You likely received your original deed shortly after closing on your property. Unlike a car title, the deed isn't held until you pay off your mortgage. If you review your deed, you'll see your name listed as the "grantee," with no mention of the bank. Therefore, when you pay off your mortgage, there's no need to update your deed.
What is necessary, however, is to have a "Satisfaction of Mortgage" document recorded with the Recorder’s office. Financial institutions are obligated to record such a document within a specific timeframe. If you've received a "Satisfaction of Mortgage" endorsed with a time, date, and document number from the Recorder’s office, no further action is required. If you haven't received the endorsed satisfaction, it's advisable to check with your lender to ensure they've processed the necessary paperwork.
