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Understanding the Assignment of Mortgages: What You Need To Know

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A mortgage is a legally binding agreement between a home buyer and a lender that dictates a borrower's ability to pay off a loan. Every mortgage has an interest rate, a term length, and specific fees attached to it.

Attorney Todd Carney

Written by Attorney Todd Carney .  Updated November 26, 2021

If you’re like most people who want to purchase a home, you’ll start by going to a bank or other lender to get a mortgage loan. Though you can choose your lender, after the mortgage loan is processed, your mortgage may be transferred to a different mortgage servicer . A transfer is also called an assignment of the mortgage. 

No matter what it’s called, this change of hands may also change who you’re supposed to make your house payments to and how the foreclosure process works if you default on your loan. That’s why if you’re a homeowner, it’s important to know how this process works. This article will provide an in-depth look at what an assignment of a mortgage entails and what impact it can have on homeownership.

Assignment of Mortgage – The Basics

When your original lender transfers your mortgage account and their interests in it to a new lender, that’s 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. It’s common for mortgage lenders to sell the mortgages to other lenders. Most lenders assign the mortgages they originate to other lenders or mortgage buyers.

Home Loan Documents

When you get a loan for a home or real estate, there will usually be two mortgage documents. The first is a mortgage or, less commonly, a deed of trust . The other is a promissory note. The mortgage or deed of trust will state that the mortgaged property provides the security interest for the loan. This basically means that your home is serving as collateral for the loan. It also gives the loan servicer the right to foreclose if you don’t make your monthly payments. The promissory note provides proof of the debt and your promise to pay it.

When a lender assigns your mortgage, your interests as the mortgagor are given to another mortgagee or servicer. Mortgages and deeds of trust are usually recorded in the county recorder’s office. This office also keeps a record of any transfers. When a mortgage is transferred so is the promissory note. The note will be endorsed or signed over to the loan’s new owner. In some situations, a note will be endorsed in blank, which turns it into a bearer instrument. This means whoever holds the note is the presumed owner.

Using MERS To Track Transfers

Banks have collectively established the Mortgage Electronic Registration System , Inc. (MERS), which keeps track of who owns which loans. With MERS, lenders are no longer required to do a separate assignment every time a loan is transferred. That’s because MERS keeps track of the transfers. It’s crucial for MERS to maintain a record of assignments and endorsements because these land records can tell who actually owns the debt and has a legal right to start the foreclosure process.

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Assignment of Mortgage Requirements and Effects

The assignment of mortgage needs to include the following:

The original information regarding the mortgage. Alternatively, it can include the county recorder office’s identification numbers. 

The borrower’s name.

The mortgage loan’s original amount.

The date of the mortgage and when it was recorded.

Usually, there will also need to be a legal description of the real property the mortgage secures, but this is determined by state law and differs by state.

Notice Requirements

The original lender doesn’t need to provide notice to or get permission from the homeowner prior to assigning the mortgage. But the new lender (sometimes called the assignee) has to send the homeowner some form of notice of the loan assignment. The document will typically provide a disclaimer about who the new lender is, the lender’s contact information, and information about how to make your mortgage payment. You should make sure you have this information so you can avoid foreclosure.

Mortgage Terms

When an assignment occurs your loan is transferred, but the initial terms of your mortgage will stay the same. This means you’ll have the same interest rate, overall loan amount, monthly payment, and payment due date. If there are changes or adjustments to the escrow account, the new lender must do them under the terms of the original escrow agreement. The new lender can make some changes if you request them and the lender approves. For example, you may request your new lender to provide more payment methods.

Taxes and Insurance

If you have an escrow account and your mortgage is transferred, you may be worried about making sure your property taxes and homeowners insurance get paid. Though you can always verify the information, the original loan servicer is responsible for giving your local tax authority the new loan servicer’s address for tax billing purposes. The original lender is required to do this after the assignment is recorded. The servicer will also reach out to your property insurance company for this reason.  

If you’ve received notice that your mortgage loan has been assigned, it’s a good idea to reach out to your loan servicer and verify this information. Verifying that all your mortgage information is correct, that you know who to contact if you have questions about your mortgage, and that you know how to make payments to the new servicer will help you avoid being scammed or making payments incorrectly.

Let's Summarize…

In a mortgage assignment, your original lender or servicer transfers your mortgage account to another loan servicer. When this occurs, the original mortgagee or lender’s interests go to the next lender. Even if your mortgage gets transferred or assigned, your mortgage’s terms should remain the same. Your interest rate, loan amount, monthly payment, and payment schedule shouldn’t change. 

