

  NOTE
If the Request is submitted in conjunction with a mortgage paid off by an ITG Participant in connection with an Iowa Title Guaranty Rapid Certificate file, the fee is waived and it is not necessary to submit the Application for Mortgage Release Certificate.  ITG requires copies of the payoff statement and proof of payment or other documentary evidence, and the Iowa Title Guaranty Certificate number.

MRC may not be used on mortgage in which the United States government or an agency thereof is the mortgagee or assignee.

If said mortgage on the ITG Rapid Certificate was not paid off as a part of the current transaction, the fee must be paid.

Upon the recording of the ITG Mortgage Release Certificate, the mortgage is effectively released of record.

For more detailed information on the Mortgage Release Certificate Program, please see the link below to the Underwriting Manual. If you have additional questions or would like to request additional information, please contact Carrie Nutt at 515.725.4917.

Mortgage Release Certificate (MRC) from UW Manual
Application for Mortgage Release Certificate (MRC)
Affidavit for Publication
MRC Brochure

 

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