Assignment of Mortgage
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.
What it is
An assignment of mortgage transfers your loan from one lender or servicer to another. Your terms stay the same.
It is recorded in the public record.
Why it matters
When your loan is assigned, only where you pay changes, not your rate or balance. You will get notice of the new servicer.
We explain what happens if your loan transfers. Reach out and we will keep it clear for you.
Verify the details for your own situation against these government and agency sources: CFPB Owning a Home guide and HUD homebuyer resources.