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The collateral file, also known as the loan file or origination file, consists of essential documents involved in a loan transaction, including the note, mortgage, assignments, allonge, and title policy. These documents are critical as they represent the investment when purchasing a loan. The discussion also covers the differences among the allonge, assignment, mortgage, and note. Additionally, the loan file contains documentation generated prior to the loan, such as the loan application, credit report, compliance disclosures (e.g., Dodd-Frank), appraisal, and inspection reports. Understanding the contents of the collateral file is vital for anyone investing in loans.