Bill > S925

This bill aims to ensure transparency in the recording of mortgage assignments. The key provisions are: 1. Mortgagees, mortgage servicers, note holders, and nominees for lenders must record a duly executed and acknowledged assignment of mortgage within 30 days of a mortgage transfer, with the recording fees paid by the mortgagee, mortgage service provider, or note holder, not the mortgagor. 2. A copy of the recorded assignment must be transmitted to the mortgagor, along with a letter stating the full name, address, email, and phone number of the entity the mortgage was assigned to, and advising the mortgagor to verify this information at the registry of deeds. 3. The assignment must include information about how the current holder became the holder, and supporting documentation such as the note, assignments, and certificates of change of name or merger. 4. If the assignment is executed by a mortgage servicer, attorney-in-fact, or other agent, they must provide the mortgagor with a copy of the recorded assignment and documentation authorizing them to act on behalf of the mortgagee and note holder. 5. Failure to record and provide the required information and documents within 30 days will render the mortgage and note terms void and unenforceable. 6. The bill also establishes the Massachusetts Neighborhood Preservation Fund, to be funded by the recording fees, with $37.50 going to local aid in the registry district and the remaining $37.50 deposited into the Massachusetts Community Preservation Trust Fund.

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https://malegislature.gov/Bills/191/S925