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MERS Reaches 40 Million Loan Milestone on Registry.(IndyMac Bank Home Lending)
McLean, VA -- IndyMac Bank has registered the 40 millionth loan on MERS (Mortgage Electronic Registry Systems) for tracking beneficial interests in mortgage loans and mortgage servicing rights.
"When MERS began registering loans on the system, we cautiously believed that perhaps we would reach that number in 10 or 12 years," said MERS president and CEO R.K. Arnold in a news release. "But it's only been eight years since the registration of the first MOM loan." MOM stands for MERS as original mortgagee.
In a report released by The Tower Group, the MERS System for residential loans showed the fastest rate of adoption of all recent and commonly used technologies.
Forty million loans represents a 33% increase in the number of loans registered on the system since April 2005. To date, 29 of the top 30 mortgage lenders in the industry utilize MERS to eliminate the need to file assignments when trading loans.
"In the beginning, because MERS was so new and so innovative, we really had to work hard to explain our value to the industry," Mr. Arnold said. "But there were a few visionaries who saw how MERS could save them considerable time and money. Those companies led the ...
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Source: HighBeam Research, MERS Reaches 40 Million Loan Milestone on Registry.(IndyMac Bank Home...