Question

Write a persuasive statement.
Write a one- to two-page (250- to 500-word) persuasive statement either supporting or opposing a bank's right to assign a mortgage to a third party (for example, a third-party financial institution).

Answer 1

A bank can have the right to assign a mortgage to a third party ( for example, a third party financial institution) as the terms and conditions of the loans are not changed. The bank should make the customer aware of such a situation so that the customer can take the proper steps of making the loan repayments to the new lender or a third - party financial institution. The process should be well documented and recorded for avoiding any communication gaps or clarity regarding the transfer of payments or processes. Banks can take the step of assigning a mortgage to a third party depending on business reasons. It can assign the responsibility of mortgage collection to the In some conditions bank retain the service rights for the mortgage conditions or it may transfer both the service rights and mortgage to a third party. The bank has to share the information with customers in time when assigning a mortgage to a third party. If the assignment of mortgage to a third party does not changes the risk or obligations of the contract and it is not prohibited by the contract, bank has the right to assign a mortgage to a third party.