Your original lender isn’t required to notify you or get your permission prior to assigning your mortgage. But you should receive correspondence from the new lender after the assignment. It’s important to verify any change in assignment with your original loan servicer before you make your next mortgage payment, so you don’t fall victim to a scam.

Attorney Todd Carney

Attorney Todd Carney is a writer and graduate of Harvard Law School. While in law school, Todd worked in a clinic that helped pro-bono clients file for bankruptcy. Todd also studied several aspects of how the law impacts consumers. Todd has written over 40 articles for sites such... read more about Attorney Todd Carney

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Assignment of Mortgage (Commercial Real Estate Loan) (IL) | Practical Law

assignment of mortgage form illinois

Assignment of Mortgage (Commercial Real Estate Loan) (IL)

Practical law standard document w-000-1048  (approx. 21 pages).

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Assignment of Mortgage

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ASSIGNMENT OF MORTGAGE

For and in consideration of ____________________________ Dollars ($ _____ ), the receipt of which is hereby acknowledged, ______________________________________ of ______________________________ , hereby grants, assigns and transfers to ______________________________________ , of ____________________________ , that certain mortgage executed by ____________________________ , dated _____________ , 20 _____ , and recorded in the office of the ______________________________________ of __________________ County, State of _______________ in Book of Mortgage, at page _______ , together with the note described therein and the money to become due thereon with the interest provided therein. IN WITNESS WHEREOF, ____________________________ the undersigned has executed this assignment on _____________ , 20 _____ . ____________________________ Signature

STATE OF _____________ COUNTY OF _____________ On __________________________ before me, _____________________________________ personally appeared _______________________________________ , personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. Signature: __________________________ Affiant _____ Known _____ Unknown

ID Produced _____________________

Other Forms You May Need

  • Release of Mortgage

Assignment of Leases and Rents (Pro-Lender) (IL)

This template assignment of leases and rents is used in an acquisition loan transaction by a borrower to assign to a lender the leases and occupancy agreements related to a mortgaged property in Illinois and all rents and sums payable thereunder. This template includes practical guidance, drafting notes, alternate clauses, and optional clauses. This document is often broken out from the other loan documents so that it can be recorded to memorialize such an assignment although such an assignment may also be included in the provisions of the mortgage. This template is drafted from the lender's perspective but includes drafting tips for the borrower. For information on Illinois commercial financing transactions, see Commercial Real Estate Financing Transactions (IL), Commercial Real Estate Financing (IL), and Commercial Real Estate Acquisition Loan Resource Kit (IL).

  • Assignment of Mortgage

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What is an Assignment of Mortgage?

In real estate, an assignment of mortgage is the transfer of a mortgage, or mortgage note , to another party which typically happens on the servicing side or lender side. This is commonly seen one when lender sells or transfers your mortgage to another lender. Lenders typically have the right to to sell mortgages and assign them to new parties, but don’t typically allow borrowers to do the same. When a borrower transfers their mortgage obligation to a new party, this is called an assumed mortgage.

Assignment of Mortgage Examples

Examples where you will find assignment of mortgages include:

  • Example 1. A lender selling your mortgage to another lender for servicing.

Here’s Property Shark’s definition of assignment of mortgage .

ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.

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2021 Illinois Compiled Statutes Chapter 765 - PROPERTY 765 ILCS 905/ - Mortgage Act.

(765 ILCS 905/0.01) (from Ch. 95, par. 50)

Sec. 0.01. Short title. This Act may be cited as the Mortgage Act.

(Source: P.A. 86-1324.)

(765 ILCS 905/1) (from Ch. 95, par. 51)

Sec. 1. Any mortgage heretofore or hereafter executed by a public utility (as defined in Section 3-105 of The Public Utilities Act), or by any corporation that may own or operate, within the State, any plant, equipment or property that shall be used for or in connection with the conveyance of oil or gas by pipe line, in the manner provided for the execution of mortgages upon real estate, may include both real and personal property; and any mortgage heretofore or hereafter executed by such public utility or such oil or gas pipe line corporation upon its real and personal property shall constitute a valid lien upon all and every part of the property of the mortgagor which is described in such mortgage and which is situated in any county in this State where such mortgage is or shall be recorded in the manner provided for the recording of real estate mortgages, and such mortgages shall be governed by the provisions hereinafter stated for mortgages of real property.

(Source: P.A. 85-1209.)

