Mortgage Loan Programs: Assignment of Mortgage and Endorsement of Note and Hazard Insurance Mortgagee Clause Language

You may use industry-standard documents for the assignment of mortgage, or the Minnesota Department of Commerce provides an Assignment of Mortgage form as a convenience to the public.

For all Start Up and Step Up loans: 

1. Close in the lender’s name

2. MERS is acceptable for first mortgages only OR;

3. Assign to U.S. Bank National Association, its successors and/or assigns

• The wording in bold must be printed verbatim on the assignment
• If the assignment asks for an address, the address should be:
  
  Owensboro Operations Center
  2800 Tamarack Road
  Owensboro, KY 42301 

4. Endorse the note as follows:
   
   Pay to the Order of: 

   U.S. Bank National Association
   Without Recourse
   By:______________________ (signature)
   XYZ Mortgage Corporation (full legal name)
   John Doe, Vice President (typed name & title);

5. Mail original notes and copies of assignment(s) to:

   U.S. Bank National Association
   Attn: HFA Note Vault
   9380 Excelsior Blvd. 6th Floor;
   Hopkins, MN 55343

6. Mail final recorded documents to:

   U.S. Bank National Association
   Attn: CICR CN-KY-WHCI
   800 Moreland Street
   Owensboro, KY 42301-2046

7. Email copy of the final title work to documentcontrol@usbank.com

Minnesota Housing downpayment and closing cost loans require an Assignment of Mortgage. You may use any of the following options:

•  Industry-standard documents for the assignment of mortgage
•  The Minnesota Department of Commerce provides an Assignment of Mortgage form
• Minnesota Housing Assignment of Mortgage

See Best practice and tips for assignment of mortgage 

For all Down Payment and Closing Cost Loans:

1. Close in the lender’s name

2. Assign to Minnesota Housing Finance Agency.

• MERS is not acceptable
• The wording in bold must be printed verbatim on the assignment
• If the assignment asks for an address the address should be:
  
  400 Wabasha Street North, Suite 400
  St. Paul, MN 55102
   

3. Minnesota Housing requires either the loan amount or the recorded document number on the Downpayment and Closing Cost Loan mortgage assignment
    
4. Endorse the note to Minnesota Housing Finance Agency

•  The wording in bold must be printed verbatim on the endorsement

5. Mail original notes and copies of assignment(s) to: 

   U.S. Bank National Association
   Attn:  HFA Note Vault
   9380 Excelsior Blvd. 6th Floor
   Hopkins, MN 55343 

6. Mail final recorded documents to: 

   U.S. Bank National Association
   Attn: CICR CN-KY-WHCI
   800 Moreland Street
   Owensboro, KY 42301-2046

All insurance policies must contain a ‘standard’ or ‘union’ mortgagee clause in the form customarily used. 

The mortgagee clause should read: 

U.S. Bank National Association its successors and or assigns as their interest may appear.

c/o U.S. Bank Home Mortgage
P.O. Box 961045
Fort Worth, TX 76161-0045

Insurance policies must name the Lender as the mortgagee for each downpayment and closing cost loan and/or as an additional loss payee in the order of the priority of its lien.

Each Minnesota Housing Downpayment and Closing Cost Loan must be listed in the mortgagee clause.

• If there is more than one Minnesota Housing Downpayment and Closing Cost Loan: All  Minnesota Housing Downpayment and Closing Cost Loans may be combined in the same mortgagee clause with each individual loan number listed.