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DATELINE: November 14, 2003
Another bank is closed by a banking authority and the Federal Deposit Insurance Corporation is named receiver.
While the number of bank closings has certainly decreased in the last 10 years, it is still happening. So far, in 2003, three FDIC insured banks have been closed as failed institutions. In 2002, we saw 11 failures and four were listed in 2001. Gratefully, none of those listed were in Oklahoma. However, we see and need records relating to banks across the country in our daily activity as abstractors and title insurers.
You can check the reporting on failed banking institutions through the FDIC website. From the index list you can obtain additional information on the date of failure/closure, the appointment of a receiver and the naming of any acquiring financial institution. This site lists and reports only on banks and savings and loan institutions that were covered by the FDIC deposit protections. If you are unsure if the institution is covered, you can contact the DRR Customer Service Center at 972/448-6000 or toll-free at 888/206-4662 (Business hours of 8 a.m.-5 p.m. Central Time, Monday through Friday, except holidays.)
Needing a release from a failed institution? The FDIC will process your request when the lienholder was a bank or savings and loan Institution that failed and was placed in FDIC receivership OR was a subsidiary of a failed bank or savings and loan institution. To obtain an assignment or a release of a mortgage lien, send a request in writing to the FDIC, 1910 Pacific Ave, Dallas TX 75201 ATTENTION: DRR Customer Service Center/Inwood or fax it to 703/812-1082, as long as copies will be legible when faxed. Do not mail and fax your request. The request should contain the following information:
- Copy of the Mortgage or Deed of Trust to be released in a readable
form, clearly showing the recording information.
- Copy of any Assignments or other chain of title evidence that leads to
a FDIC receivership.
- For an Assignment: Any proof that the party to whom the assignment
is being made is the current holder of the mortgage in the form of a
Note Endorsement, Loan History, Sales Contract or Indemnification
Agreement. For a Release: Any proof that the loan was paid in full.
(Copy of paid note, settlement statement, payment checks or anything else clearly
indicating payment.) This will expedite handling of the request.
- A copy of a recent Title Report or Title Commitment or Attorney's Title
Opinion on the property for which the assignment/release is requested.
(Optional but helpful)
- Your name, address and phone number.
The volume of requests received generally leads to 30 business days prior to any response or issuance of the assignment/release. Check out the website for additional information.
Remember you can also track closed lending institutions that were part of the Federal Reserve System through. This site also gives history on the institutions that have failed and on what institutions have been acquired by others, or changed their name.
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