What is a MERS assignment?

This assignment is a document that shows that the mortgage has been transferred to a new owner. This can be a labor-intensive process, requiring the owners of a loan to create an assignment with the county recorder every time a loan is sold.

What is the MERS Rule 14?

Rule 14 of the MERS System Rules of Membership imposes notification requirements concerning Legal Filings that raise certain MERS-related challenges.

The MERS fee is the cost to register your loan in the Mortgage Electronic Registration System (now you understand where MERS comes from), which is a database used by the mortgage lending industry to track loans. In short, the MERS system enables lenders to buy and sell mortgages more easily.

What is the MERS Rule 7?

If the MERS Entities determine that the loan has been paid in full, or are unable to determine whether or not the loan has been paid in full after taking such reasonable steps, MERS may release the lien for such loan. Section 7.

What is MERS compliance?

Our MERS Compliance Audit Service ensures that you meet quality control standards by examining your files against MERS QC-specific document and timing requirements. MetaSource also cross-checks the information in the MERS system with the information in your servicing system to ensure it matches.

Does MERS have an API?

When a loan is moved to a closing milestone, the LOS is triggered to initiate the MERS registration process. The API makes a call to MERS for batch updates. API receives a response from MERS which automatically updates the status in the LOS and the post-closer is notified of the MERS registration or transfer.

How does the MERS system work?

MERS runs a database that tracks mortgages for member companies as they are sold from one bank to another financial institution. This means that loan owners who are members of MERS no longer have to submit assignments on their own.

How do you release Mers?

The loan servicer will send a lien release to the county recorder's office. The release should contain the MIN and the telephone number to access the MERS VRU, which is the number the general public may call to obtain information about the MERS servicer. The number for the VRU is 1-888-679-MERS (679-6377).

Get Mers Procedures Manual 2017

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