Question on best practices for assignment recording

[Bob Malecki]

We are in the process of buying a bunch of NPL notes from different sources and a few of the assets arrive with the assignment to the seller (when they purchased the note) unrecorded and it places us in a position to have to record their assignment as well as ours. Now, some of these notes were assigned 2-3 years ago to the company from which we purchased them. I guess that there is no regulation that requires a buyer to record their assignment, but what is the risk to a holder of a NPL when they do not record their assignment? 

[Jesse Tsai]

If you don't record your assignment, its hard to get notices as a creditor in the event something happens that may affect your collateral (ie foreclosure, bk, tax sales), because you essentially dont exist.

Easiest way to record is to get a Simplifile account to record in counties that have erecording, and use a courier service ( we use Parasec) for the counties that are still in the stone ages.