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Roundup: MERS Hits 10 Million Loan Benchmark.(mortgage electronic registration systems; includes multiple articles)
The electronic system for tracking ownership of mortgage loans and servicing rights now covers more than 10 million loans.
Mortgage Electronic Registration Systems, informally MERS, announced recently that the average number of daily registrations is now 18,000. And as many as a dozen new companies are going "live" on MERS each week, the industry-owned utility said.
Some of the most recent companies to complete the process are Ohio Savings Bank and BB&T.
R.K. Arnold, president of MERS, said reaching the 10 million loan milestone "emphasizes the strength of our value proposition."
The ten millionth loan was registered by Chapel Mortgage.
In a statement released by MERS, Chapel's president and CEO, Richard Arbogast, said, "It makes no sense not to do MERS. It's cheaper and more efficient than paper assignments, and all conduits take it."
MERS is an electronic loan registry created by the real estate finance industry to eliminate paper assignments when mortgage loans or servicing rights are traded. MERS remains the mortgagee of record no matter how often servicing is traded between MERS members.
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Source: HighBeam Research, Roundup: MERS Hits 10 Million Loan Benchmark.(mortgage electronic...