MERSlogo

homepage photoHomepageTagline

Court Says Counties are Not Deprived of Recording Fees

FOR IMMEDIATE RELEASE
Jason Lobo
Phone: 703.652.1660
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Reston, Virginia, September 18, 2012— MERSCORP Holdings, Inc. today announced that U.S. District Judge Susan O. Hickey of the U.S. District Court for the Western District of Arkansas, Hot Springs Division, yesterday dismissed a recording fee suit filed by the Circuit Clerk of Hot Spring County, Arkansas, ruling in favor of Mortgage Electronic Registration Systems, Inc. (MERS) and other defendants.

In pdf Brown v. MERS (310 KB) , Judge Hickey dismissed the class action suit filed on behalf of Hot Spring County and all of the circuit clerks in Arkansas. The plaintiff alleged that the defendants used MERS to deprive Arkansas counties of recording fees and claimed the defendants had a duty to record every mortgage transfer.

Citing long-standing Arkansas law, Judge Hickey held that “Arkansas’s statutes ‘do not require assignments to be recorded.’ In fact, existing law is to the contrary.” She further described the original intent behind mortgage land recording: “The purpose of recording is simply to give constructive notice to subsequent purchasers.”

Judge Hickey additionally dismissed the notion that counties are deprived of recording fees. “Because they had no duty to record their mortgages, Defendants have not deprived Plaintiff of her proposed class of anything to which they are entitled,” she ruled.

Other courts have also dismissed county recorder fee suits in Iowa, Florida and Kentucky.

“As clearly described in this ruling, recording statutes are intended to give subsequent purchasers and lenders notice of recorded liens and to allow creditors to give notice of their secured interest in the property,” said Janis Smith, MERSCORP Holdings’ Vice President for Corporate Communications. “Use of the MERS® System to register mortgage loans fulfills the purpose of the recording statutes. MERS mortgages are recorded in the public land records and MERS members pay recording fees when the mortgage is recorded.”

For descriptions of cases and other materials pertaining to MERS’ business model and role in U.S. housing, please visit www.mersinc.org.

###

MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products. It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions. Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of the promissory note. The MERS® System is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members.

  • About Us

    About Us

    Today’s financial services industry depends on technological innovations to provide its customers with access to information, increased efficiency and reduced processing costs. MERSCORP Holdings, Inc. owns and operates the MERS® System, a national electronic registry system that tracks the changes in servicing rights and beneficial ownership interests in mortgage loans that are registered on the System.

    Read More
  • MERS® eRegistry

    MERS® eRegistry

    The MERS® eRegistry is essential to the eMortgage world. It is the legal system of record for identifying the Controller (holder) and Location (custodian) for the authoritative copy of a registered eNote. Lenders today are closing eNotes and selling them into the secondary market. Both Freddie Mac and Fannie Mae require that Lenders register their eNotes on the MERS® eRegistry.

    white paper site

    Read More
  • Information for Homeowners

    Information for Homeowners

    Homeowners today want information about their mortgage loans. Some are facing financial hardship and are struggling with mortgage payments. Information and helpful resources are available. 

    Read More
  • Neighborhood Benefits

    Neighborhood Benefits

    Title agents, government agencies and others looking for information about mortgage loans registered on the MERS® System can use Servicer ID or MERS® Link. This public access is often used by local municipalities to identify the servicer responsible for maintaining vacant or abandoned property.

    Read More
  • Media Room

    Media Room

    The MERSCORP Holdings, Inc. Media Room provides press contact information and facts about the company and its subsidiary, Mortgage Electronic Registration Systems, Inc. (MERS). These materials are provided to help national, regional and local media better understand the companies' business model and role in the U.S. housing finance system.

    Read More
  • 1
  • 2
  • 3
  • 4
  • 5

Home          l          Contact Us          l          Privacy Policy          l          Site Map                                                 twitterlinkedinvimeo


Copyright© 2017 by MERSCORP Holdings, Inc. (800)-646-6377
Other products or company names are or may be trademarks or registered trademarks and are the property of their respective holders.

You are now leaving MERSCORP Holdings' website and entering an external website. MERSCORP Holdings cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by MERSCORP Holdings or any of the products presented on the site.

Click here to proceed.

You are now leaving MERSCORP Holdings' website and entering an external website. MERSCORP Holdings cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by MERSCORP Holdings or any of the products presented on the site.

Click here to proceed.

You are now leaving MERSCORP Holdings' website and entering an external website. MERSCORP Holdings cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by MERSCORP Holdings or any of the products presented on the site.

Click here to proceed.

You are now leaving MERSCORP Holdings' website and entering an external website. MERSCORP Holdings cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by MERSCORP Holdings or any of the products presented on the site.

Click here to proceed.

You are now leaving MERSCORP Holdings' website and entering an external website. MERSCORP Holdings cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by MERSCORP Holdings or any of the products presented on the site.

Click here to proceed.

You are now leaving MERSCORP Holdings' website and entering an external website. MERSCORP Holdings cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by MERSCORP Holdings or any of the products presented on the site.

Click here to proceed.

You are now leaving MERSCORP Holdings' website and entering an external website. MERSCORP Holdings cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by MERSCORP Holdings or any of the products presented on the site.

Click here to proceed.

You are now leaving MERSCORP Holdings' website and entering an external website. MERSCORP Holdings cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by MERSCORP Holdings or any of the products presented on the site.

Click here to proceed.

You are now leaving MERSCORP Holdings' website and entering an external website. MERSCORP Holdings cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by MERSCORP Holdings or any of the products presented on the site.

Click here to proceed.

You are now leaving MERSCORP Holdings' website and entering an external website. MERSCORP Holdings cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by MERSCORP Holdings or any of the products presented on the site.

Click here to proceed.