MERS

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MERS: The Mortgage Electronic Registration System
Revised: 07/2000

AUTHORS: Gretchen L. Valentine-l, Vice President and Underwriting Counsel, LandAmerica Financial Group and David E. Fennell.2, Routh Crabtree and Fennell, Bellevue, Washington

MERS: WHO, WHY AND WHAT?
Who is MERS? Mortgage Electronic Registration Systems, Inc. is the long name for MERS, the central electronic clearinghouse for the mortgage finance industry in the United States and a whollyowned, bankruptcy remote subsidiary of MERSCORP, Inc. Both are Delaware corporations. Shares of the parent company are held by a broad base of organizations active in the residential mortgage industry, including Fannie Mae, Freddie Mac, the Mortgage Bankers Association of America and the American Land Title Association. For a complete list of shareholders, see the MERS web site at http://www.mersinc.org. Why MERS? Residential mortgages are rarely retained and serviced by the originating lender. The beneficial interests in and servicing rights to most mortgages are assigned at least once in the secondary market, usually immediately after loan inception. Often the mortgagees' beneficial interests are assigned multiple times before a mortgage is satisfied or a deed of trust is reconveyed. In many states, recording each assignment is a condition precedent to releasing the mortgage lien upon satisfaction and to commencing foreclosure in the event of default. These recording requirements can delay the release of a mortgage lien, delay commencement of foreclosure, and increase transactional costs. In addition, these recording requirements can create financial risk for title insurers and escrow closing agents, if they fail to obtain and record timely lien releases after insuring or closing a residential real estate transaction. MERS was created to eliminate the need to record assignments, because MERS can remain the mortgagee of record when lenders and servicers transfer their interests in mortgages and deeds of trust through purchase and sale agreements. In this way, the MERS system reduces the delay, expense and risk of loss associated with the recording requirements. What Does MERS Do? The concept of MERS is simple. Either at loan inception or later by assignment, MERS is designated as the mortgagee or beneficiary solely as nominee for the original lender (if MERS is designated at loan origination) or the assignee lender (if MERS is designated by assignment after loan origination) and its successors and assigns. Subsequent transfers of the loan do not require recorded assignments. Instead, subsequent transfers are registered and tracked in the MERS' electronic database. At all times, the nominal mortgagee/ beneficiary of record, MERS, remains constant, and a borrower may contact MERS directly to obtain the current lender or servicer's name and telephone number.

MERS AND WASHINGTON DEED OF TRUST LAW

https:/ /www.agentxtra.netiextranet/SingleSource/content/ArticlesIMERS.htm

512012011

010. the beneficiary's authority to act does not appear to depend upon the recording of the deed of trust or the recording of assignments of the beneficial interest under the deed of trust. RCW 61.16. To date. designating MERS as the nominal beneficiary provides notice that MERS is tracking the beneficial interests in and the servicing rights to the deed of trust. then it would may appear that designating MERS as the nominal beneficiary is an unnecessary exercise. (3) instruct the trustee to record. https:/ /www. Nevertheless.24.24.htm 512012011 .24.24. another statutory provision.005 et seq. the 1998 amendments appear to have eliminated the need for recording deed of trust assignments. transmit or serve and post written notice of default.MERS Page 2 of 18 Who is the Beneficiary? Washington's Deed of Trust Act. RCW 61. In addition..010. title insurance underwriting practices and potential statutory conflicts provide continued justification for pursuing a MERS solution in Washington. RCW 61.010(2). Under the 1998 amendments to the Deed of Trust Act. However.24. Subscription to MERS and its procedures circumvents these issues.24. RCW 61. RCW 61.agentxtra. (2) record. As to the beneficiary's authority to act. a "[b]eneficiary" is "the holder of the instrument or document evidencing the obligations secured by the deed of trust.040 et seq.030(7). Although the Deed of Trust Act identifies the deed of trust beneficiary as the current note holder. a secondary mortgage market investor is not equipped to receive the types of notices sent to the record beneficiary. It is unclear whether the Deed of Trust Act's definition of "beneficiary" trumps the recording requirements of RCW 61. Why is MERS Appropriate in Washington? If the beneficiary is the note holder. According to RCW 61. (4) instruct the trustee to commence non-judicial foreclosure of the deed of trust pursuant to the power of sale conferred by the deed of trust. because the chain of title can start and stop with MERS.16. Foreclosures The deed of trust statute poses no corresponding potential conflict for a successor beneficiary appointing a successor trustee or instructing a trustee to commence foreclosure. title companies and legal practitioners in Washington generally counsel the safe approach and require that the entire chain of assignments be in place before the beneficiary may instruct the trustee to reconvey the deed of trust. RCW 61. excluding persons holding the same as security for a different obligation".110..netiextranet/SingleSource/content/ArticlesIMERS. and (5) request the reconveyance of the deed of trust.24. authorizes the beneficiary under a deed of trust to: (1) appoint a successor trustee. MERS maintains a mailroom that forwards mail addressed to MERS as nominal beneficiary on to the current servicer. as defined under the Deed of Trust Act. Reconveyances Deeds of trust are governed by the laws governing mortgages to the extent the mortgage laws are not inconsistent with the Deed of Trust Act.005(2). RCW 61. provides that the assignee of a mortgage may acknowledge satisfaction of the mortgage only after the assignment to that assignee has been recorded. Typically.030(7). transmit or serve and post written notice of default.

