AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
MERS Registers 5 Million Loans.(Mortgage Electronic Registration Systems)(Brief Article)
Mortgage Electronic Registration Systems has registered more than five million loans on its system for tracking the ownership interests in mortgage loans and servicing rights.
Moreover, new loan registrations are averaging 13,000 per day, and MERS said the daily volume will likely grow as additional lenders, most recently Fleet National Bank and GMAC Home Equity, start using the system. R.K. Arnold, president and CEO of MERS, says that about one-third of newly originated mortgage loans are now being added to the electronic registry, which is modeled on the book-entry system for tracking ownership of securities.
MERS was on pace to have 5.5 million loans registered by the end of August, and Mr. Arnold said the industry-owned utility expected to have seven million loans registered by the end of the year.
He told MSN that the refinancing boom has contributed to the ramp-up in usage, because many participating lenders were already integrated onto the system when the refinancing boom began. That wasn't true the last time loan volume soared.
"The refi boom back in 1998 was a hindrance to us, because it soaked up resources out in the industry and made it more difficult for companies to find the resources to get onto MERS," he said.
Currently, about 360 companies register ...
- MERS suspends foreclosures in Florida.(Mortgage Electronic Registration Systems...
- Magazine article from: Mortgage Banking November 1, 2005 700+ words
MORTGAGE ELECTRONIC REGISTRATION SYStems (MERS), Vienna, Virginia, has asked...foreclosure actions in the name of MERS in the state of Florida pending its...ruling, Judge Walt Logan claimed that MERS does not have standing to act as...
- MERS aids electronic mortgage program. (Mortgage Electronic Registration...
- Magazine article from: Mortgage Banking Schneider, Howard January 1, 1997 700+ words
...is set for an April 1997 rollout. The MERS system, a joint industry venture, offers...promise of the new Mortgage Electronic Registration Systems, Inc. (MERS). Knutson Mortgage is one of MERS' charter members, and Hebl recalls thinking...
- 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...creating Mortgage Electronic Registration Systems Inc. (MERS), Vienna, Virginia. It is...mortgage loan process by having MERS act as a single mortgagee of...
- Fannie, Freddie Support Early Registration of Loans On Mers Electronic System....
- Magazine article from: American Banker LA MONICA, PAUL R. October 27, 1997 700+ words
...Mortgage Electronic Registration Systems Inc., the company that operates Mers, can be listed...This will make Mers the standard in...Mortgage Electronic Registration Systems Inc. This change...fully adopted Mers. Other companies...Mortgage Electronic Registration ...
- MERS Earns First Profit As Registrations Climb.(Mortgage Electronic...
- Magazine article from: Mortgage Servicing News May 1, 2001 700+ words
...month of March, executives of MERS announced at the company...meeting of shareholders. MERS, formally Mortgage Electronic Registration Systems, Inc., does not release...and a company spokesman said MERS would not comment on the amount...
- Data Verify adds MERS solution to detect undisclosed mortgages.(Tech...
- Magazine article from: Mortgage Banking July 1, 2008 700+ words
...Virginia-based Mortgage Electronic Registration Systems Inc. (MERS (R)) within its Data Risk...alerts, DRlVE's automatic MERS trigger creates an additional...president of DataVerify. "The MERS System has become an essential...
- Roundup: MERS Hits 10 Million Loan Benchmark.(mortgage electronic registration...
- Magazine article from: Mortgage Servicing News November 1, 2002 700+ words
...loans. Mortgage Electronic Registration Systems, informally MERS, announced recently that the...companies are going "live" on MERS each week, the industry-owned...K. Arnold, president of MERS, said reaching the 10 million...
- MERS Wins Court Victory.(Mortgage Electronic Registration Systems Inc.)(Brief...
- Magazine article from: Mortgage Servicing News August 1, 2002 700+ words
...with Mortgage Electronic Registration Systems Inc., as the mortgagee of record. MERS, the industry-owned utility...security instruments naming MERS as nominee for the lender...records. He contended that MERS was not the actual mortgagee...