Tag Archives: MERS

Mortgage Electronic Registration Systems, Inc. (MERS) has released a statement responding to the accusation by Robert G. Marshall that the company violates a state law because it doesn't pay a fee when a loan changes hands. Marshall requested that Virginia attorney general Ken Cuccinelli launch an investigation on the Reston, Virginia based MERS.

Lenders cannot proceed with foreclosure sales in the District of Columbia unless the security, or ownership, interest of the lien holder has been properly recorded in public filings, according to Washington, D.C.'s attorney general. Under District law, each deed or other document transferring a mortgage interest must be filed with the Recorder of Deeds within 30 days of execution, and Attorney General Peter Nickles stressed that this requirement is not satisfied by private tracking through the Mortgage Electronic Registration Systems(MERS).

As an alternative to its registry of foreclosed properties and property preservation contacts for vacant properties, the city of Los Angeles is adopting the MERS System, an electronic loan registry that acts as a nominee in county land records on behalf of lenders and servicers. MERS members can use the system to track both residential and commercial properties. Users tout the benefits of the technology as saving code enforcement officials and municipalities both time and money to ensure vacant properties are maintained.

Merscorp, Inc. (MERS), the electronic mortgage registry system, has selected technology management firm Genpact Limited to provide mortgage support services and member-facing helpdesk services, beginning December 2010. Under the seven-year contract between the two companies, Genpact will perform business process services in the United States for MERS, including managing the receipt, identification, and delivery of mortgage-related correspondence on behalf of MERS 2,500 members.