Without MERS. as Beneficiary. Attached is a sample form assignment of deed of trust to MERS. is placed to the right of or below the form title but not within the top or side recording margins. dated . the lender's title policy will disclose the named insured as shown on Schedule A of the sample policy. The assignment of deed of trust will appoint MERS as nominee for the beneficiary. Michigan 48501-2026. all beneficial interest under that certain Deed of Trust. and contacting that party to confirm the identify of the true beneficiary. as nominee for Better Mortgage Company. If MERS becomes the nominee beneficiary by assignment immediately after the execution and recording of the original deed of trust.. which is not a member of MERS. as follows: ASSIGNMENT OF DEED OF TRUST MIN: 123456712345671234 For Value Received. For example.O. the undersigned Acme Mortgage Company. its successors and assigns. Box 2026. Fringe Benefits With the aid of MERS. which is a member of MERS.MERS Page 3 of 18 title companies have been cautious about insuring nonjudicial foreclosure sales in cases where the beneficiary appointing the successor trustee and/or initiating foreclosure is not the beneficiary of record. and whose phone number is 1-888-679-6377. as nominee for the lender. The deed of trust is recorded in the county land records. escrow closers. as nominee for a MERS affiliated lender. hereby grants. https:/ /www. assume that Alec Borrower executes and delivers a promissory note and grants a deed of trust to Acme Mortgage Company (Acme). As in the example shown. lenders and title companies will spend less time tracking lost or missing beneficial assignments and identifying the current loan servicer.. which identifies the MERS loan. Every MERS-related recorded document will show the MIN. Please note that the Mortgage Identification Number (the MIN). talking with borrowers to identify the party currently receiving loan payments. Inc. Inc. conveys. MERS serves a practical purpose in the nonjudicial foreclosure context in Washington. assigns and transfers to Mortgage Electronic Registration Systems. For this reason.netiextranet/SingleSource/content/ArticlesIMERS. tracking beneficial interests can be a time-consuming process that involves searching the public records. whose address is P.htm 512012011 . Acme will endorse and deliver the promissory note to Better and record an assignment of beneficial interest in the county land records. Flint. because MERS as nominee should receive all mail and service of process. the new lender's (Better Mortgage Company's) address should not be disclosed on the recorded assignment of deed of trust. PRACTICAL APPLICATIONS .agentxtra. its successors and assigns.DOCUMENTS AND TITLE PRODUCTS Assignment to MERS A lender unaffiliated with MERS may assign its interest in a deed of trust to MERS. If Acme later assigns its beneficial interest in the deed of trust to Better Mortgage Company (Better)..

. Flint. MERS calls it a MOM loan. the process is streamlined. pg. MERS Modified Form 3048. No assignment of deed of trust is recorded in the county land records. CA 99999. a MERS member. and Capable confirms the transfer via an "electronic handshake". MERS is defined as: https:/ /www. Under the 1998 authorized changes to the uniform deed of trust. In addition. Washington Uniform Instrument. Better decides to transfer its beneficial interest in the deed of trust to Capable Mortgage Company (Capable). Better notifies MERS of the transfer by entering the transfer information into the MERS automated system. the Lender is identified by name and address but is no longer identified as the beneficiary under the deed of trust. MERS. pg. More recently. and the Mortgage Electronic Registration System is now being shown as the original beneficiary on Deeds of Trust executed in favor of lenders that are MERS' members. under the Transfer of Rights in the Property section of the revised uniform instrument. The Lender is National Bank. the Mortgage Electron ic Reg istration System. is shown on the deed of trust as: The beneficiary of th is deed of trust is "M ERS".MERS as Original Mortgagee In early 1998. 1 of 14. another MERS member. (acting solely as nominee for Lender and Lender's successors and assigns) and the successors and assigns of MERS. the transfer between Better and Capable is tracked electronically on the MERS system. Better endorses and delivers the promissory note to Capable. MERS Modified Form 3048. Now. a California Corporation. 03/99. the beneficiary. Fannie Mae and Freddie Mac have revised their uniform instruments.htm 512012011 . assume that Acme Loan Company (Acme) has transferred its note and deed of trust to Better Mortgage Company (Better).netiextranet/SingleSource/content/ArticlesIMERS. Refer to the sample form deed of trust showing MERS as the original beneficiary. Under the Definitions section of the revised uniform instrument. the beneficiary is shown as: The beneficiary of this Security Instrument is MERS (solely as nominee for Lender and Lender's successors and assigns) and the successors and assigns of MERS. This Security Instrument secures to Lender: (i) the repayment of the Loan . Attached is the revised Washington Deed of TrustSingle Family-Fannie Mae/Freddie Mac Uniform Instrument. MERS is organized and existing under the laws of Delaware and has an address of PO Box 2026.] Washington Uniform Instrument. which has an address of 123 Banker's Road. Fannie Mae and Freddie Mac authorized changes to their uniform deed of trust to accommodate the addition of MERS as nominee for the lender. dated 03/99. para. When MERS acts as the original beneficiary/mortgagee.MERS Page 4 of 18 Transfer Within MERS When a MERS member transfers its interest in a deed of trust to another MERS member. Instead. (C).agentxtra. because MERS remains the record beneficiary (but now. including slight revisions to the 1998 MOM language. Later. Inc. San Francisco. MOM .. Inc. MI 48501-2026 and a telephone number of (888) 679-MERS.. as nominee for Capable). MERS Modified Form 3048. 3 of 14. Using the above example. [. 03/99.

