Assignment of Mortgage by Corporate Mortgage Holder - Minnesota 2025

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Assignment of Mortgage Examples Example 1. A lender selling your mortgage to another lender for servicing.
A transfer of mortgage is the reassignment of an existing mortgage from the current holder to another person or entity. Not all mortgages can be transferred to another person. If a mortgage can be transferred, the lender has the right to approve the person assuming the loan.
Mortgages are assigned using a document called an assignment of mortgage. This legally transfers the original lenders interest in the loan to the new company. After doing this, the original lender will no longer receive the payments of principal and interest.
Legally, the term mortgage refers only to the document that states that the home can be sold in case of default. Under an assignment of mortgage, both documents are transferred to their new owner for servicing.
An assignment of mortgage gives the loan sellers rights under the mortgage, including the right to foreclose if the borrower doesnt make payments, to the new owner of the loan.

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Additionally, the Assignment of Mortgage plays a crucial role in the secondary mortgage market. It allows investors to buy and sell mortgages, providing liquidity to the market. This liquidity is essential for ensuring a steady flow of funds for new mortgage originations.
A recorded mortgage must be discharged by a certificate signed by the mortgagee, his personal representatives or assigns, acknowledged or proved and certified as prescribed by the chapter on recording transfers, stating that the mortgage has been paid, satisfied, or discharged.

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