Uniform mortgage modification act.

SF 31, the Uniform Mortgage Modification Act, establishes rules for changing mortgage terms in Wyoming, affecting borrowers and lenders who adjust loan agreements. It clarifies that modifications like interest rate reductions, payment schedule changes, or forgiven interest do not alter a mortgage's priority for repayment or require new recording. The law defines "mortgage modification" broadly to cover common changes, including switching to fixed rates or adjusting escrow requirements. Borrowers and lenders can implement these changes without affecting the mortgage's legal position or needing additional registration.