000 from Affable Bank (Affable). The payoff check should be made payable to the current lender and sent directly to the lender. as nominee for Affable. MERS Modified Form 3048. 03/99 after December 31. MERS is organized and existing under the laws of Delaware.MERS Page 5 of 18 "MERS" is Mortgage Electronic Registration Systems. Box 2026. The same procedure is followed when MERS is the beneficiary. the lender. 2 of 14.O. a MERS member. MI 48501-2026. Affable's employee. Amanda executes and delivers a promissory note to Affable and grants a deed of trust to MERS. Inc. Satisfaction of Note and Reconveyance of Deed of Trust When MERS is shown as the beneficiary of record. by signing the assignment of deed of trust as follows: Signed on the 23rd day of March. Flint. the lender's employees (as officers of MERS) will endorse the check over to the lender. if the payoff check is inadvertently made payable to MERS. After a note has been fully satisfied. but lenders must use the Washington Uniform Instrument. 03/99. The escrow closer does not have to pay a fee to obtain the name and phone number of the current lender.htm 512012011 . not to MERS. Hunter. Refer to Schedule A of a sample form lender's policy showing MERS as original mortgagee. designated employees of the assignor lender are authorized by MERS' corporate resolution to execute and record the assignment. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the beneficiary under this Security Instrument.netiextranet/SingleSource/content/ArticlesIMERS. (888) 679-MERS. the escrow closer contacts the lender for the correct payoff amount. For example. Inc. tel. (888) 679MERS. Mortgage Electronic Registration Systems. para. Then.agentxtra. assume that Amanda Borrower borrows $10. (E). the beneficiary of the deed of trust executes a request for reconveyance. pg. 2000. Assistant Secretary A sample form assignment from MERS is shown in the exhibits. ("MERS") By ~~--~~~--~----------------George L. Assignment from MERS When a MERS member assigns its beneficial interest in a deed of trust to a non-MERS member. However. When Amanda Borrower pays off the note held by Affable. Some lenders may still be using the old MOM document. Here. Washington Uniform Instrument. will request the reconveyance of the https:/ /www. MERS Modified Form 3048. 2000. and has an address and telephone number of P. the escrow closer obtains the name and phone number of the current lender by contacting the MERS Voice Response Unit (VRU) at its toll free number. the MERS member will need to record the assignment from MERS to the new beneficiary in the county land records. acting as an officer of MERS.

