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Published by LoanClosingAuditors

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Published by: LoanClosingAuditors on Mar 29, 2011
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The Building Blocks of MERS 
Corporate Structure 
– The operating company that ownse ys em. wne y ea ng mor gageindustry companies
Mortgage Electronic Registration Systems, Inc.(“MERS”):
A bankruptcy-remote subsidiary ofMERSCORP, Inc., whose sole purpose is to serve asmortgagee in the land records for loans registered onthe MERS
Governing Documents 
Each member enters into a Membership Agreementw , nc.
Agreement consists of Membership Application thatincorporates Terms and Conditions, Rules ofMembership and the Procedures Manual
All documents can be downloaded from MERS web-site:www.mersinc.org
em er agrees t at s a serve as t e rmortgagee and nominee in the land records inexchange for the Member registering the mortgage onthe MERS
What is MERS? 
Electronic registry: Electronic registry for trackingserv c ng r g s an ene c a owners p n eres s nmortgage loans
Mortgagee: MERS is the mortgagee in a nomineecapacity for the beneficial owner of a mortgage loan inthe land records
MERS Basics 
Registration vs. Recording. MERS is not a system ofega recor nor a rep acemen or e pu c anrecords. Mortgages must be recorded in the countyland records
MERS is a tracking system. No interests aretransferred on the MERS
System, only tracked
Two Ways for MERS to Become Mortgagee 
MERS as Original Mortgagee (“MOM”). Use Deeds ofrus or or gages w as r g na ene c aryor Mortgagee using standard language approved byFannie Mae, Freddie Mac, FHA and VA
Assignment to MERS. Use an assignment to MERSfor an existing non-MOM mortgage

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