(765 ILCS 905/2) (from Ch. 95, par. 52)

Sec. 2. Every mortgagee of real property, his or her assignee of record, or other legal representative, having received full satisfaction and payment of all such sum or sums of money as are really due to him or her from the mortgagor, and every trustee, or his or her successor in trust, in a deed of trust in the nature of a mortgage, the notes, bonds or other indebtedness secured thereby having been fully paid before September 7, 1973, shall, at the request of the mortgagor, or grantor in a deed of trust in the nature of a mortgage, his or her heirs, legal representatives or assigns, or a person authorized by such mortgagor, grantor, heir, legal representative, or assign, in case such mortgage or trust deed has been recorded or registered, make, execute and deliver to the mortgagor or grantor in a deed of trust in the nature of a mortgage, his or her heirs, legal representatives or assigns, or a person authorized by the mortgagor, grantor, heir, legal representative, or assign, an instrument in writing executed in conformity with the provisions of this Section releasing such mortgage or deed of trust in the nature of a mortgage, which release shall be entitled to be recorded or registered and the recorder or registrar upon receipt of such a release and the payment of the recording fee therefor shall record or register the same.

Mortgages of real property and deeds of trust in the nature of a mortgage shall be released of record only in the manner provided herein or as provided in the Mortgage Certificate of Release Act; however, nothing contained in this Act shall in any manner affect the validity of any release of a mortgage or deed of trust made prior to January 1, 1952 on the margin of the record.

Except in the case of a mortgage that is required to be released under the Mortgage Certificate of Release Act, every mortgagee of real property, his or her assignee of record, or other legal representative, having received full satisfaction and payment of all such sum or sums of money as are really due to him or her from the mortgagor, and every trustee, or his or her successor in trust, in a deed of trust in the nature of a mortgage, the notes, bonds or other indebtedness secured thereby having been fully paid after September 7, 1973, shall make, execute and deliver to the mortgagor or grantor in a deed of trust in the nature of a mortgage, his or her heirs, legal representatives or assigns, or person authorized by such mortgagor, grantor, heir, legal representative, or assign, an instrument in writing releasing such mortgage or deed of trust in the nature of a mortgage or shall deliver that release to the recorder or registrar for recording or registering. If the release is delivered to the mortgagor or grantor, it must have imprinted on its face in bold letters at least 1/4 inch in height the following: "FOR THE PROTECTION OF THE OWNER, THIS RELEASE SHALL BE FILED WITH THE RECORDER OR THE REGISTRAR OF TITLES IN WHOSE OFFICE THE MORTGAGE OR DEED OF TRUST WAS FILED". The recorder, or registrar, upon receipt of such a release and the payment of the recording or registration fee, shall record or register the release. A certificate of release issued and recorded by a title insurance company or its duly appointed agent pursuant to the Mortgage Certificate of Release Act shall satisfy the requirements of this Section 2.

(Source: P.A. 101-97, eff. 1-1-20.)

(765 ILCS 905/3) (from Ch. 95, par. 53)

Sec. 3. An instrument in writing which releases a mortgage or trust deed of real property may be acknowledged or proved in the same manner as deeds for the conveyance of land.

(Source: Laws 1961, 1st Spec.Sess., p. 42.)

(765 ILCS 905/4) (from Ch. 95, par. 54)

Sec. 4. If any mortgagee or trustee, in a deed in the nature of a mortgage, of real property, or his or her executor or administrator, heirs or assigns, knowing the same to be paid, shall not, within 30 days after the payment of the debt secured by such mortgage or trust deed, comply with the requirements of Section 2 of this Act, he or she shall, for every such offense, be liable for and pay to the party aggrieved the sum of $200 which may be recovered by the party aggrieved in a civil action, together with reasonable attorney's fees. In any such action, introduction of a loan payment book or receipt which indicates that the obligation has been paid shall be sufficient evidence to raise a presumption that the obligation has been paid. Upon a finding for the party aggrieved, the court shall order the mortgagee or trustee, or his or her executor or administrator, heirs or assigns, to make, execute and deliver the release as provided in Section 2 of this Act. The successor in interest to the mortgagee or trustee in a deed in the nature of a mortgage shall not be liable for the penalty prescribed in this Section if he or she complies with the requirements of Section 2 of this Act within 30 days after succeeding to the interest.

(765 ILCS 905/5) (from Ch. 95, par. 55)

Sec. 5. Every deed conveying real estate, which shall appear to have been intended only as a security in the nature of a mortgage, though it be an absolute conveyance in terms, shall be considered as a mortgage.

