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

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.

What is the purpose for assignment of rents and leases?

An assignment of rents allows the lender to collect the rent payments, if the borrower defaults on their loan payments.

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.

How does a collateral assignment work?

Collateral assignment of life insurance is a method of providing a lender with collateral when you apply for a loan. In this case, the collateral is your life insurance policys face value, which could be used to pay back the amount you owe in case you die while in debt.

What is the purpose of the assignment of leases and rents clause in a mortgage?

An assignment of rents allows the lender to collect the rent payments, if the borrower defaults on their loan payments.

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