What is done with Mortgages after recording?

In most situations Mortgages are returned to the mortgagee (bank or financial institution lending the money). If we have been instructed otherwise, it will be noted on the document. The mortgagor is the party receiving the loan and is usually the purchaser of the property being transferred. Generally, the original mortgage will eventually be returned to the mortgagor, by the mortgagee, when the final payment is made to the lender, and after a Satisfaction is recorded.

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1. What is done with Mortgages after recording?
2. How is a mortgage satisfied?
3. Who satisfies a mortgage?
4. What do I do if satisfaction papers are sent to me?
5. What if the original mortgage was lost or destroyed?