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MERS Adds Commercial Loans.
MERS Commercial has officially opened for business, with a $300 million loan closed by Bank of America last month.
The electronic loan registry system - designed for use by issuers, master servicers, custodians, originators and special servicers - helps eliminate assignments when trading mortgage loans, with MERS remaining the mortgagee of record.
Borrowers name MERS as mortgagee and nominee for the lender on the deeds of trust and mortgages recorded in county land records.
This eliminates the need to record an assignment of security interest when a loan is sold, resulting in cost reduction.
R.K. Arnold, president & CEO, MERS, said that the initiative "was mainly driven by a need in the commercial marketplace for a simpler loan process, elimination of paperwork and cost savings."
The system also takes care of the problem of missing interim assignments, making the lien release process more efficient for commercial servicers and allowing special servicers to foreclose more efficiently.
Accessible through the Internet, the system supports loan structures with multiple promissory notes and multiple properties in the collateral structure, and also provides a method to identify how many security instruments and UCC documents were present at the time of loan closing.
- Commercial Gets A Turn: MERS' commercial registry is currently up and running...
- News wire article from: Mortgage Line Thangavelu, Poonkulali July 28, 2004 700+ words
...residential side when compared to the commercial side. The estimated volume of CMBS issuance for last year was around 7,000 loans, while around 25,000 loans per day are processed on the MERS residential system, Mr. McLaughlin poin
- Commercial Gets A Turn: MERS' commercial registry is currently up and running...
- Magazine article from: Mortgage Technology Thangavelu, Poonkulali July 1, 2004 700+ words
...residential side when compared to the commercial side. The estimated volume of CMBS issuance for last year was around 7,000 loans, while around 25,000 loans per day are processed on the MERS residential system, Mr. McLaughlin poin
- MERS Commercial Gets Started with Bank of America Loan.
- Magazine article from: National Mortgage News August 4, 2003 700+ words
MERS Commercial has officially opened for business, with a $300 million loan closed...Document Integrity Task Force in order to facilitate the creation of MERS Commercial and other similar projects. Copyright 2003 Thomson Media Inc. All...
- Market Participants Had Been Anticipating MERS Commercial's Launch.
- Magazine article from: National Mortgage News Thangavelu, Poonkulali August 4, 2003 700+ words
...recent Commercial Real Estate Finance-Multifamily Asset Administration & Technology Conference here. Even before MERS commercial's official launch, six firms - Bear Stearns, Bank of America, John Hancock, Wells Fargo, GE Capital and GMACCM...
- MERS eRegistry Provides a 'System of Record' for Registered eNotes.
- Magazine article from: National Mortgage News Thangavelu, Poonkulali May 10, 2004 700+ words
There was MERS residential, MERS commercial, and now there is MERS eRegistry, the latest MERS offering...initiative, as with their earlier initiatives. As for the MERS commercial initiative, the MERS executives believe that progress...
- MERS Goes 'Commercial'.
- Magazine article from: Origination News Thangavelu, Poonkulali September 1, 2003 700+ words
...facilitate the creation of MERS Commercial and other similar...the potential for MERS Commercial. In addition to...industry." The MERS Commercial initiative has been...While modeled on the MERS Residential initiative, the...
- Ginnie Mae Plays Leadership Role in MERS Initiative.
- Magazine article from: Mortgage Servicing News December 1, 2003 700+ words
...mortgages that are registered with MERS Commercial effective immediately, becoming the...a leadership position in adopting MERS Commercial in the multifamily industry," said...Registration of multifamily loans with MERS Commercial is voluntary and offers benefits including...
- MERS: every commercial loan needs a MOM. (Commercial).(Mortgage Electronic...
- Magazine article from: Mortgage Banking Schiavo, Deborah A. Smuckler, Gary S. Liu, Henry January 1, 2003 700+ words
...CMBS) industry. Here's what MERS Commercial has to offer, and the obstacles that...backed securities (CMBS) market. MERS Commercial is scheduled for release in the late...structures in CMBS transactions, MERS Commercial users are expected to realize even...
Source: HighBeam Research, MERS Adds Commercial Loans.