Annotate Legal Washington Assignment Mortgage Forms For Free

An "assignment" is the document that is the legal record of this transfer from one mortgagee to another. In a typical transaction, when the mortgagee sells the debt to another bank, an assignment is recorded, and the promissory note is endorsed (signed over) to the new bank.

The assignment transfers all of the interest the original lender had under the mortgage to the new bank. By tracking loan transfers electronically, MERS eliminates the long-standing practice that the lender must record an assignment with the county recorder every time the loan is sold from one bank to another.

This document was created when a mortgagee wished to recover his money, but the mortgagor could not pay it back. The mortgagee would assign the mortgage to another person, who would pay him the money he was owed.

The most common example of an Assignment of Mortgage is when a mortgage lender transfers/sells the mortgage to another lender. This can be done more than once until the balance is paid. The lender does not have to inform the borrower that the mortgage is being assigned to another party.

Access to MERS Servicer ID is available by phone at 1-888-679-6377 and online at .

3 The address for MERS is 11819 Miami St., Suite 100, Omaha, NE 68164; P.O. Box 2026, Flint, MI 48501-2026. 5 MERS is not referred to as beneficiary but is instead referred to as nominee of the beneficiary and beneficiary's successors and assigns.