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Does Illinois law identify which financial institution employees can sign a Release of Mortgage? – IBA Compliance Connection

IBA Compliance Connection

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Does Illinois law identify which financial institution employees can sign a Release of Mortgage?

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No, Illinois law does not specify which financial institution employees may sign a Release of Mortgage. However, we would recommend that an officer of your bank sign the release, since officers generally have the authority to sign documents on behalf of the bank, including a Release of Mortgage.

We also note that, under the Mortgage Certificate of Release Act, an officer or agent of a title insurance company may execute a release on behalf of your financial institution.   

For resources related to our guidance, please see:

  • 765 ILCS 935/15  (“An officer or duly appointed agent of a title insurance company may, on behalf of a mortgagor or a person who has acquired from a mortgagor title to all or part of the property described in the mortgage, execute a certificate of release that complies with the requirements of this Act and record the certificate of release with the recorder of each county in which the mortgage is recorded …)