Is there a mortgage servicing company called MERS?
Is there a mortgage servicing company called MERS?
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No. MERS, MERSCORP Holdings or the MERS® System do not service mortgages. Mortgage lenders, or other mortgage servicing companies, collect payments from borrowers and manage their loans. Borrowers who have questions about their loans, or who need help with foreclosure prevention,…
Who are the beneficial owners of a MERS loan?
MERS is a nominee for the lender and subsequent buyers (“beneficial owners”) of a mortgage loan and serves as a common agent for the mortgage industry. What is the MERS® System?
How are signed mortgage documents recorded in Mers?
Signed mortgage documents are recorded in the county land records to make a public record of the security interest (in the form of a mortgage or a deed of trust). If MERS is not identified as the original mortgagee, an assignment must be recorded naming MERS as the mortgagee when the loan is registered on the MERS system.
Can a MERS loan be removed from Fannie Mae?
While MERS can act as mortgagee in county land records, it doesn’t actually own the mortgage loan. If the lender sells the loan, MERS will update its information regarding the mortgage. The servicer of a mortgage can have it removed from the MERS database by sending a request to have it deactivated. MERS will, in turn, notify Fannie Mae.
How does MERS work to transfer mortgages?
The goal was to have MERS act as the agent on the recording side and have lenders transfer loans among and between them without having to record the assignment of the mortgage with each individual property.
When was Mers registered as a service mark?
In 1997, Mortgage Electronic Registration Systems, Inc. registered “MERS” as a service mark with the United States Patent and Trademark Office (USPTO) for its mortgage loan eRegistry system.
When did the Mortgage Bankers Association get involved in Mers?
The Mortgage Bankers Association got involved and MERS was incorporated in October 1995. MERS awarded a contract to Electronic Data Systems (EDS) to develop and service the technology systems, and MERS was officially launched in April 1997.
When was mortgage electronic registration systems ( Mers ) created?
MERS awarded a contract to Electronic Data Systems (EDS) to develop and service the technology systems, and MERS was officially launched in April 1997.