(765 ILCS 905/13) (from Ch. 95, par. 63)

Sec. 13. Any person who has a mortgage lien upon any land against which there exists a prior mortgage may pay any interest or any installment of the principal or interest which may be in default upon any such prior mortgage and all such sums so paid shall become a part of the debt secured by such junior mortgage, shall bear interest from date of payment at the same rate as the indebtedness secured by such prior mortgage and shall be collectible with, as a part of and in the same manner, as the amount secured by such junior mortgage.

(765 ILCS 905/13.1)

Sec. 13.1. Real estate; real property. As used in this Act, "real estate" and "real property" include a manufactured home as defined in subdivision (53) of Section 9-102 of the Uniform Commercial Code that is real property as defined in the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act.

(Source: P.A. 98-749, eff. 7-16-14.)

(765 ILCS 905/14) (from Ch. 95, par. 64)

Sec. 14. "An Act to revise the law in relation to mortgages of real and personal property and to validate certain transactions, including filings or recordings of mortgages of personal property, and affidavits of extension or renewal thereof, heretofore made or occurring," approved March 26, 1874, as amended, is repealed.

(765 ILCS 905/15) (from Ch. 95, par. 65)

Sec. 15. Notwithstanding the repeal of said Act approved March 26, 1874, any mortgage executed prior to midnight on July 1, 1962 in conformity with the provisions of said Act in effect at the time of the execution thereof may be recorded or filed, the lien and validity thereof may be extended or renewed, and such mortgages may be terminated, completed, consummated or enforced, and the rights, duties and interests flowing from any such mortgages shall remain and be valid all in the same manner and to the same extent and on the same terms as provided in said Act as if said Act continued in force for all such purposes after July 1, 1962.

(765 ILCS 905/16) (from Ch. 95, par. 66)

Sec. 16. This Act shall take effect at midnight on July 1, 1962.

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COMMENTS

  1. Illinois Assignment and Satisfaction of Mortgage Law

    Illinois Law. Execution of Assignment or Satisfaction: Must be signed by mortgagee. Assignment: An assignment must be in writing and recorded. Demand to Satisfy: Release required within 60 days of payoff. No request by the mortgagor is required. Recording Satisfaction: Upon full payoff of the mortgage, the mortgagee shall provide a written ...

  2. Free Mortgage Assignment Agreement

    Create Document. Updated February 16, 2024. A mortgage assignment agreement is between a holder of debt (assignor) and a party that assumes the debt (assignee). Under most mortgages, the borrower has no rights to object. Since a mortgage is centered upon a specific borrower's credit profile, it is difficult to replace with a new borrower.

  3. Illinois Assignment of Mortgage

    The Illinois Assignment of Mortgage is a legal document used in the state of Illinois to transfer the rights and interests in a mortgage from one party to another. When a mortgage is assigned, it means that the lender or mortgagee is transferring their rights in the mortgage to a new party, known as the assignee.

  4. Assigment Of Mortgage Document Illinois

    Illinois Real Estate. Assignment Of Mortgage Template. If finding legal forms online looks like a challenge, use US Legal Forms. Choose from 85,000 state-specific document templates available for download in Word and PDF.

  5. Understanding the Assignment of Mortgages: What You Need To Know

    When your original lender transfers your mortgage account and their interests in it to a new lender, that's 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. It's common for mortgage lenders to sell the mortgages to ...

  6. Assignment Of Mortgage

    Illinois Real Estate. Illinois Assignment Mortgage. To ensure the validity of your documents, make sure to use proper legal forms. With US Legal Forms, you can select from 85,000 state-specific samples.

  7. Get the free assignment of mortgage form

    To fill out an assignment of mortgage, follow these steps: 1. Download or obtain a blank assignment of mortgage form. You can typically find these forms online or at your local county recorder's office. 2. Identify the parties involved: Start by entering the names of the assignor (current mortgage holder) and assignee (new mortgage holder).

  8. Assignment of Mortgage (Commercial Real Estate Loan) (IL)

    An assignment of mortgage under Illinois law used to assign and transfer a mortgage from one lender to another lender. This Standard Document is intended for use with the financing of commercial properties in Illinois and has integrated notes with important explanations and drafting and negotiating tips for both the assignor and the assignee.

  9. Assignment of Mortgage (IL)

    This assignment of mortgage may be used in Illinois to transfer a mortgage on real property from the existing mortgage lender to a new lender. This template includes practical guidance and drafting notes. An assignment of mortgage is commonly used in Illinois when the existing lender sells a loan to a new lender. In Illinois, the underlying debt to a mortgage is assignable, but the mortgage ...

