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What does it mean when a mortgage is assigned?

An assignment of mortgage is a legal term that refers to the transfer of the security instrument that underlies your mortgage loan aka your home. When a lender sells the mortgage on, an investor effectively buys the note, and the mortgage is assigned to them at this time.

Why would a lender want to assign a mortgage loan?

The original loan amount, interest payment, term and monthly principal and interest part of the payment will stay the same. Assigning mortgages frees up money for the lenders to make more loans. Borrowers dont have to be told a mortgage will be assigned, since they agree to this at closing.

Does an allonge have to be recorded?

While an allonge need not be physically attached to a promissory note, lenders should ensure that an original note and an original allonge are physically stored together. The note and allonge should also be electronically scanned as a single file.

Who completes an assignment of mortgage?

The most common example of an Assignment of Mortgage is when a mortgage lender transfers/sells the mortgage to another lender. This can be done more than once until the balance is paid. The lender does not have to inform the borrower that the mortgage is being assigned to another party.

Is an allonge signed by the borrower?

Allonge means any Shared Appreciation Allonge executed by the Borrower as more fully described in Paragraph 12 below. Borrower means each person signing at the end of this Note. The term does not include his or her successors or assigns.

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