Assignment of Mortgage (AOM) Service
When loans are bought and sold, the buyer is the beneficiary, so we recommend that they take control of the process and partner with an experienced third party to ensure that assignments are done correctly. When the buyer is in control of the assignment, they can follow up to make sure everything gets signed, returned and sent for electronic recording.
If the buyer is not on the county record as the owner of the loan, it puts their investment at risk. This is especially important for non-performing loans, which are commonly sold today. It's critical that the proper paperwork is done timely and correctly on these loans. For this type, portfolio modifications or foreclosure is the resolution. The new owner of the asset must be on record with a proper chain of title to follow this path. The investor must protect the asset they just bought. If they're not listed in the real property records as the owner, they will not receive notifications of adverse incidents and situations. This can be critical information to managing your assets properly.
Another potential risk is the rejection of a lien release by the county if the loan on record is not in the current investor's name. Also, when the borrower pays off the loan, it makes it difficult to release the lien resulting in poor service to the customer.
How Our Assignment Service Works
Working quickly and efficiently with great communication between MetaSource and our client is essential to our assignment solution. This is accomplished through our proprietary system and a team dedicated to you. Here’s how the process typically works:
- You provide the legal names of the assignor and assignee and we will load the information into our proprietary system, which eliminates the need to retype on every assignment
- Once the appropriate source document is provided (recorded mortgage/DOT/title policy), MetaSource generates an assignment document using county specific rules to eliminate the majority of the reasons the county may reject a document
- The assignment is recorded electronically, if the county is able, or sends the assignment through the mail using our in-house mailing system to send and track
- When the recorded assignment is received from the county, your assignment is imaged for further routing and the original is returned to you or your designate
We manage the assignment process every step of the way until the recording process is complete.
Tracking Missing Assignments
Missing intervening assignments is another potential challenge that may arise. Tracking down missing assignments is time consuming, but becomes even harder if those assignments belong to companies that have gone out of business. In that case, an experienced document services provider can provide valuable help.
MetaSource leverages its database of contact information for companies and people with the authority to execute documents for that company to get these problems resolved quickly. Even for servicers and investors who have dedicated staff to handle this problem, our database, generated from over 25 years of working in the assignment and lien release space, can determine—before loans are bought—how fast problems might be solved.