Bill > S1011

This bill aims to ensure transparency in the recording of mortgage assignments. It requires mortgagees, mortgage servicers, note holders, and nominees for the lender to record any assignment of a mortgage within 30 days and provide a copy of the recorded assignment to the mortgagor. The bill also specifies the required documentation and information that must be provided, and imposes a penalty of voiding the mortgage or note if the assignment is not recorded and provided within the 30-day period. Additionally, the bill establishes the Massachusetts Neighborhood Preservation Fund, which would receive dedicated recording fees from mortgage assignments, with $37.50 of each fee going to local aid in the registry district and the remaining $37.50 being deposited into the Massachusetts Community Preservation Trust Fund.

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https://malegislature.gov/Bills/192/S1011