010 et seq. solely as nominee for lender. CONCLUSION https:/ /www. For example.24. which discloses the identities of parties with liens against Amanda Borrower's real property. Trustee's Deed After the trustee's sale.24. RCW 61. By MERS' corporate resolution. except that the trustee will act as trustee of the deed of trust granted to the Mortgage Electronic Registration System. the lender's employee. RTS will foreclose in the name of MERS. If the beneficiary/lender sends the notice of default. Notice of Trustee's Sale Following the above example.. acting as an officer of MERS. Inc.htm 512012011 . it's successors and assigns. such as the notice of default or the appointment of successor trustee. the trustee's deed will name the lender as the grantee and will state that MERS.agentxtra. was the successful bidder. (MERS).24. the lender's employee will sign the notice of default as an officer of MERS. successfully bid for the property at the trustee's sale. the trustee executes the reconveyance of deed of trust and records it in the county land records. Refer to Schedule A of a sample form Trustee's Sale Guarantee. an Affable employee mails a Notice of Default. signed by the Affable employee in his or her capacity as a MERS officer. RTS. to empower a new trustee to conduct the foreclosure. Non-judicial Foreclosures . If MERS. with the capacity and authority to sign necessary documents. When Affable becomes aware that Amanda Borrower is in default. the trustee will foreclose the Affable/MERS deed of trust following the same procedures normally used in nonjudicial foreclosures. appointing Reliable Trustee Service (RTS) as successor trustee. as nominee for the beneficiary/lender.Trustee's Sale Guarantee A deed of trust can be foreclosed in the name of MERS. If Amanda Borrower fails to bring her payments current. obtains a title report. Notice of Default and Appointment of Successor Trustee If a borrower stops making payments on her note. which is a MERS member. If the beneficiary/lender wants the trustee to send the notice of default. assume that Amanda Borrower has given a promissory note and deed of trust to Affable Bank (Affable). the successor trustee.MERS Page 6 of 18 deed of trust. the foreclosing trustee. Affable executes (again as an officer of MERS) and records an appointment of successor trustee. called a trustee's sale guarantee. A sample form MERS request for reconveyance is shown in the exhibits. a lender's employee becomes an officer of MERS. as nominee for the lender. records a trustee's deed to convey title to the real property to the successful bidder at the trustee's sale. as nominee for the lender. at least 30 days before the notice of trustee's sale is recorded the beneficiary or the trustee must send the borrower a notice of default. Thereafter.netiextranet/SingleSource/content/ArticlesIMERS. see RCW 61. RCW 61. Refer to the sample appointment of successor trustee. will sign and record an appointment of successor trustee.030(7).010(2). If the trustee is satisfied that the request for reconveyance is valid. In other words. if Amanda Borrower remains in default.

over 1.. MERS. located at http://www. allows members and non-members to download MERS manuals. and recorded on March 22. Asst. MERS as Original Mortgagee . whose address is P. assigns and transfers to Mortgage Electronic Registration Systems.. Inc. Acme Mortgage Company. and whose phone number is 1888-679-6377. Inc. GLOSSARY MIN Mortgage Identification Number . c/o Better Mortgage Company. WA 98001 Filed for Record at Request of: Acme Mortgage Company ASSIGNMENT OF DEED OF TRUST MIN: 123456712345671234 For Value Received. and MERS anticipates that over 2. Records of King County. as nominee for Better Mortgage Company. 2000. Inc. Sec.4 million residential mortgages are registered on the MERS electronic registration system.netiextranet/SingleSource/content/ArticlesIMERS. Voice Response Unit . Hunter. in Volume 2410 of Mortgages.an automated response system that is accessed by using the MERS 800 number.a MERS loan is called a MOM.htm 512012011 . and includes a member directory.org. conveys.. at page 215 under Auditor's File No. all beneficial interest under that certain Deed of Trust. and additional information on MERS can be found at the MERS web site. Trustee.MERS Page 7 of 18 Currently. Michigan 48501-2026. describing land therein as: https:/ /www. its successors and assigns. even if interests in the loan are transferred among members in the MERS system. 200003221234. Zip George L. 2000. when MERS is shown as the nominee for the beneficiary on the original deed of trust. MERS related deeds of trust and assignments of deeds of trust are appearing more frequently. This article provides a basic outline for handling MERS related transactions. the number will remain constant. State.agentxtra. 1-888-679-6377. The web site provides state-by-state procedures for working with MERS. dated March 21.an individual number is assigned to each loan entered into the MERS system. 12345 Money Avenue Seattle. MOM VRU EXHIBITS Assignment of Deed of Trust to MERS AFTER RECORDING MAIL TO: Name Address City.mersinc. forms and publications. as Beneficiary.O. In the county land records within Washington State. to Transnation Title Insurance Company. and Lender's successors and assigns. provides information on MERS pricing/fees. Box 2026. Washington. Flint. the undersigned. executed by Alec Borrower. hereby grants. Lender. 2001. Grantor(s).5 million residential mortgages will be registered before January.

