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Are All Mortgages Recorded? In most cases, mortgages are recorded with a local government office to ensure a clear title to the property and to provide public notice of the mortgage. This process varies slightly depending on local laws but is a standard practice in real estate transactions.

Mortgages are assigned using a document called an assignment of mortgage. This legally transfers the original lender's interest in the loan to the new company. After doing this, the original lender will no longer receive the payments of principal and interest.

Electronic mortgage closings, or eClosings, is the process when the majority of loan documents that require a customer's signature at the time of loan closing are sent electronically and signed with a digital signature.

A recorded mortgage must be discharged by a certificate signed by the mortgagee, his personal representatives or assigns, acknowledged or proved and certified as prescribed by the chapter on ?recording transfers,? stating that the mortgage has been paid, satisfied, or discharged.

Assignment contracts are a vehicle used by real estate investors to transfer one party's rights and obligations under an existing real estate contract to another party. Assignment contracts don't involve transferring or selling the property directly like a purchase agreement.

An assignment of mortgage gives the loan seller's rights under the mortgage, including the right to foreclose if the borrower doesn't make payments, to the new owner of the loan.

A loan assignment is a process undertaken by an institution to assign its rights relating to a borrower's loan to another entity. The institution relinquishes its rights to any share of payments collected for that loan after the loan has been successfully accepted and assigned.

You can throw away old mortgage statements, but proceed with caution, because in some cases you should keep old mortgage papers for a long time. For example: Keeping the promissory note, Closing Disclosure, deed of trust and proof of title insurance for the life of a loan is typically required.

?Try to organize your papers in a binder or folder,? says Ang. ?Chronological order may be most helpful, with indicator tabs showing the month and year.? It's also smart to keep a digital copy of your mortgage documents in cloud-based storage or on a hard drive.