What is a “Corporate Assignment of Mortgage”?

Question by MeriGator: What is a “Corporate Assignment of Mortgage”?
We are in the process of short selling our home. We got an offer and are waiting to hear back from our 2 mortgage companies. The larger company accepted the short sale and are negotiating with our 20% mortgage bank. I noticed today that the smaller bank filed a “corporate assignment of mortgage? What does this mean?
But what does this have to do with my Short sale? Are they starting the foreclosure process?

Best answer:

Answer by mortgage underwriter
it means they sold it to another bank and “assigned” the mortgage (and the note) to the new bank. happens all the time.

What do you think? Answer below!

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