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Rapidly Growing Loan Registry Eliminates Assignment Costs.(Brief Article)
About a third of newly originated loans are currently being registered on the electronic registry for tracking ownership of loans and servicing rights, and the adoption rate continues to grow.
Mortgage Electronic Registration Systems Inc., or MERS for short, now has about eight million loans registered. R.K. Arnold, president of the industry-owned utility, said that as more companies recognize the value-proposition created by MERS, the number of lenders integrating the system into their operations has increased. By the end of this year, he anticipates that lenders will be registering about half of newly originated loans on the system.
"During this last year we had some very large companies come online, and we have got a lot of penetration out in the correspondent world," he told MSN.
Last year, MERS quadrupled the number of loans registered on the system.
MERS, which is modeled on the book-entry system for tracking ownership of securities electronically, eliminates the need for lenders to record documents at the county level when loans and servicing rights are traded. MERS estimates that lenders can save at least $22 per assignment in recording costs, and an even larger amount in terms of back-office savings for participating lenders.
The cost to register a loan on MERS is currently $3.95, he said.
A breakthrough for MERS was the development of MOM, which stands for MERS as Original Mortgagee. Prior to MOM, firms would have had to record an initial assignment to MERS in order to have the loans tracked on the electronic registry.
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Source: HighBeam Research, Rapidly Growing Loan Registry Eliminates Assignment Costs.(Brief...