Borrowers Have Standing To Sue Over Failure To Timely Record Mortgage Discharge

Mealey's (May 11, 2021, 9:14 AM EDT) -- NEW YORK — A federal district court did not err in denying a mortgage loan servicer’s motion for judgment on the pleadings in a class action lawsuit brought by borrowers who alleged that the loan servicer violated New York’s mortgage-satisfaction-recording statutes when it waited nearly a year to record the satisfaction of mortgage documents with the county clerk’s office as required because the borrowers had the necessary standing to bring their claims, a divided Second Circuit U.S. Court of Appeals panel ruled May 10 in affirming and remanding....