Name of Insured: U. By Mary A. Jones. Denny's First Addition. Dated: March 23. the money due and to become due thereon. Block 4.900.00 $ 363. 2000 at 10:04 a. Assessor's Property Tax Parcel/Account Number: V 2315-24-1231353 Together with note or notes therein described or referred to. City of Seattle. MERS A MIN: 10004720000192160 __ JANUARY 31. State of Washington. and the assignments thereof. ("M ERSil). if any. with interest. LIBERTY BELL SAVINGS BANK. solely as nominee for Lender and Lender's successors and assigns 2. HUSBAND AND WIFE 4.netiextranet/SingleSource/content/ArticlesIMERS.MERS Page 8 of 18 Lot 1. The mortgage. 2000 Acme Mortgage Company.. The estate or interest in the land described in this Schedule and which is encumbered by the insured mortgage is: FEE SIMPLE 3.m.htm 512012011 . https:/ /www. Situate in the Count of King. are described as follows: DEED OF TRUST AND THE TERMS AND CONDITIONS THEREOF: GRANTOR: TRUSTEE: John Doe and Mary Jane Doe. herein referred to as the insured mortgage. The estate or interest referred to herein is at Date of Policy vested in: JOHN DOE AND MARY JANE DOE.00 Policy No. INC. appearing of record as MORTGAGE ELECTRONIC REGISTRATION SYSTEMS.agentxtra. Secretary Add appropriate corporate notary acknowledgement Schedule A of Lender's Policy Showing Assignment to MERS SCHEDULE A Amount of Insurance: Premium: Date of Policy: 1. Inc. husband and wife Commonwealth Land Title Insurance Company $151.S. and all rights accrued or to accrue under said Deed of Trust. a Delaware Savings Bank.

: ORIGINAL AMOUNT: DATED: RECORDED: RECORDING NO.900.MOM Loan .00 January 25. Liberty Bell Savings Bank 5621 NE 45th Street.: ASSIGNMENT OF DEED OF TRUST: ASSIGNEE: U. c/o National Bank. 2000 200000131000121 100047200001921609 ADDRESS: RECORDED: RECORDING NO. solely as Nominee for Lender and Lender's successors and assigns. Sec. MI 48501-2026 Telephone (888) 679-MERS January 31. Lender is U.netiextranet/SingleSource/content/ArticlesIMERS. 123 Banker's Road Los Angeles.agentxtra. Flint. 2000 January 31.. California 99999 Filed for Record at Request of: Amanda Borrower Short Form https:/ /www. Inc.: 5. MERS.S. Liberty Bell Savings Bank P. Zip Susan L.O.: MIN NO. Inc. Asst.MERS Page 9 of 18 BENEFICIARY: ADDRESS: LOAN NO.. OR 97540 DOE11267 $151. Box 2026. 2000 20000131000120 Mortgage Electronic Registration Systems. (MERS"). The land referred to in this policy is described as follows: See "LEGAL DESCRIPTION:" Countersigned: Authorized Officer or Agent _ Deed of Trust . Richards. Redmond.htm 512012011 . State.1998 Authorized Changes AFTER RECORDING MAIL TO: Name Address City. Inc.S.

Denny's First Addition. (acting solely as nominee for Lender and Lender's successors and assigns) and the successors and assigns of MERS.agentxtra. issues and profits. City of Seattle. Shelton. Michigan 48501-2026 and whose telephone number is 888-679-MERS. with power of sale. bargains. Situated in the County of King.THE REMAINDER OF THIS INSTRUMENT HAS BEEN OMITTED-Deed of Trust . whose address is 1200 Sixth Avenue.Form 3048. issues. between Amanda Borrower. whose address is PO Box 2026. MERS is a Delaware Corporation.. 03/99 Revisions After recording please return to: [Company Name} [Name of Natural Person} [Street Address} [City. now or hereafter thereunto belonging or in anywise appertaining. as BENEFICIARY. and profits thereof and all other property or rights of any kind or nature whatsoever further set forth in the Master Form Deed of Trust hereinafter referred to. Block 4. Washington: Lot 1. sells. Seattle. The Lender is National Bank. and Transnation Title Insurance Company. to the right. WA 98104. a California Corporation. Los Angeles. California 99999. WA 98101. SUBJECT. the following described property in King County. and conveys to Trustee in trust. Grantor hereby irrevocably grants. 2000. -. Flint. which has an address of 123 Banker's Road.MOM Loan . power and authority hereinafter given to and conferred upon Beneficiary to collect and apply such rents. State Zip Code} ______ [Space Above This Line For Recording Data} DEED OF TRUST _ https:/ /www. and "MERS" the Mortgage Electronic Registration System.. State of Washington Assessor's Property Tax Parcel/Account Number: V 2315-24-123123 TOGETHER WITH all the tenements hereditaments and appurtenances. as GRANTOR. Inc. made this 23rd day of March. and the rents. Inc. whose address is 1234 Wood Road.MERS Page 10 of 18 DEED OF TRUST MIN: 123456712345671234 THIS DEED OF TRUST. as TRUSTEE.netiextranet/SingleSource/content/ArticlesIMERS. HOWEVER. Suite 100.htm 512012011 .

