What is the term for the transfer of rights and obligations under a mortgage from one party to another?

The transfer of rights and obligations under a mortgage from one party to another is referred to as an assignment. In the context of mortgage loans, an assignment typically involves the current mortgagee (the lender) transferring their interests in the mortgage to another party, which can occur for various reasons, including the sale of the loan to another lender or financial institution. The assignment means that the new party takes over the right to receive payments and any accompanying rights as stipulated in the mortgage agreement.

While delegation is a related term, it specifically refers to the transfer of duties or responsibilities rather than the rights associated with ownership or interest in the mortgage. The term transfer of title pertains to the conveyance of ownership of the property itself rather than the financial obligations under the mortgage. Conveyance refers more broadly to the act of transferring property title in legal terms, which does not specifically address the transfer of mortgage rights. Therefore, assignment is the correct term that distinctly captures the essence of transferring mortgage rights and obligations between parties.