The substitution or successor is a person or entity who continues the role and duties subsequent to and who will remain in control until the foreclosure sale and conveyance is recorded. It is filed in the country recorders office where the subject property is domicile. A filing is required when a successor trustee takes the place of a previous trustee if the matter of a pending foreclosure and notice of default.
Then a pre-selected successor as trustee is appointed under the terms of the declaration of trust on behalf of the investors. It does not necessarily reflect the name of the current beneficiary.