Mortgage Electronic Registration Systems, Inc. (MERS) is an American privately held corporation. MERS is a separate and distinct corporation that serves as a nominee on mortgages after the turn of the century and is owned by holding company MERSCORP Holdings, Inc., which owns and operates an electronic registry known as the MERS system, which is designed to track servicing rights and ownership of mortgages in the United States.
The case is notable because the servicer was MERS (Mortgage Electronic Registration Systems, Inc.). Judge William Fletcher engaged in a detailed discussion about the advantages and disadvantages of the MERS system. Posted in Consumer protection, Mortgages. in order to avoid having to record future assignments of the mortgage;.
- Mortgage Electronic Registration Systems, Inc. (MERS) is an American privately held corporation. Whereas before the MERS system that last assignment would always have been recorded at the time the MBS was created, the MERS system enabled banks to avoid having to record it unless and until (1) foreclosure became necessary or (2).
- . XYZ Mortgage Company, Inc., its successors and assigns, hereby assigns and transfers to Mortgage Electronic Registration Systems, Inc. MERS' name and address are added to the Assignment here. required, please note that MERS is organized and existing under the laws of Delaware, not Virginia. Created Date.
- Citing the irregularities with the recording of mortgages and assignments that negatively impact municipalities and consumers, Attorney General Peter F. Kilmartin filed legislation to require that all transfers of a mortgage interest on residential property be recorded to provide a clean chain of title.
What is MERS? Mortgage Electronic Registration System, Inc. (MERS) is a company that was created by the mortgage banking industry. MERS then tracks the transfers of the loan, acting as the nominee for each holder, eliminating the need for separate assignments when the loan is transferred. Since the loan is in MERS’ name in the land records.
Mortgage Electronic Registration Systems