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FOR IMMEDIATE RELEASE

CONTACT: Janis Smith
Phone: 703-738-0230
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Reston, Virginia, December 30, 2013—MERSCORP Holdings, Inc. today announced that the Supreme Court of Rhode Island held in pdf Mruk vs. Mortgage Electronic Registration Systems, Inc., (MERS) et al. (56 KB)  that MERS’ business model with MERS holding legal title to the mortgage as the nominee for the owner of the note is consistent with Rhode Island law.

Relying on the Court’s decision earlier this year in pdf Bucci v. Lehman Brothers Bank, FSB (54 KB) , the Court in the Mruk case finds that MERS can transfer legal title by an assignment of the mortgage. The Court noted that the “[P]laintiff’s argument that MERS could not have transferred legal title to its assignee because it was not the holder of the note is unavailing.”

While the Court affirmed the dismissal of the plaintiff’s complaint finding that MERS has the authority to assign the mortgage lien and that the MERS assignment in this case was valid, the Court states that “homeowners in Rhode Island have standing to challenge the assignment of mortgages on their homes to the extent necessary to contest the foreclosing entity’s authority to foreclose.”

“The ruling by the Court affirms that MERS, as mortgagee, is the holder of legal title to the mortgage and does have the authority to make assignments.” said MERSCORP Holdings Vice President for Corporate Communications, Janis Smith. “This ruling may result in Rhode Island homeowners challenging MERS assignments in their foreclosures cases, but we expect the results to be similar to the outcome here that the assignments will be upheld as 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.

 

 

FOR IMMEDIATE RELEASE

CONTACT: Janis Smith
Phone: 703-738-0230
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Reston, Virginia, December 23, 2013— Below is a monthly summary of major legal decisions involving either the use of the MERS® System or Mortgage Electronic Registration Systems, Inc. (MERS) and its role in the mortgage process. Please contact the This email address is being protected from spambots. You need JavaScript enabled to view it. at MERSCORP Holdings, Inc. with any questions, and visit the MERS Newsroom for a full list of news releases.

Major Developments

Iowa

  • Iowa Judge Upholds MERS’ Right to Notice, November 12, 2013
    Judge James S. Heckerman of the Fourth Judicial District of Iowa, sitting in Pottawattamie County, Iowa confirmed in a judgment that Mortgage Electronic Registration Systems, Inc., as mortgagee, was entitled to receive a Notice of the Right to Redeem. In granting summary judgment to the plaintiff, Judge Heckerman, noted that he “is persuaded by the Iowa law, both statutory and case law [ ], and believes MERS was entitled to receive the Notice of Right to Redeem, both as a Mortgagee and as a person having an interest of record.”

Kentucky

  • MERS Wins Dismissal of Kentucky Recording Fee Suit, November 26, 2013
    The U.S. Court for the Eastern District of Kentucky, Northern Division, ruled in favor of Mortgage Electronic Registration Systems, Inc. (MERS) in Boyd County by and through its County Attorney Phillip Hedrick; et.al. vs. Mortgage Electronic Registration Systems, Inc. (MERS); et. al.,dismissing the case with prejudice. In his opinion, Judge Henry Wilhoit, Jr. found that county attorneys, like the county clerks in a previous lawsuit against MERS, do not have standing to maintain their lawsuit. 

Massachusetts

  • MERS Wins Joint Motion to Dismiss in Massachusetts Recording Case, November 15, 2013
    MERSCORP Holdings, Inc. announced that the Superior Court in the Commonwealth of Massachusetts dismissed three consolidated actions involving recording fee cases. Justice Sanders wrote, “If the underlying note is assigned to another lender who is a member of the MERS system, MERS remains as the mortgagee, acting as nominee for the new note holder. … No recordation is necessary because there has been no change as to who holds legal title.” 

North Carolina

  • Federal Judge in North Carolina Rules in MERS Favor, November 7, 2013
    “Despite the plaintiff’s contention to the contrary, the Deed unequivocally identifies MERS and it position,” U.S. District Court Judge Terrence W. Boyle of the Eastern District of North Carolina said when he dismissed a law suit filed against Mortgage Electronic Registration Systems, Inc., JP Morgan Chase Bank, and other MERS® System members. Additionally, the Judge continued, “the plaintiff has failed to uncover any case findings that MERS violates North Carolina law whereas several other courts have held that MERS is lawful and accordingly has the authority to assign it rights under deeds of trust.” 

