Who owns MERS mortgage?
MERSCORP Holdings, Inc.Mortgage Electronic Registrations Systems, Inc / Parent organization
Why was the Mortgage Electronic Registration System Inc?
Mortgage Electronic Registration Systems, Inc. was intended to serve as a nominee for real estate transactions in a way strongly analogous to how Cede & Co. serves as the nominee owner of record (i.e., the “street name” owner) for all securities held in trust by the Depository Trust & Clearing Corporation.
What is a mom loan?
MOM Loan means a Mortgage Loan where the related Mortgage names MERS as the original mortgagee thereof, as to which a MIN has been assigned, and which Mortgage has not been assigned to any other Person.
Who owns merscorp Holdings Inc?
ICE Mortgage Technology, Inc.MERSCORP Holdings, Inc. / Parent organization
ATLANTA & NEW YORK–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced it has acquired the remaining equity of MERSCORP Holding, Inc., owner of Mortgage Electronic Registrations Systems, Inc.
Why do lenders use MERS?
Because MERS is a common agent for its members, recording an assignment of the mortgage is eliminated when ownership of the promissory note or servicing rights transfer between members. This reduces work and cost. The MERS® System also provides information on undisclosed liens, which reduces fraud.
How do I get a MERS mortgage release?
The loan servicer will send a lien release to the county recorder’s office. The release should contain the MIN and the telephone number to access the MERS VRU, which is the number the general public may call to obtain information about the MERS servicer. The number for the VRU is 1-888-679-MERS (679-6377).
Why do banks use MERS?
What is a MERS fee?
The MERS fee is the cost to register your loan in the Mortgage Electronic Registration System (now you understand where MERS comes from), which is a database used by the mortgage lending industry to track loans. In short, the MERS system enables lenders to buy and sell mortgages more easily.
What is registration reversal?
The transaction used to reverse an eNote registration that was previously performed on the MERS® eRegistry. This term is also defined in the MERS® eRegistry Procedures Manual available at members.mersinc.org. Term Source: eMortgage Glossary.
What does MERS stand for mortgage?
Mortgage Electronic Registration System
MERS, the Mortgage Electronic Registration System, tracks the owners and servicers of mortgage loans in the United States. Homeowners can visit MERS’s website to look up the owner or servicer of their mortgages.
What is MERS fee?