Mortgage payment satisfaction provisions modified.

HF 704 requires mortgage lenders and servicers in Minnesota to provide a "satisfaction of mortgage" document to borrowers within 45 days after full loan payment or receipt of a payoff statement. The bill adds rules for when lenders must send corrected payoff statements if an initial amount was too low, protecting borrowers who relied on the incorrect figure. It also specifies that lenders who fail to provide the satisfaction document within 45 days after payment are liable for actual damages suffered by borrowers. This directly affects homeowners who pay off mortgages and the lenders handling those transactions.