and has an address and telephone number of P. MI 48501-2026. 13. Inc.MERS Page 11 of 18 MIN DEFINITIONS _ Words used in multiple sections of this document are defined below and other words are defined in Sections 3. and all sums due under this Security Instrument. MERS is the beneficiary under this Security Instrument. together with .netiextranet/SingleSource/content/ArticlesIMERS. plus interest. (888) 679-MERS.agentxtra. Borrower has promised to pay this debt in regular Payments and to pay the debt in full not later than . Lender is organized and existing under the .S. Periodic _ (F) (G) (H) "Property" means the property that is described below under the heading "Transfer of Rights in the Property. Borrower is the trustor under this Security .O. "Note" means the promissory note signed by Borrower and dated Note states that Borrower owes Lender Dollars $ ) plus interest." "Loan" means the debt evidenced by the Note. "Borrower" is Instrument. which is dated all Riders to this document. plus interest.20 and 21. any prepayment charges and late charges due under the Note. Lender's address is _ (D) (E) "MERS" is Mortgage Electronic Registration Systems. (A) (B) (C) "Security Instrument" means this document.htm 512012011 . Certain rules regarding the usage of words used in this document are also provided in Section 16. "Lender" is laws of "Trustee" is . The following riders are to be executed by Borrower [check box as applicable]: D D Adjustable Rate Rider Balloon Rider D D Condominium Rider Planned Unit Development Rider Revocable Trust Rider D D Second Home Rider Biweekly Payment Rider (I) D D 1-4 Family Rider Other(s) [specify] D https:/ /www. MERS is organized and existing under the laws of Delaware. Box 2026. 11. "Riders" means all riders to this Security Instrument that are executed by Borrower. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. tel. Flint. The (U. 18.

the following described property located in the https:/ /www. as they might be amended from time to time.) and its implementing regulation. Regulation X (24 C. the value and/or condition of the Property.S. in trust. "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. settlement. point-of-sale transfers. state and local statutes. the Property. or similar paper instrument. transfers initiated by telephone. This Security Instrument secures to Lender: (i) the repayment of the Loan. or magnetic tape so as to order. whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. and Assessments" means all dues. ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final. with power of sale.htm 512012011 . "RESPA" means the Real Estate Settlement Procedures Act (12 U. fees. §2601 et seq. "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note. the Loan. Such term includes. (ii) condemnation or other taking of all or any part of the Property. plus (ii) any amounts under Section 3 of this Security Instrument. Borrower irrevocably grants and conveys to Trustee. For this purpose. or omissions as to.netiextranet/SingleSource/content/ArticlesIMERS. (K) (L) (M) (N) "Miscellaneous Proceeds" means any compensation.agentxtra. (0) (P) (Q) (R) TRANSFER OF RIGHTS IN THE PROPERTY The beneficiary of this Security Instrument is MERS (solely as nominee for Lender and Lender's successors and assigns) and the successors and assigns of MERS. or default on. and automated clearinghouse transfers. instruct. wire transfers. but is not limited to.F. non-appealable judicial opinions. "Community Association Dues. or (iv) misrepresentations of. or any additional or successor legislation or regulation that governs the same subject matter. (iii) conveyance in lieu of condemnation. "Escrow Items" means those items that are described in Section 3. "Mortgage Insurance" means insurance protecting Lender against the nonpayment of. which is initiated through an electronic terminal. award of damages. telephonic instrument. automated teller machine transactions. Fees. or destruction of. "Successor in Interest of Borrower" means any party that has taken title to the Property.C. other than a transaction originated by check. "Electronic Funds Transfer" means any transfer of funds. assessments and other charges that are imposed on Borrower or the Property by a condominium association. extensions and modifications of the Note. computer.MERS Page 12 of 18 (J) "Applicable Law" means all controlling applicable federal. draft. Part 3500). and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. or authorize a financial institution to debit or credit an account. or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to. and all renewals. homeowners association or similar organization. As used in this Security Instrument. regulations.R.

Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. If Borrower does not do so within a reasonable period of time. appurtenances. provided any such check is drawn upon an institution whose deposits are insured by a federal agency. MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests. UNIFORM COVENANTS. Interest. Recording has _ the address of [City} Washington TOGETHER WITH all the improvements now or hereafter erected on the property. Borrower and Lender covenant and agree as follows: 1. but not limited to. or entity. and to take any action required of Lender including. the debt evidenced by the Note and any prepayment charges and late charges due under the Note. releasing and canceling this Security Instrument.MERS Page 13 of 18 ___________ [Name of ____ [Type of Recording Jurisdiction} of Jurisdiction} which currently [Street}. but. [Zip Code} ("Property Address"). subject to any encumbrances of record. All replacements and additions shall also be covered by this Security Instrument. the right to foreclose and sell the Property. Borrower warrants and will defend generally the title to the Property against all claims and demands. without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future. but Lender is not obligated to apply such payments at the time such payments are accepted. and Late Charges. and all easements.S. then Lender need not pay interest on unapplied funds.netiextranet/SingleSource/content/ArticlesIMERS. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. Escrow Items. Lender shall either apply such funds https:/ /www. and fixtures now or hereafter a part of the property. if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid. Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms. if necessary to comply with law or custom." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered. instrumentality. but not limited to. including. and interest on. Borrower shall also pay funds for Escrow Items pursuant to Section 3. except for encumbrances of record. or (d) Electronic Funds Transfer. bank check. Lender may accept any payment or partial payment insufficient to bring the Loan current. (c) certified check. Payments due under the Note and this Security Instrument shall be made in U. All of the foregoing is referred to in this Security Instrument as the "Property. However. Prepayment Charges. treasurer's check or cashier's check.agentxtra. If each Periodic Payment is applied as of its scheduled due date. Payment of Principal. as selected by Lender: (a) cash. currency.htm 512012011 . Borrower shall pay when due the principal of. (b) money order.

