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FOR IMMEDIATE RELEASE
CONTACT: Jason Lobo
Phone: 703.652.1660
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Reston, Virginia, October 30, 2012— MERSCORP Holdings, Inc. today announced that that the Supreme Court of Texas recently denied a borrower's petition for review in pdf Robeson v. MERS (289 KB) . In her complaint, the borrower alleged that the non-judicial foreclosure by lender MidFirst Bank was invalid because at the time MidFirst sent the foreclosure notices, MERS had not yet assigned to MidFirst its interest as the beneficiary of the deed of trust.

In denying review, the Supreme Court let stand a January 5, 2012, pdf Court of Appeals opinion (288 KB)  written by Chief Justice Terrie Livingston holding that "the date of the assignment from MERS to MidFirst is not evidence of the actual date that MidFirst became entitled to authorize enforcement of the lender's rights in the deed of trust...the...assignment was of MERS's interest in the deed of trust as beneficiary." Justice Livingston also noted that "the deed of trust gives the lender as well as the beneficiary the right to invoke the power of sale...the assignment of MERS's status as beneficiary under the deed of trust on February 20, 2009, does not contradict MidFirst's evidence that it succeeded to the rights of the lender under the deed of trust..."

"By denying this petition for review, the Texas Supreme Court refused to hear a challenge to MERS' role as a deed of trust beneficiary, as well as its authority to assign its interests," Janis Smith MERSCORP Holdings' vice president for Corporate Communications said.

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

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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.

Justices Rule Trial Court “improvidently” Dismissed Foreclosure Complaint

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

Reston, Virginia, October 24, 2012— MERSCORP Holdings, Inc. today announced that a four-justice panel of an Appellate Division of the New York Supreme Court recently granted Bank of New York’s request for the appointment of a referee to conduct the foreclosure sale of the property, reversing a state trial court’s dismissal of the foreclosure complaint.

In pdf Bank of New York v. Alderazi (516 KB) , Justices Mark C. Dillon, Ariel E. Belen, Leonard B. Austin and Sandra L. Sgrol overturned the lower court’s decision, which ruled that Bank of New York (BONY) lacked standing to foreclose on the borrower’s mortgage because BONY could not prove that Mortgage Electronic Registration Systems, Inc. (MERS) had authority to assign its interest in the borrower’s mortgage to the foreclosing lender, BONY.

The October 17, 2012, opinion written by Justice Dillon held that BONY submitted “the mortgage, the note, the verified complaint setting forth the facts establishing a claim, and evidence of the mortgagor’s [borrower’s] default” to support its standing to foreclose and, therefore, the trial court should have granted the renewed motion for the appointment of a referee to conduct the foreclosure sale.

"The Appellate Court justices were clear in their reversal of the lower court decision," Janis Smith MERSCORP Holdings' vice president for Corporate Communications said. "Not only did they note that the lower dismissal was incorrect, but they also firmly established that all appropriate documentation was valid."

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

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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.

Three Recent Decisions Cite Established Idaho Law Affirming MERS' Rights

FOR IMMEDIATE RELEASE

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

Reston, Virginia, October 11, 2012—MERSCORP Holdings, Inc. today announced that the United States District Court for the District of Idaho recently ruled in favor of Mortgage Electronic Registrations Systems, Inc. (MERS) and other Defendants in three (3) different matters. These rulings follow four similar decisions in September 2012.

In each of the rulings below, the Court again rejected Plaintiffs' challenges to MERS' role as trust deed beneficiary and its authority to assign the deed of trust to the foreclosing lender. The Courts also rejected Plaintiffs' claims that MERS caused the promissory note to become "split" from the trust deed or that Defendants must produce a copy of the Plaintiffs' original promissory note to foreclose non-judicially under Idaho law.

