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MERS Passes Florida Test.(Mortgage electronic registery system)(Brief article)
MCLEAN, VA -- The Second District Court of Appeals of Florida, in Tampa, has ruled that MERS has the right to be a party in a foreclosure action. MERS said the victory affirms the legal premise upon which the electronic registry for tracking ownership of mortgage loans and servicing rights is based. The ruling also affirms existing state law, MERS said.
MERS president and CEO R.K. Arnold said in a news release that the court victory has widespread positive consequences for the industry. "This victory is for the entire mortgage lending community because MERS is no different than a servicer when it comes to ...
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