Iowa Assignment of Deed of Trust is a legal document used in real estate transactions to transfer the ownership of a mortgage from one party to another. This assignment is typically made by the lender or mortgage holder, known as the "assignor," to a new party, known as the "assignee." The assignee then becomes the new holder of the mortgage and assumes all the rights and responsibilities associated with it. One of the main purposes of an Iowa Assignment of Deed of Trust is to allow the lender to sell or transfer the mortgage to another entity. This can occur for various reasons, such as when a loan is sold to another financial institution, or when a loan is being bundled into a mortgage-backed security. By assigning the deed of trust, the original lender can effectively transfer the mortgage without requiring the borrower to sign a new loan agreement. In Iowa, there are a few different types of Assignment of Deed of Trust that can be used depending on the specific situation: 1. Absolute Assignment: This type of assignment transfers the entire interest and rights of the assignor to the assignee. In an absolute assignment, the assignee assumes full ownership and responsibility for the mortgage. 2. Collateral Assignment: In certain cases, the assignor may only transfer a partial interest in the mortgage to the assignee. This is known as a collateral assignment and allows the assignor to retain some rights or interests in the mortgage while still transferring partial ownership. 3. Equitable Assignment: An equitable assignment occurs when the assignor promises to assign the mortgage in the future, but a specific date or other conditions for the transfer are yet to be met. This type of assignment is often used when there are pending agreements or conditions that need to be fulfilled before the assignment can take place. It is important to note that an Iowa Assignment of Deed of Trust must comply with the state's legal requirements and be recorded with the county recorder or registrar of deeds. This recording ensures that the transfer of ownership is publicly documented and provides notice to anyone interested in the property. In summary, an Iowa Assignment of Deed of Trust is a legal document enabling the transfer of ownership of a mortgage from one party to another. Whether it's an absolute, collateral, or equitable assignment, this document plays a crucial role in facilitating the transfer of mortgage rights and responsibilities in real estate transactions.