Crucial Exams

Multistate Bar Examination Practice Question

A lender sells a mortgage to another financial institution. Which of the following is most accurate regarding the transfer by the mortgagee?

  • The terms of the original mortgage are voided upon transfer to the new lender.

  • The original lender remains liable under the mortgage agreement after transferring it.

  • The new lender assumes all the rights and obligations under the original mortgage agreement.

  • The borrower must obtain consent before the mortgage can be transferred to the new lender.

Multistate Bar Examination
Real Property
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