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M E R S Training Bulletin - Re Identifying Investors on MERS® System

M E R S Training Bulletin - Re Identifying Investors on MERS® System

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Published by Foreclosure Fraud
This should make the whole game of hide the note much more interesting...

Number 2010-05

To: All MERS Members May 26, 2010

Re: Identifying Investors on MERS® System

MERS® System Release 19.0 on June 14, 2010, will include Phase II of MERS® InvestorID. Phase I was introduced on June 19, 2009, to help our Members meet the requirements of the Helping Families Save Their Homes Act of 2009 by using information entered on the MERS® System to generate a Notice of New Creditor when a Transfer of Beneficial Rights (TOB) transaction was completed.

Besides providing a more robust solution for generating Mortgage Loan Transfer Notices, Phase II provides Investor contact information to the public in MERS® ServicerID and the telephone Servicer Identification System, and to MERS® Link Subscribers and MERS® Members in MERS® Link. Investor contact information also is provided to MERS Members in MERS® OnLine, and in the XML and batch inquiry transactions.

Because of this increased visibility of Investor information, it is even more important that the Investor be represented correctly for each loan on the MERS® System. As noted in the Draft Procedures Manual for Release 19.0 released on April 15, 2010, Servicers may not insert their own Org ID as Investor on MINs for which they do not hold the beneficial rights after June 14, 2010. If the actual investor does not have an Org ID, the Servicer may insert 1000002 (Undisclosed Investor) in the Investor field. Servicers may begin immediately inserting this Org ID in the Investor field when appropriate, and may create a TOB Option 2 from their own Org ID to 1000002 to insert this Org ID on loans for which they had previously inserted their own Org ID as Investor because the actual investor did not have an Org ID.

The MERS® ServicerID link
MERS® Servicer Identification System


www.4closureFraud.org

This should make the whole game of hide the note much more interesting...

Number 2010-05

To: All MERS Members May 26, 2010

Re: Identifying Investors on MERS® System

MERS® System Release 19.0 on June 14, 2010, will include Phase II of MERS® InvestorID. Phase I was introduced on June 19, 2009, to help our Members meet the requirements of the Helping Families Save Their Homes Act of 2009 by using information entered on the MERS® System to generate a Notice of New Creditor when a Transfer of Beneficial Rights (TOB) transaction was completed.

Besides providing a more robust solution for generating Mortgage Loan Transfer Notices, Phase II provides Investor contact information to the public in MERS® ServicerID and the telephone Servicer Identification System, and to MERS® Link Subscribers and MERS® Members in MERS® Link. Investor contact information also is provided to MERS Members in MERS® OnLine, and in the XML and batch inquiry transactions.

Because of this increased visibility of Investor information, it is even more important that the Investor be represented correctly for each loan on the MERS® System. As noted in the Draft Procedures Manual for Release 19.0 released on April 15, 2010, Servicers may not insert their own Org ID as Investor on MINs for which they do not hold the beneficial rights after June 14, 2010. If the actual investor does not have an Org ID, the Servicer may insert 1000002 (Undisclosed Investor) in the Investor field. Servicers may begin immediately inserting this Org ID in the Investor field when appropriate, and may create a TOB Option 2 from their own Org ID to 1000002 to insert this Org ID on loans for which they had previously inserted their own Org ID as Investor because the actual investor did not have an Org ID.

The MERS® ServicerID link
MERS® Servicer Identification System


www.4closureFraud.org

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Published by: Foreclosure Fraud on Jun 01, 2010
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Training Bulletin

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To: All MERS Members

Number 2010-05 May 26, 2010

Re: Identifying Investors on MERS System MERS® System Release 19.0 on June 14, 2010, will include Phase II of MERS® InvestorID. Phase I was introduced on June 19, 2009, to help our Members meet the requirements of the Helping Families Save Their Homes Act of 2009 by using information entered on the MERS® System to generate a Notice of New Creditor when a Transfer of Beneficial Rights (TOB) transaction was completed. Besides providing a more robust solution for generating Mortgage Loan Transfer Notices, Phase II provides Investor contact information to the public in MERS® ServicerID and the telephone Servicer Identification System, and to MERS® Link Subscribers and MERS® Members in MERS® Link. Investor contact information also is provided to MERS Members in MERS® OnLine, and in the XML and batch inquiry transactions. Because of this increased visibility of Investor information, it is even more important that the Investor be represented correctly for each loan on the MERS® System. As noted in the Draft Procedures Manual for Release 19.0 released on April 15, 2010, Servicers may not insert their own Org ID as Investor on MINs for which they do not hold the beneficial rights after June 14, 2010. If the actual investor does not have an Org ID, the Servicer may insert 1000002 (Undisclosed Investor) in the Investor field. Servicers may begin immediately inserting this Org ID in the Investor field when appropriate, and may create a TOB Option 2 from their own Org ID to 1000002 to insert this Org ID on loans for which they had previously inserted their own Org ID as Investor because the actual investor did not have an Org ID. After the release, all MERS® InvestorID-related options will be visible to each Member in MERS® OnLine, including:  Mortgage Loan Transfer Notice (defaults to selected; if you have opted out of InvestorID it is deselected) If selected, a Mortgage Loan Transfer Notice will be generated when a TOB transaction is completed with your Org ID as the New Investor. Members cannot update this option. To request it be changed, currently you must email InvestorID@mersinc.org. After the release, you will email the MERS Product Performance Department at ppd@mersinc.org to change this option, as for other Member Profile changes.  New information display options that can only be changed by MERS (displayed under Investor Options): o Disclose Investor Information – Proprietary (defaults to selected) If selected, Investor contact information will be included for all loans with your Org ID as Investor:  For non-rightsholder Members on the MIN Summary page in MERS® OnLine  For Members and MERS® Link Subscribers on the MIN Summary page in MERS® Link  In all Status and Summary responses in XML Inquiry and Batch Inquiry o Disclose Investor Information – Public (defaults to selected) If selected, Investor contact information will be displayed for all loans with your Org ID as Investor:  In MERS® ServicerID  In the telephone Servicer Identification System If you wish to have either option deselected for your Org ID before the release, please email your request to InvestorID@mersinc.org, including your Org ID and company name, by June 9, 2010. Requests received after June 9 will be processed starting on June 14. After the release, you will email the MERS Product Performance Department at ppd@mersinc.org to change these options, as for other Member Profile changes.  New information display options that can be changed by the Member (on the Name/Address page): o Use Investor Alternate Address – Public (defaults to unselected) If selected, the new Investor Alternate Address is used in MERS® ServicerID and the telephone Servicer Identification System, and on Mortgage Loan Transfer Notices, for loans with your Org ID as Investor o Use Servicer/Subservicer Alternate Address – Public (defaults to unselected) If selected, the new Servicer/Subservicer Alternate Address is used in MERS® ServicerID and the telephone Servicer Identification System, and on Mortgage Loan Transfer Notices, for loans with your Org ID as Servicer or Subservicer. If you have any questions about this bulletin, please email InvestorID@mersinc.org.

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