Tag Archives: MERS

MERS, MERSCORP’s Morgan, Lewis & Bockius is Part of Trump’s Transition Team

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Morgan, Lewis & Bockius  was MERS counsel…

National Law Journal-

The Trump camp continues to draw DOJ transition officials from the nation’s largest law firms. The newest members are McGuireWoods partner J. Patrick Rowan, the former head of the National Security Division; Morgan, Lewis & Bockius partner Ronald Tenpas, the former head of the Environment and Natural Resources Division; and Morrison & Foerster partner Jessie Liu, who served as a top official in the National Security and Civil Rights divisions.

[(sub. req.)NATIONAL LAW JOURNAL]

Clatsop County is joining 11 other counties in a $50 million lawsuit against MERS over recording fees

Clatsop County is joining 11 other counties in a $50 million lawsuit against a private mortgage registry over recording fees.

The lawsuit alleges that Mortgage Electronic Registration Systems, or MERS, owes the counties millions of dollars in unpaid fees.

“We think we’re probably missing out on somewhere between $35,000 or $70,000 a year in filing fees,” Clatsop County Manager Cameron Moore said.

Under state law, whenever mortgage debt is bought or sold, the transfer must be recorded in county records. MERS, a private registry created in 1995 by the banking industry, has been serving as the owner of record. The mortgage-industry company has, for years, essentially transferred the beneficial interest of a property to itself, circumventing the typical filing fee owed to the county clerk’s office, Clatsop County Counsel Heather Reynolds told county commissioners last week.

Read on.

11 Oregon counties sue private mortgage registry MERS

Eleven Oregon counties are suing a mortgage-industry company that registers loan sales, circumventing public property records.

The counties — Clackamas, Coos, Crook, Jackson, Josephine, Klamath, Lane, Linn, Marion, Washington and Yamhill — announced Thursday they have filed a $50 million lawsuit over unpaid recording fees since the lending industry created Mortgage Electronic Registration Systems, or MERS, in the 1990s.

The counties are following the lead of Multnomah County. They’re represented by the same Lake Oswego attorney, Tom D’Amore.

“MERS was taking advantage of our public records system but not paying the fees,” D’Amore said.

Read on.

MERS game changer? Connecticut Supreme Court upholds new fee on lending industry

States long imposed fees to record documents in land records.

The Mortgage Electronic Registration Systems loan registry system, created in the mid-1990s, meant lenders no longer needed to record security interest assignments in county land records each time they transferred a promissory note.

As a result, many counties sued MERS to force MERS members to record future security interest assignments and recover fees they claimed were “lost” because MERS members stopped recording assignments. MERS won the large majority of these cases.

[Note: Read HousingWire’s extensive chronicle of MERS proceedings, 600+ pieces of content, by clicking here.]

Connecticut tried a different tack to recover these alleged “lost” fees:  it amended the state’s land records statute to impose higher fees on mortgages for loans registered with MERS.  MERS filed suit to challenge the constitutionality of the statue, but in a February 2016 decision captioned MERSCORP Holdings, Inc. v. Malloy, the Connecticut Supreme Court upheld the trial court’s ruling and the validity of the higher fees.

[This blog discusses the decision and its possible impact in other states. The opinions are the author’s alone.]

Read on.

HELP WANTED! MERS RECONCILIATION SPECIALIST

You got to be kidding…

Source: 4closurefraud:

Kforce Finance and Accounting • Coral Gables, FL

Job Snapshot

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Job Description

RESPONSIBILITIES:

Kforce has a client seeking a MERS Reconciliation Specialist (Temporary Position) in Coral Gables, FL.

Position Summary:

The MERS Reconciliation Specialist (MRS) is responsible for assisting the Agency Vendor Subservicer Managerwith reconciling the discrepancies between the servicing platform and the information listed within the Mortgage Electronic Registration System. This individual will also perform some research projects regarding the supporting documentation for MERS Quality Assurance compliance found within the various county recording offices. The role will include working closely with other departments to obtain information in the documentation of compliance of various aspects of MERS oversight. The position of the MRS must be completed with a high level of professionalism and confidence.

Job Requirements

REQUIREMENTS:

  • High School diploma or equivalent
  • Combination of experience and college coursework or Paralegal Certificate
  • Mortgage lending experience (preferred)
  • Proficient in Microsoft Excel
  • Excellent oral and written communication skills
  • High level of production with attention to detail and accuracy
  • Has a working knowledge of mortgage lending and operations (preferred)
  • Good business Acumen and able to take direction
  • Ability to work under pressure
  • Strong -follow-through- on assigned tasks
  • Proactive, results-oriented and organized
  • Ability to maintain a professional demeanor under any circumstances
  • Must have the ability to maintain a positive attitude in the face of negative circumstance

Apply on Company Website here…

HOW ERIC HOLDER’S LAW FIRM HELPED MAKE THE MORTGAGE SYSTEM WORSE – DAVID DAYEN PART 2

As David says, MERS is the Hamburger Helper in the housing crisis…

In part two of a TMFS interview, journalist David Dayen discusses his new book, Chain Of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud, and how Eric Holder’s lawfirm, Covington Burling, helped make the mortgage system worse through the creation of MERS.

MERS wins twice in Texas federal courts LENDINGSERVICING MERS wins twice in Texas federal courts

MERSCORP Holdings announced Thursday that it secured a pair of victories in federal court, as two United States District Courts in Texas recently upheld MERS’ mortgage assignment rights.

MERSCORP runs a private database of mortgage liens for use within the industry. Mortgage Electronic Registration Systems (MERS) serves as the mortgagee in the land records for loans registered on the MERS System, and the company has faced repeated legal challenges over its mortgage assignment authority.

But, the company often proves victorious in court, some of those victories can be read about here.

Read on.