How to Get a Copy of Your Mortgage Note

A mortgage note is a legally binding agreement that outlines the terms of a home loan and the borrower’s promise to repay the borrowed sum. It is a fundamental document in any real estate transaction, establishing financial obligations between the borrower and the lender. Understanding how to obtain a copy of your mortgage note is important for homeowners.

Understanding the Mortgage Note

The mortgage note, also known as a promissory note, is a legal document separate from the mortgage or deed of trust. While the mortgage or deed of trust provides the lender with a security interest in the property, allowing for foreclosure if loan terms are not met, the note itself is the direct promise to repay the debt. Key components include the principal amount, interest rate, and repayment terms, such as the monthly payment, loan length, and maturity date. The document also identifies the borrower and the original lender.

Locating the Holder of Your Mortgage Note

Identifying the current holder of your mortgage note is a necessary step before requesting a copy. The note may be held by the original lender, the current loan servicer, or a third-party custodian. Loan servicers often manage the day-to-day aspects of a mortgage, including collecting payments, even if they are not the direct owner of the loan.

To determine who holds your note, review recent mortgage statements, as these typically list the current loan servicer and provide contact information. If your loan has been sold or transferred multiple times, the Mortgage Electronic Registration Systems, Inc. (MERS®) database can be a valuable resource. MERS® is a private electronic database that tracks the ownership and servicing rights of mortgage loans. Homeowners can use the MERS® ServicerID online tool by providing their property address or Mortgage Identification Number (MIN) to identify their loan’s current servicer and investor.

Process for Requesting a Copy

Once the current holder or servicer of your mortgage note has been identified, formally request a copy. Submit a written request, often referred to as a Qualified Written Request (QWR) under the Real Estate Settlement Procedures Act (RESPA). Sending the request via certified mail with a return receipt requested provides proof of delivery.

Your written request should include essential identifying information, such as your full name, property address, loan account number, and contact information. Clearly state that you are requesting a copy of your mortgage note (promissory note). Mortgage servicers must acknowledge a QWR within five business days and provide a substantive response within 30 business days. They may extend this period by an additional 15 days if they notify you of the extension and the reasons for it. Many servicers provide copies without charge, but some may impose a nominal fee, typically up to $100. Contacting the servicer’s customer service department first can clarify their specific process, required information, and any associated fees.

Reviewing Your Mortgage Note

Upon receiving a copy of your mortgage note, review it carefully for accuracy. Compare the details on the note against your records and understanding of the loan terms. Verify the principal amount, interest rate, and repayment schedule (monthly payment, maturity date) match your agreement. Confirm your name and the lender’s name are correctly stated on the document. Report any discrepancies to your loan servicer for clarification or correction, then store the copy in a secure location with other financial and property documents.