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Whats is the function of MERS (Mortgage Electronic Registrat

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Icon Mini Profile ravik





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Post Posted: Wed Jan 09, 2008 9:02 am    Post subject: Whats is the function of MERS (Mortgage Electronic Registrat
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i have no idea what MERS is and what its function is. But i have seen MERS in quite a few mortgage documents. So i would really appreciate if someone can throw some light on MERS (in layman terms)

Thanks
Ravi
Icon Mini Profile larry





Joined: 27 Jun 2007

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Post Posted: Wed Jan 09, 2008 12:32 pm    Post subject:
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Hi ravik,


I think MERS is a process that actually simplifies the way of mortgage ownership. This has been created by the real estate finance industry.

Best of luck,
Larry
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Post Posted: Wed Jan 09, 2008 1:03 pm    Post subject:
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straight from the guidelines:

Mortgage Electronic Registration Systems (MERS) is a national loan registry for electronic tracking of beneficiary and servicing rights, established to eliminate paper assignments; thus, eliminating missing, mis-recorded and erroneous loan assignments.

i hope this is of assistance.
Icon Mini Profile gmakerley
gmakerley
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Post Posted: Wed Jan 09, 2008 1:04 pm    Post subject:
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that was me above; i thought i was logged in
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