Subsequent Transferable Record (Fannie/Freddie)

Payment Intangible
Transferable Record

Digitized
Copy
“Security” Investor Certificate
Purchase
Authoritative
Copy Payment Stream/Security

y
ti v d a te
Transferable

op
eC
or U p
Record

u th tr y
ita
/A i s
er eg
SCAN

o ll R
Paper Note
Subsequent

n tr R S
Tr
Into an Purchase Money

Co ME
Cu sfer Purchaser (Fannie)
Electronic sto ab
Authoritative Copy dia le R Successor/Assign
Rig l/Co ecor
hts ntr d
ol y U pda
te
Registr tive Copy
Sponsor
MERS MERS o rita
er/Auth
Registry Controll
Security

Note
Note The Authoritative
Custodian/Vault Copy lacks
Obligor supporting laws.
Homeowner Contractual Execution (Closing)
Lender

Purhase
n
ica
er m
Title Property Am rea
D

START
Property Financing
. $$$ Purchase Money $$$ .
Seller Source

Warehouse Lender
Contractural

$
Gestation Lender
Private Money Lender
Lender
Mortgagee (Lender) of Record Public
Records Purchase Money
Funding
Source

If “Legal,” The Investors would own the Certificates, and these Certificates in turn would be secured by the Transferable Records
MERS as Nominee for Lender
(Payment Intangible) which would be the owner of the Authoritative Copy and would be the proper party to receive the payment
Lender’s Successors and Assigns
MERS stream on the underlying Note. If as, the diagram reveals had been legal, Fannie/Freddie would be the real party in interest to the
(Subsequent Purchasers)
Nominee Homeowner/Obligor.

© Copyrighted 2011 j.mcguire@swbell.net P O Box 1352, Bedford, Texas 76095‐1352