and then to reduce the principal balance of the Note.900. herein referred to as the insured mortgage. 2000 at 10:04 a. Any remaining amounts shall be applied first to late charges.00 Policy No. (c) amounts due under Section 3. HUSBAND AND WIFE 4. and the assignments thereof.m. https:/ /www.. The estate or interest referred to herein is at Date of Policy vested in: JOHN DOE AND MARY JANE DOE. a Delaware Savings Bank. If not applied earlier. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. (b) principal due under the Note.compliancesource. Name of Insured: U. solely as nominee for Lender and Lender's successors and assigns 2.htm 512012011 . INC. if any. Lender's Policy Showing MERS as Original Mortgagee Lender's Extended Pol icy SCHEDULE A Amount of Insurance: Premium: Date of Policy: 1. MERS A MIN: 10004720000192160 JANUARY 31. The mortgage.netiextranet/SingleSource/content/ArticlesIMERS.THE REMAINDER OF THIS INSTRUMENT HAS BEEN OMITTED-Washington Deed of Trust-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT The Compliance Source. appearing of record as MORTGAGE ELECTRONIC REGISTRATION SYSTEMS. -. second to any other amounts due under this Security Instrument. The estate or interest in the land described in this Schedule and which is encumbered by the insured mortgage is: FEE SIMPLE 3. The Compliance Source. LIBERTY BELL SAVINGS BANK.com MERS Modified Form 3048 03/99 (1 pages) 14301WA 01/2000 © 2000.agentxtra. Such payments shall be applied to each Periodic Payment in the order in which it became due. 2. Application of Payments or Proceeds. Inc. such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. ("M ERSil). are described as follows: $151.00 $ 363. Except as otherwise described in this Section 2.MERS Page 14 of 18 or return them to Borrower.S. To Order Call: (972) 980-2178oFax (972) 392-2891 www. all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note. Inc.

husband and wife Commonwealth Land Title Insurance Company Mortgage Electronic Registration Systems.O. Lender is U. HOME IN THE WOODS. (MERS").MERS Page 15 of 18 DEED OF TRUST AND THE TERMS AND CONDITIONS THEREOF: GRANTOR: TRUSTEE: BENEFICIARY: John Doe and Mary Jane Doe. Liberty Bell Savings Bank P. PAGES 3 THROUGH 7. Lender is U. The land referred to in this policy is described as follows: LOT 1. (MERS"). Box 2026. Countersigned: __ . WASHINGTON. Inc.O. Flint.: ORIGINAL AMOUNT: DATED: RECORDED: RECORDING NO.agentxtra.S. MI 48501-2026 Telephone (888) 679-MERS MIN: 100047200001921609 $151.S. solely as Nominee for Lender and Lender's successors and assigns. MI 48501-2026 Telephone (888) 679-MERS January 31. solely as Nominee for Lender and Lender's successors and assigns.: ASSIGNMENT OF DEED OF TRUST: ASSIGNEE: Mortgage Electronic Registration Systems.900.htm 512012011 . Flint. INCLUSIVE. 2000 20000131000120 ADDRESS: LOAN NO. ACCORDING TO THE PLAT THEREOF RECORDED IN VOLUME 156 OF PLATS. RECORDS OF KING COUNTY. Box 2026.netiextranet/SingleSource/content/ArticlesIMERS. 2000 200000131000121 100047200001921609 ADDRESS: RECORDED: RECORDING NO.00 January 25.: MIN NO. 2000 January 31. Liberty Bell Savings Bank P. Inc.---Authorized Officer or Agent _ Assignment from MERS https:/ /www.: 5.

