If a mortgagee assigns its interest to another party, who must the mortgagor make payments to now?

When a mortgagee assigns their interest to another party, the new entity that holds the rights to receive mortgage payments is the assignee. This means that the mortgagor, who is the borrower in the mortgage agreement, is required to make their payments to the assignee instead of the original mortgagee. This assignment effectively transfers the financial obligations associated with the mortgage. The mortgagor should be informed of this change to ensure that payments are remitted to the correct party and to avoid any potential defaults or legal issues.

In scenarios where the assignor (the original mortgagee) remains involved, they do not retain the right to receive payments once the assignment has been made. The beneficiary typically refers to parties involved in trust arrangements or specific types of loans and does not directly relate to standard mortgage assignments. As for the mortgagee, this term usually refers to the original lender but, following the assignment, they are not the party receiving payments.