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MERS QA Procedures Rel19 5 Draft

MERS QA Procedures Rel19 5 Draft

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Published by Foreclosure Fraud
4closureFraud.org
4closureFraud.org

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categoriesTypes, Research, Law
Published by: Foreclosure Fraud on Mar 21, 2011
Copyright:Attribution Non-commercial

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12/20/2012

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Quality AssuranceProcedures Manual
Release 19.05 June 14, 2010Draft
 
 
 
MERS Quality Assurance Procedures – Release 19.05 
 
6/14/10 DraftTable of Contents - i
Table of Contents
 
1
4
 
 
MERS Quality Assurance Procedures – Release 19.056/14/10DraftMERS Quality Assurance Policy - 1
MERS Quality Assurance Policy
Purpose
MERS provides value to your company by eliminating the need to prepare and recordassignments when your company sells or buys the beneficial (investor) interest and/or servicingrights to/from another Member. The primary value to the seller is eliminating the cost of preparing and recording assignments. The primary value to the buyer of the beneficial interest iseliminating the cost of tracking and storing assignments, and in providing best execution for theseller. The primary value to the buyer of the servicing rights is reducing post closing,foreclosure and lien release costs due to the grounding of title in the name of MERS.If the servicer sells the servicing rights in the future to another MERS Member, it eliminates thecost of preparing and recording assignments. In the case of Ginnie Mae pools, it also eliminatesthe cost of endorsing the notes to the buyer.So that buyer and seller realize the full value of MERS, the MERS Processing Standards aredesigned to ensure that:
 
A valid MIN is assigned to the loan and affixed in the proper location on the Note, MOMsecurity instrument, or assignment to MERS
 
MERS is rapidly and accurately recorded in the county land records as mortgagee after loanoriginationor,assignment to MERS, or acquisition of servicing 
 
Thecorrespondingloan information is rapidly and accurately registered on the MERS
 System after origination, assignment to MERS, or acquisition of servicing
 
When beneficial or servicing rights are sold to another Member, the seller and buyer rapidlyupdate the MERS
System to reflect the new ownership interests
 
When a loan is foreclosed, paid off, or servicing is sold to a non-MERS Member, MERS isquickly released in the county land records as the mortgagee of record and the MIN assignedto the loan is affixed in the proper location on the lien release document or assignment fromMERS to the buyer

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