White Paper
UNDERSTANDING CURRENT ASSIGNMENT VERIFICATION PRACTICES
The scrutiny of the completeness of collateral review and valid assignment chains has hit the mortgage industry hard, primarily because the industry went from a securitization process that didn’t require assignments to be recorded to a heavily scrutinized process requiring complete chains to be recorded at the county. This has made compliance extremely difficult for many lenders and others, especially because the industry went for so many years without this level of scrutiny. As a result, most lenders-servicers have actually inherited these problems rather than caused them directly
The result is a new industry-wide focus on assignment verification as part of the mortgage assignment process. This verification is accomplished by conducting a thorough collateral documentation review and mortgage/assignment chain audit in order to verify and execute mortgage assignments.
[…]