  10. Illinois Assignment of Mortgage

    Illinois Assignment of Mortgage. US Legal Forms provides an extensive online catalogue of state-specific forms. Quickly find and download reusable forms in Word and PDF. ... Illinois Assignment of Mortgage . Category: Real Estate - Assignments. State: Multi-State. Control #: US-RE-02837. Format: Word; Rich Text. Instant download. Buy now. Free ...

  11. Assignment Of Mortgage Form Illinois

    The Assignment of Mortgage form in Illinois is a legal document used when a mortgage loan is being transferred or assigned from one party to another. It details the terms and conditions of the transfer, ensuring that the new lender has the right to enforce the mortgage and collect payments from the borrower. In Illinois, there are several types ...

  12. Assignment of Mortgage

    Release of Mortgage. "Are these forms valid in my state?" At ILRG, we are committed to delivering top quality legal forms that are valid in all states. We will pay $50 to anyone who brings to our attention any form on our site that is not compliant with U.S. state law. See the terms and conditions for this offer for further information.

  13. ASSIGNMENT OF MORTGAGE

    Multistate Mortgage Assignment -Single Family - Fannie Mae Uniform Instrument Form 3741 07/2021 Page 1 of 4 . Recording Requested By/Return To: ASSIGNMENT OF MORTGAGE [To be used only where Fannie Mae is the assignee.] For Value Received, the undersigned holder of a Mortgage (herein "Assignor") whose address is

  14. Assignment of Leases and Rents (Pro-Lender) (IL)

    This template assignment of leases and rents is used in an acquisition loan transaction by a borrower to assign to a lender the leases and occupancy agreements related to a mortgaged property in Illinois and all rents and sums payable thereunder. This template includes practical guidance, drafting notes, alternate clauses, and optional clauses.

  15. Assignment of Mortgage Laws and Definition

    An assignment of a mortgage refers to an assignment of the note and assignment of the mortgage agreement. Both the note and the mortgage can be assigned. To assign the note and mortgage is to transfer ownership of the note and mortgage. Once the note is assigned, the person to whom it is assigned, the assignee, can collect payment under the note.

  16. Chicago Title

    Common Land Trust Closing Procedures for Lenders. Verify that the documents have correct vesting. Note:Verify that the mortgage document does not include the name of the borrower. Verify that there is a signed. Letter of Direction TO COMPLETE THIS FORM: SAVE the blank form to your computer. BEFORE entering your information and then.

  17. Fannie Mae Legal Documents

    When we revise the documents, we include a notation in the tagline at the bottom of the form to indicate the revision date, and we also include a notation of the revision date in the Instructions page for the document. ... Illinois (3014) Instructions. Standard form. Indiana (3015) Instructions. Standard form ... MERS Mortgage Assignment (Maine ...

  18. Assignment Of Mortgage Form Illinois

    An Assignment of Mortgage form in Illinois is a legal document that transfers the rights and interest of a mortgage from one party to another. It is used when the original lender or mortgage holder wants to sell or transfer their loan to a different entity.

  19. Assignment of Mortgage: Definition and Examples (2022)

    In real estate, an assignment of mortgage is the transfer of a mortgage, or mortgage note , to another party which typically happens on the servicing side or lender side. This is commonly seen one when lender sells or transfers your mortgage to another lender. Lenders typically have the right to to sell mortgages and assign them to new parties ...

  20. Mortgage Act. :: 2021 Illinois Compiled Statutes

    2021 Illinois Compiled Statutes Chapter 765 - PROPERTY 765 ILCS 905/ ... (Source: P.A. 86-1324.) (765 ILCS 905/1) (from Ch. 95, par. 51) Sec. 1. Any mortgage heretofore or hereafter executed by a public utility (as defined in Section 3-105 of The Public Utilities Act), or by any corporation that may own or operate, within the State, any plant ...

  21. Mortgage Brokers and Bankers

    Mortgage Brokers and Bankers - Forms. Update: Certain forms are now available on this site in two formats - the traditional and the new fill-in format. Traditional Form: A traditional type form must be printed off of the computer, typed and mailed, along with other required documentation, if any. Fill-in Form: The fill-in form may be completed ...

  22. Assignment Of Mortgage Package

    A Stepwise Guide to Editing The Assignment Of Mortgage Package - Illinois Template. Below you can get an idea about how to edit and complete a Assignment Of Mortgage Package - Illinois Template in detail. Get started now. Push the"Get Form" Button below . Here you would be transferred into a page allowing you to conduct edits on the document.

  23. PDF Assignment of Mortgage

    Assignment of Mortgage Author: eForms Created Date: 20210910155327Z ...