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Vienna, VA -- MERS, the electronic registry for tracking ownership of mortgage loans and servicing rights, said it now had registered more than 10,000 electronic mortgage notes.
AmTrust Bank registered the ten thousandth e-note, MERS said.
Launched in 2004, the MERS eRegistry is a system of record that identifies to owner, or controller, and custodian, or location, for registered electronic mortgages. It was created to satisfy certain safe harbor requirements under the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act.
MERS said the eRegistry provides liquidity, transferability and security for lenders ...
Source: HighBeam Research, 10,000 E-Notes on MERS.