Who becomes the new owner of the debt and security instrument upon assignment of the mortgage?

When a mortgage is assigned, the new owner of the debt and security instrument becomes the assignee. The assignee is the individual or entity that receives the rights and obligations of the mortgage from the assignor, who is the original lender or mortgage holder. This process transfers not only the rights to receive payments but also the rights to enforce the terms of the mortgage.

In this context, it’s important to understand the roles of each party involved. The assignor is the original party who originated the loan and is transferring it to the assignee. The mortgagee is typically the lender or financial institution that provides the loan, while the mortgagor is the borrower who takes out the loan against the property. After the assignment, the assignee will have the authority to collect payments from the mortgagor and enforce the mortgage terms, effectively stepping into the shoes of the original lender.

This illustrates how the assignment of a mortgage operates within these relationships, with the assignee assuming all relevant rights and responsibilities associated with the debt.