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Easily download and save what you find. Please forward this error screen to sharedip-1071800229. Mortgage Electronic Registration Systems, Inc. Lisa Marie Chong, et al. The current Mortgage Electronic Registration Systems, Inc.
The original “MERS” was simply the acronym of Mortgage Electronic Registration Systems, Inc. In 1997, Mortgage Electronic Registration Systems, Inc. The original corporation has since merged with other entities created by its executives and board of directors. Although the 1995 Mortgage Electronic Registration Systems, Inc. MERS service mark and system, it no longer existed after the name change to MERSCORP, Inc. Real estate law and real estate transactions in the US are subject to state regulations and county level recordation requirements. That made it quite cumbersome for financial companies to develop a smooth operation of a market based on mortgages in the early 1980s.
MERS system was born to replace public recordation with a private one. By 2007, MERSCORP Holdings, Inc. Should these challenges succeed, the US banking industry could face a renewed need for capitalization. Congress in the documents filed by MERSCORP, Inc. United States Trademark and Patent Office. However, it is unclear how the MERS system obtains the documents from Mortgage Electronic Registration Systems, Inc.
The MERS acronym was coined soon thereafter. MERS was incorporated in October 1995. MERS was officially launched in April 1997. In the late 1960s and early 1970s, the American securities industry was drowning in paper because of the sheer complexity of physically exchanging thousands of stock certificates every day. By “immobilizing” physical stock certificates and later replacing them altogether with book entries, DTCC enabled the development of the modern computerized securities industry. As mortgage-backed securities grew in volume during the 1980s, it became self-evident that a similar mechanism was needed for the mortgages placed into those securities. As noted above, each of those conveyances had to be recorded with the relevant recorder or land registry.
With each loan requiring three or four assignments, and hundreds of mortgage loans going into each MBS, the result was that recorders were flooded with assignments, and investment banks found themselves choking on paperwork and recorders’ fees. MERS system fixed this problem in that most standard loan documents were changed to name MERS as the nominal beneficiary or mortgagee of record. This enabled lenders and investors to transfer mortgages without recording assignments in local recorders’ offices and in turn avoided having to pay recording fees. Ideally, assuming a loan is properly paid back on time, a MERS loan needs only two documents to be recorded: the original mortgage or deed of trust naming Mortgage Electronic Registration Systems, Inc.
If all entities along the way are MERSCORP Holdings, Inc. MERS system, and the entity who holds the loan at the end merely records the reconveyance as an agent for MERSCORP Holdings, Inc. MERS’ critics frequently attack it as “two-faced. If the borrower defaults, the loan servicer will record an assignment on behalf of Mortgage Electronic Registration Systems, Inc. MBS trustee to an entity outside of the MERS system owned by MERSCORP Holdings, Inc. If the loan performs to the very end, the assignment never needs to be recorded.