whose address is P. 1996. WA 98001 Filed for Record at Request of: MERS. Assessor's Property Tax Parcel/Account Number: V 2315-24-1231353 Together with note or notes therein described or referred to.agentxtra. Dated: March 23. the money due and to become due thereon.MERS Page 16 of 18 AFTER RECORDING MAIL TO: Name Address City. dated March 21. as nominee for Lender. Jones. Hunter. its successors and assigns. as Auditor's File No.netiextranet/SingleSource/content/ArticlesIMERS. 1992. all beneficial interest under that certain Deed of Trust. Block 4. in which Amanda Borrower is grantor and Transnation Title Insurance Company is trustee. State of Washington. Inc. Denny's First Addition. conveys. State. in Volume 1432 of Mortgages. 9203221234.. Box 3000. 1992.O. City of Seattle. secured by that certain Deed of Trust dated January 21. Grantor(s). 12345 Money Avenue Seattle. assigns and transfers to Acme Mortgage Company. describing land therein as: Lot 1. its successors and assigns. Records of King County. Mortgage Electronic Registration Systems. https:/ /www. the undersigned. hereby grants.00. its successors and assigns ASSIGNMENT OF DEED OF TRUST MIN: 123456712345671234 For Value Received. to Transnation Title Insurance Company. Washington 98101-3000. Acme Mortgage Company. filed for record on January 22.. and all rights accrued or to accrue under said Deed of Trust. and recorded on March 22.htm 512012011 . Inc. Inc. which holds the promissory note in the original sum of $1 0. as Beneficiary. Trustee. Inc. solely as nominee for lender. ("MERS") By ~~--~~----~-----------------George L. Washington. 1996. with interest. Zip Mary A. at page 15 under Auditor's File No. Situate in the Count of King. Seattle.000. 2000 Mortgage Electronic Registration Systems. executed by Alec Borrower. Assistant Secretary Beneficiary Add appropriate corporate notary acknowledgement Request for Reconveyance REQUEST FOR FULL RECONVEYANCE The undersigned beneficiary as nominee for the lender.

solely as nominee for lender its successors and assigns Appointment of Successor Trustee After Recording Return to: George L. the note and Deed of Trust are herewith surrendered to you for cancellation and reconveyance. the undersigned does hereby appoint Reliable Trustee Service (RTS). Hunter. and recorded in Volume 2810 of Mortgages. ("MERS") https:/ /www. Now therefore upon recordation of this document. 1996.MERS Page 17 of 18 9601221234. WA 98001 APPOINTMENT OF SUCCESSOR TRUSTEE MIN: 123456712345671234 KNOW ALL MEN BY THESE PRESENTS: Amanda Borrower is the Grantor.agentxtra. the undersigned does hereby discharge the present Trustee and appoints Reliable Trustee Service (RTS). Assistant Secretary Beneficiary.netiextranet/SingleSource/content/ArticlesIMERS. 2000 Mortgage Electronic Registration Systems. Washington. a corporation. in King County. Dated March 23. is the Beneficiary under that certain deed of trust dated January 21. under Auditor's File Number 9601221234. Hunter. a corporation. duties and title of the former Trustee: Dated: March 22. and The Mortgage Electronic Registration System. as Trustee in place and stead of: Transnation Title Insurance Company. MERS c/o Lender 12345 Money Avenue Seattle. Inc. as the new Trustee who shall succeed to all the powers. to the person(s) entitled thereto.htm 512012011 . You are therefore requested. Assistant Secretary. at page 321 records of King County. The note and all other indebtedness secured by said Deed of Trust having been fully satisfied. Washington. the right. and Transnation Title Insurance Company is the Trustee. 2000 Mortgage Electronic Registration Systems. 1996. Whereas. upon payment of all sums owing to you. as nominee for the Lender and the Lender's successors and assigns. and recorded on January 22. (MERS). Inc. Inc. to reconvey without warranty. and interest now held by you thereunder. ("MERS") By __ George L. title.

IVERSON. MERS Liability: $ 225.00 Premium: $ 885. HUSBAND AND WIFE 3. Assistant Secretary Attach appropriate corporate notary acknowledgement _ Trustee's Sale Guarantee . solely as Nominee for Lender and Lender's successors and assigns 2.00 Customer No. The land referred to in this Guarantee is described as follows: See "LEGAL DESCRIPTION:" Countersigned: PHONE: (425) 555-8580/ (800) 555-8580 RANDY L. Title to the estate or interest in the land is vested in: JOHN DOE AND MARY JANE DOE. The estate or interest in the land which is covered by this Guarantee is: FEE SIMPLE 4. OR SUNDEE M. Inc. BLACK FAX: (425) 555-0545) https:/ /www. INC. 1.MERS as Beneficiary SCHEDULE A Order No. MIN: 100047200001921609 Tax: $76.000.MERS Page 18 of 18 By George L.M. appearing of record as Mortgage Electronic Registration Systems.11 Total: $ 967.netiextranet/SingleSource/content/ArticlesIMERS. ROBERT L. RIEMAN. a Wisconsin corporation.. ("MERS"). Name of Assured: FORECLOSING LENDER.2000 at 8:00 A.agentxtra. Hunter. MARGARET CAMPBELL.11 TRUSTEES SALE GUARANTEE Dated: March 12.htm 512012011 .

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