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A partial release is the release of a portion of the security on a mortgaged property.
Arvest Mortgage Company may consider requests for partial releases as long as they meet the investor's guidelines.
Steps in processing a partial release
- Contact Arvest Mortgage Company (AMC) at 800-232-5524 with the following information:
- Loan number
- Borrower name
- Reason for request for partial release and cash considerations
- The borrower will need to furnish the following (at their expense):
- Appraisal Disclosure – This disclosure is provided by AMC and will need to be signed by the borrower. It informs the borrower that a new appraisal is required. The new appraisal must include the full value of the property prior to release and the value of the remaining property after the release. AMC must order the new appraisal and payment ($400.00) is required along with the signed appraisal disclosure prior to order. If the appraisal fee is less than $400.00, the difference will be refunded to the borrower. If the fee is greater than $400.00, additional funds will be required from the borrower.
- Survey – Borrower will need to obtain a survey including the location of all improvements on the remaining property, an outline of the property to be released and the property to be retained, and a new legal description for both the remaining and released properties.
- Application for Release of Security – This application is provided by AMC and will need to be completed and signed by the borrower.
- The investor and / or AMC may require additional information and documentation.
NOTE: Arvest Mortgage Company will fully review all submitted documentation, however, Arvest Mortgage Company does not guarantee that upon receipt of the above required documents that the partial release will be approved.