What Is An Assignment Of Mortgage And How Is It Processed? - Jovia

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What is an assignment of mortgage and how is it processed?

An Assignment of Mortgage is a process by which you can refinance your mortgage while saving money on mortgage taxes (this process is also known as a CEMA). We do allow assignments on existing credit union mortgages, however, we do not allow assignments on home equity products. The details, including associated fees, can be found below.

If you have a mortgage with another lender and are looking to refinance with the Credit Union under an assignment, you must first find out from the current lender if they allow assignments, any documentation they require, and all fees associated with the assignment. Once you are ready to move forward, you can apply with us. 　

Assignment of Mortgage Requirements

In order to process an Assignment of Mortgage, we will need the following documentation from you and/or your new lender:

1. A commitment letter listing their address as they require it to read on the Assignment of Mortgage document.
2. A copy of the mortgage schedule from the title search reflecting Jovia Financial Credit Union F/K/A Nassau Educators Federal Credit Union as lienholder on the subject property.
3. A signed, authorization from all borrowers on the existing Jovia mortgage.

All documents can be e-mailed to the credit union at [email protected] or faxed to

(516) 714-2831, Attn: Loan Servicing.

We will begin processing your request once all documentation has been received. Please allow 7-10 business days for completion.

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Fee Description:	Fee:	Prepared By:	Check Payable To:
Document Preparation	$300	Jovia	Jovia
Document Preparation	$200	O’Reilly, Marsh & Corteselli P.C.	O’Reilly, Marsh & Corteselli P.C.
Closing Attendance Fee*	$250	O’Reilly, Marsh & Corteselli P.C.	O’Reilly, Marsh & Corteselli P.C.

All fees are due at closing.

*The closing attendance fee listed above is based on a closing in Nassau County. The fee may vary for closings outside of Nassau County.

The Credit Union’s attorney will bring the original Assignment of Mortgage to the closing.

To schedule attendance for your closing, please contact our attorneys, O’Reilly, Marsh & Corteselli P.C. directly at 516-741-1818.

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