A mortgage assignment is the legal, recorded document showing the transfer of a mortgage from one lender to another. This transfer includes all rights and obligations associated with the mortgage; collecting payments and enforcing loan terms.
Assignor (original lender) and Assignee (new lender) are the parties involved. This will often arise over the course of a long term mortgage that remains unsatisfied due to the sale of the loan or a loan servicing transfer. Typically law requires notification to the mortgagee (borrower) of the assignment.
Loan terms do not change due to assignment, and payment terms remain as originally agreed.
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