Mortgage Glossary
Assignment of Mortgage
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
An assignment of mortgage is the legal transfer of a mortgage from one lender or servicer to another, recorded in public records.
What Assignment of Mortgage means
Loans are frequently sold after closing, and the assignment documents who now holds the note and the right to collect. It does not change the borrower's terms. Borrowers receive notice and a new payment address when servicing transfers.
Florida example
A Florida homeowner's loan was sold twice; each assignment of mortgage was recorded in the county. The borrower simply began sending payments to the new servicer at the same rate.
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