Secondary Mortgage Market
One lender (originator) sells or assigns the note and mortgage to another lender, typically termed an investor. Transfer of the loan is made either by promissory note or a separate document of assignment. Assignment of the note is not really necessary though since a mortgage without a note is worthless (there would never be a default for the mortgagee to foreclose on) and a note without a mortgage would be far less secure.
We have located some similar legal questions and legal question categories. Check out these challenging questions that askquestions about Real Estate Law and are similar to What is Secondary Mortgage Market?. Also, we have included a list of some of our more popular legal question categories. These categories are based on what everyone is asking and answering.