  • In pdf Van Kirk v. Bank of America Corporation (1.86 MB) , Chief Judge B. Lynn Winmill adopted Judge Ronald E. Bush's recommendation to grant the Defendants' motion to dismiss on all but one count. Judge Winmill subsequently dismissed the final count himself finding that the Defendants complied with the non-judicial foreclosure statute. "In reaching his recommendation, Judge Bush correctly rejected Plaintiff's argument..." Judge Winmill held. "MERS is a valid beneficiary, as explained in section C2 of the Report and Recommendation from Judge Bush. Any argument to the contrary has been rejected by multiple jurisdictions, including the District of Idaho and the Ninth Circuit."
  • In pdf Purdy v. Aegis Wholesale Corporation (1.60 MB) , Judge Bush recommended dismissal of all but one count of the Plaintiff's complaint; however in his order adopting Judge Bush's recommendation District Judge Edward J. Lodge ordered a dismissal of the one remaining count for Fair Debt Collection Practices Act violations, finding that allowing Plaintiff's leave to amend this one count would be "futile." Here, citing the Idaho Supreme Court's decision in pdf Trotter v. Bank of New York (67 KB) , Judge Bush affirmed the Defendants' compliance with Idaho non-judicial foreclosure law including the validity of the MERS trust deed assignment to the foreclosing lender.
  • In pdf Gilbert v. Bank of America (103 KB) , Chief Judge B. Lynn Winmill rejected the notion that Bank of America must produce the original Note to proceed with foreclosure. Again citing Trotter and other case law, Judge Winmill noted that "[t]he courts have routinely dismissed arguments that MERS is not a true beneficiary, or that MERS is otherwise unable to effectively assign its interest in a Deed of Trust." In his order dismissing all counts of the first amended complaint including claims of fraud against MERS and the co-defendants, Judge Winmill also denied plaintiffs' motion to further amend their complaint.

"The U.S. District Court for the District of Idaho, no stranger to these cases, has ruled definitively that MERS' role as beneficiary is in accordance with Idaho law," Janis Smith MERSCORP Holdings' vice president for Corporate Communications said. "The judges have been consistently clear that these claims are baseless."

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.

Panel Affirms MERS' Role as Nominee and Agent for the Note-holder

FOR IMMEDIATE RELEASE

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

Reston, Virginia, October 9, 2012—MERSCORP Holdings, Inc. today announced that a three-judge panel of the Kansas Court of Appeals recently held that Mortgage Electronic Registration Systems, Inc. (MERS) is the mortgage holder as the nominee (agent) for the original lender and any subsequent holders of the Note.

In pdf Metlife Home Loans v. Hansen (603 KB) , Chief Judge Richard Greene and Judges Karen Arnold-Berger and G. Joseph Pierron affirmed the lower court's ruling that MetLife had standing under Kansas law to foreclose on a property undisputedly in default. The Opinion, written by Judge Arnold-Berger, stated that "the gist of [the borrowers'] complaint was that ownership of the Note and the Mortgage had irreparably split when the Note was endorsed between the various lenders while the Mortgage remained recorded in MERS' name, as the mortgagee." Importantly, however, the Court found "no ambiguity in the Note or the Mortgage in this case. The Mortgage clearly states that the Hansens mortgaged the listed property 'to MERS (solely as nominee for the Lender and Lender's successors and assigns).' "

Because MetLife was not the original lender, but was a subsequent note-holder who purchased the note from original lender Sunflower Mortgage Company (Sunflower), the Court held that the language in the mortgage alone conclusively established an agency relationship between MERS, Sunflower and Sunflower's assignees. The Court found that the language of the Mortgage "unambiguously advised the Hansens that the Mortgage would be held by MERS for the benefit of Sunflower and any of Sunflower's successors and assigns."

"This opinion further expands upon this Court's ruling in pdf U.S. Bank vs. Howie (98 KB) ," said Janis L. Smith, MERSCORP Holdings vice president of Corporate Communications. "While the Howie decision concluded that there was no splitting of the mortgage and note because the language in the mortgage document established an agency relationship between MERS and the original lender named in the mortgage, the Panel here in Hansen expanded on this by holding that an agency relationship between MERS and subsequent assignees of the Note was also established by the language of the mortgage."

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.

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  • 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.

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  • 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. 

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  • 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.

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  • 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.

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Click here to proceed.

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