What is the difference?
The Assignment of Mortgage/Assignment of Collateral is for assigning the loan documents from the lender to another party to be an assigned lender. The options available on an order are conditional on if the loan is being prepared to be included in Mortgage Electronic Registration System (MERS). The Assignment of Collateral data field is present when the mortgage is identified as being MERS during the order. The Assignment of Mortgage data field will be present when the loan is not identified as MERS.
If the order is identified as being MERS, the Assignment of Mortgage data field in your first screenshot has been replaced with the Assignment of Collateral data field in your second screenshot.
For non-MERS orders, the data entry will have the Mortgage Assignment data fields and output:
- Allonge to the note
- Assignment of Mortgage
- Assignment of Collateral for all other loan package documents.
For MERS orders, the data entry will have the Assignment of Collateral data fields and output:
- Allonge to the note
- Assignment of Collateral for all other package documents.
With MERS orders, the mortgage assignment is handled through MERS.