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What does assignment mean why would a borrower want to assign a mortgage loan Why would a lender want to?

Assignment of Mortgage The Basics. When your original lender transfers your mortgage account and their interests in it to a new lender, thats called an assignment of mortgage. To do this, your lender must use an assignment of mortgage document. This document ensures the loan is legally transferred to the new owner.

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.

Who does the assignment of mortgage?

An award-winning writer with more than two decades of experience in real estate. The bank or other mortgage lender that provides a borrower with the funds to purchase a home often later transfers or assigns its interest in the mortgage to another firm.

What does it mean to have a mortgage assigned?

What Does Assignment Of Mortgage Mean? 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.

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