Multistate Fannie Mae Assignment of Deed of Trust — Single Family is a document that assigns an existing Fannie Mae-backed mortgage loan from one party to another. It is used when the original lender wishes to transfer ownership of the loan to a third party. The document records the transfer of the loan and the terms of the new loan agreement. It is used to transfer loans between Fannie Mae-approved lenders and to transfer the mortgage to another party when the original borrower defaults on the loan. There are two types of Multistate Fannie Mae Assignment of Deed of Trust — Single Family: Assumption of Deed of Trust and Assignment of Deed of Trust. An Assumption of Deed of Trust occurs when the new lender assumes the existing loan and liability, while an Assignment of Deed of Trust transfers the loan and liability to the new lender. Both types of documents require the signatures of all parties involved in the transaction and must be filed with the local county recorder.
Multistate Fannie Mae Assignment of Deed of Trust - Single Family
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FAQ
A deed of trust is a legal agreement that's similar to a mortgage, which is used in real estate transactions. Whereas a mortgage only involves the lender and a borrower, a deed of trust adds a neutral third party that holds rights to the real estate until the loan is paid or the borrower defaults.
Assignment of Note and Deed of Trust means an assignment of all of the Participating Lending Institution's right, title, and interest in a Note and Deed of Trust, in substantially the form provided in the applicable Lender's Manual.
1-4 Family Rider. A 1-4 Family Rider is typically required for multifamily investment properties with up to four units or two-to-four unit properties that are owner-occupied. This type of rider permits the lender to collect rent from the property if you default on the loan.
In the deed of trust vs mortgage conversation, this is a key differentiator. Mortgages don't loop in the third party; the agreement is just between the lender and the borrower. With a deed of trust, the lender gives the borrower the funds to make the home purchase.