abstract:In the United States, a mortgage note (also known as a real estate lien note) is a promissory note associated with a specified mortgage loan; it is a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise. While the mortgage itself pledges the title to real property as security for a loan, the mortgage note states the amount of debt and the rate of interest, and obligates the borrower, who signs the note, personally responsible for repayment.
If the servicers were holding the mortgagenote they would have more need to implement a counseling department to assist their clients, and not treat the agreement as a one-sided deal.