Louisiana Servicing Reference Guide

Owned by Kacey Olson
Last updated: May 31, 2018
2 min read

CitationTopicRequirement
Secure and Fair Enforcement for Mortgage Licensing Act / La. Rev. Stat. Ann. §9:5167.2(A)

Cancellation of Mortgage

A lender must execute and deliver sufficient acceptable documentation to cancel a mortgage to the borrower or the borrower's designated agent within 60 days after the date of receipt of full payment of the balance owed on the debt in accordance with a payoff statement. The payoff statement must be provided by the lender or its mortgage servicers.
LA S.A.F.E. Residential Mortgage Lending Act | La. Rev. Stat. Ann. §6:1097(B)

Late Payment Fees

B. The parties to a consumer loan, secured by a mortgage on residential immovable property, which is made contractually subject to the provisions of this Chapter, may agree to pay the following fees, charges, costs, and expenses:

(2) Charges, in the amount of five percent of the unpaid amount, assessed for nonpayment of the loan or any installment or part of the loan after the loan or installment of principal or interest has become delinquent and is not timely paid.

Code of Civil Procedure / La. Code Civ. Proc. Ann. Art. 2331

Notice of Sale

Notice of the sale of property under a writ of fieri facias shall be published at least once for movable property, and at least twice for immovable property, in the manner provided by law. The court may order additional publications.
Secure and Fair Enforcement for Mortgage Licensing Act / La. Rev. Stat. Ann. §6:1096(H)

Payoff Statement Request

A residential mortgage lender must provide a borrower, within 5 days of any written request received from the borrower, with a statement of the amount necessary to prepay the account in full, and if the amount disclosed includes an amount which is required to be refunded, and the amount of the refund.
Civil Code - Ancillaries / La. Rev. Stat. Ann. §9:5165(B)

Satisfaction of Mortgage

The mortgagee must issue, within 45 days after receipt from the mortgagor or settlement agent, a written request for cancellation of the mortgage accompanied by the required fees.