A mortgage assignment is a legal document that transfers ownership of a mortgage from one party to another. This can happen for a variety of reasons, such as when a lender sells a mortgage to another lender, or when a borrower assigns a mortgage to a new owner as part of a property sale.
In a mortgage assignment, the original lender (also known as the "assignor") transfers their rights and interests in the mortgage to the new lender or owner (also known as the "assignee"). The assignee then becomes responsible for collecting mortgage payments and enforcing the terms of the mortgage agreement.
Mortgage assignments are typically recorded with the local government, and are a matter of public record. This helps to ensure that the terms of the mortgage are clearly documented and can be enforced if necessary.
It's important to note that a mortgage assignment does not change the terms of the mortgage itself. The terms of the mortgage, such as the interest rate and repayment schedule, remain the same regardless of who the assignee is. However, the assignee may choose to modify the terms of the mortgage if they so choose.