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A New York state court has ruled against a county clerk who has refused to register loans with Mortgage Electronic Registration Systems Inc., as the mortgagee of record.
MERS, the industry-owned utility that maintains an electronic registry for tracking ownership of mortgage loans and mortgage servicing rights, described the unanimous decision as a "huge victory" for the registry.
The decision from the Appellate Division, Second Judicial Department of the Supreme Court of the State of New York is a setback for Suffolk County Clerk Edward Romaine, who last year refused to accept for recording mortgage security instruments naming MERS as nominee for the lender in county land records. He contended that MERS was not the actual mortgagee.
MERS filed a lawsuit to require the county clerk to accept MERS documents for recordation ...
Source: HighBeam Research, MERS Wins Court Victory.(Mortgage Electronic Registration Systems...