What is MERS in real estate?
The MERS® System is a national electronic database that tracks changes in mortgage servicing rights and beneficial ownership interests in loans secured by residential real estate.
Who owns MERS mortgage?
MERSCORP Holdings, Inc.
Mortgage Electronic Registrations Systems, Inc/Parent organizations
Is MERS legal?
California Court Affirms the Power of MERS to Assign Promissory Notes and Invoke the Tender Rule. One result of the foreclosure crisis over the past few years is a wave of “wrongful foreclosure” cases seeking to set aside or delay foreclosure proceedings on the applicable property.
Can MERS discharge a mortgage?
(MERS)—discharges the mortgage and removes its lien on the property. Because your title search revealed that MERS possessed the only outstanding interest against the property, you are satisfied that the title is free from adverse claims. Accordingly, you close the deal.
How do you get MERS discharge?
When MERS is the record holder of a mortgage, the mortgage shall be discharged only by MERS. A valid discharge may be issued by (1) MERS, or (2) a member of MERS acting through a certifying officer of MERS.
How do you release MERS?
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).
Is Mr Cooper a nationstar?
Nationstar Mortgage Holdings, Inc. As of June 30, 2017, Nationstar employed approximately 7,000 people and is one of the largest mortgage services in the United States with a servicing portfolio of approximately $500 billion and more than 3 million customers. In August 2017, Nationstar was re branded as Mr. Cooper.
Can MERS foreclosure?
Nonjudicial States and MERS Foreclosures So, MERS can’t nonjudicially foreclose a deed of trust in that state because it doesn’t own the debt.
How do you find MERS?
Borrowers can search for servicer information one of three ways:
- By property address.
- By the borrower’s name and social security number.
- Or with the unique Mortgage Identification Number (MIN) on the mortgage or deed of trust signed at closing. Don’t worry if you don’t know the MIN as it’s not required.
How do I contact MERS?
We can help! MERS® ServicerID is a free service we provide to connect you with the current servicer of your loan, if it is registered in the MERS® System. You may access it by: Dialing the toll-free number at (888) 679-6377, or.
What is a mom mortgage?
MOM Mortgage Loan: A Mortgage Loan where the related Mortgage names MERS or its designee as the original mortgagee thereof, as to which a MIN has been assigned, and which Mortgage has not been assigned to any other person.
Is Seterus going out of business?
Seterus is no longer operating. On Feb. 28, 2019, after the relevant period covered by the Bureau’s investigation, Seterus was sold and its entire mortgage servicing portfolio was transferred to Nationstar Mortgage LLC, doing business as Mr. Cooper.
How does MERS work in a foreclosure case?
So, to foreclose, a MERS mortgage usually has to be assigned from MERS to the current owner and holder of the promissory note (the entity that actually owns the debt obligation). Then, when the servicer files the foreclosure lawsuit, it names the current owner of the loan as the plaintiff.
What does MERS stand for in mortgage category?
MERS is an acronym for Mortgage Electronic Registration Systems, Inc. Its function is to serve as a nominee (basically, a stand-in) for the lender or current owner of the loan in the land records. The MERS system is used by almost every mortgage originator and servicer nationwide as a way to track mortgage ownership and servicing rights.
Who is the owner of the MERS system?
What is MERS? Mortgage Electronic Registration Systems, Inc. (MERS) is a wholly-owned subsidiary of MERSCORP Holdings, and its sole purpose is to serve as mortgagee in the land records for loans registered on the MERS® System.
How does MERS work on a deed of trust?
No interests in those mortgages (or deeds of trust) are transferred on the MERS® System; they are only tracked. MERS as original mortgagee eliminates breaks in the chain of title because the lien is grounded in MERS’ name. How does MERS become a mortgagee or beneficiary?