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Scott Carson explains the term "AOM," which stands for Assignment of Mortgage, in the note business. When a note is bought, the property ownership does not change; instead, the lender does. Unlike real estate transactions that require a deed to show ownership transfer, buying a note involves showing that one bank has sold the mortgage to another through the Assignment of Mortgage. This document indicates the transfer of the note's ownership and must be filed each time the note is sold. For example, if Chase originated a note and sold it to Wells Fargo, an Assignment of Mortgage would be filed to reflect that transaction.
