What parties are involved in switching a mortgage from 1 lender to another?

I bought a privately held mortgage from the person who held the mortgage. We met, signed a contract saying I was buying and he was selling, and I took the assignment of mortgage document to be recorded at the city recording office.





It depends on who holds the mortgage and what their policy is, but at it's simplest, you only need the two parties who are ';switching'; the mortgage, and the clerk that records this assignment. In fact, in the state of Maryland, this assignment does not legally have to be recorded, so you need never involve the county recorder, and it could just be an agreement between the two lenders.What parties are involved in switching a mortgage from 1 lender to another?
It depends if you're refinancing or if the servicer of your loan is changing.





If you're refinancing: your current servicer (who you send your payments to,) the company refinancing you, the title company, and the new servicer.) You may also need a new appraisal and your homeowner's insurance mortgagee clause will have to be updated.





If your servicer is changing, just them and the new servicer. They will contact your insurance company and re-do the lien holder on your title.