Washington

  • MERS wins dismissal of Two Washington Lawsuits, November 20, 2013
    MERSCORP Holdings, Inc. today announced that two federal judges in the Western District of Washington found in MERS’ favor when they dismissed two borrower initiated actions alleging MERS’ role in the borrower(s)’ deeds of trust caused them injury. First, U.S. District Court Judge John C. Coughenour granted MERS’ motion to dismiss in Reid v. Countrywide Bank, N.A., el al., ruling that Plaintiffs’ claims against MERS were speculative at best. In a similar federal court ruling from Washington, Chief U.S. District Court Judge Marsha J. Pechman in Wear v. Sierra Pacific Mortgage Company, Inc. dismissed a wrongful foreclosure complaint against a MERS® System member and other defendants. 

Other Relevant Cases

For descriptions of cases and other materials, 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.

 

 

Circuit Court Ruled No Duty to Record Assignments in State of Arkansas

FOR IMMEDIATE RELEASE       

CONTACT: Janis Smith
Phone: 703-738-0230
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Reston, Virginia, December, 2, 2013— MERSCORP Holdings, Inc. today announced that the Circuit Court of Lonoke County, Arkansas Civil Division dismissed with prejudice an Amended Class Action Claim against the company filed by the Lonoke County Circuit Clerk and Recorder.

In pdf Lonoke County, Arkansas, by and through Deborah Oglesby, Lonoke County Circuit Clerk and Recorder vs. MERSCORP, Inc., et al. (128 KB) , Circuit Court Judge Sandy Huckabee ruled in an order entered on November 25, 2013, that “Based on current Arkansas law, consistent with the decisions of the Arkansas Supreme Court, there is no duty to record assignments in the State of Arkansas.” Further she concluded, “Therefore, the Court finds that each claim in the Amended Class Action Complaint fails to plead a basis upon which relief can be granted.”

A similar suit filed by the Circuit Clerk of Hot Spring County, Arkansas was dismissed in September by U.S. District Judge Susan O. Hickey of the U.S. District Court for the Western District of Arkansas, Hot Springs Division, who held that “Arkansas’s statutes ‘do not require assignments to be recorded.’” 

“We have consistently held that the MERS business model complies with the requirements of the recording statutes,” said MERSCORP Holdings Vice President for Corporate Communications, Janis Smith.

This decision joins the dismissals of similar lawsuits brought by county recorders in Minnesota, North Carolina, Rhode Island, Michigan, Oklahoma, Iowa, Florida, Arkansas, Illinois, Missouri, Massachusetts and Kentucky.

For descriptions of cases and other materials pertainingto 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.

Federal Court Finds That 41 County Attorneys Lack Statutory Standing

FOR IMMEDIATE RELEASE 

CONTACT:  Sandra J. Troutman
Phone: 703-761-1274
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Reston, Virginia, November 26, 2013—The U.S. Court for the Eastern District of Kentucky, Northern Division, ruled in favor of Mortgage Electronic Registration Systems, Inc. (MERS) in pdf Boyd County by and through its County Attorney Phillip Hedrick; et.al. vs. Mortgage Electronic Registration Systems, Inc. (MERS); et. al. (193 KB) , dismissing the case with prejudice.

In his opinion, Judge Henry Wilhoit, Jr. found that county attorneys, like the county clerks in a previous lawsuit against MERS, do not have standing to maintain their lawsuit. He cited  to the February 21, 2013 Order from the Sixth Circuit Court of Appeals in its review of  pdf Christian County Clerk, by and through its County Clerk, Michael Kem; el al. vs. Mortgage Electronic Registration Systems, Inc. (MERS); et. al. (161 KB) , which held that the Clerks lacked a private right of action under the Kentucky statute (KRS 446.070) on which they relied as the basis for their suit. The same holds true for the county attorneys because neither the clerks nor the county attorneys fit into the three categories that the Kentucky recording statute protects. 

When discussing the plaintiffs claim of the recording of false mortgage documents, Judge Wilhoit notes that, “Indeed, because Kentucky courts have recognized MERS’ role as a valid mortgagee, Defendants had every reason to believe that naming MERS as mortgagee, as nominee for lender and lender’s successors and assign, was and is a true statement.”

“Use of the MERS® System to register mortgage loans fulfills the purpose of the recording statutes,” said MERSCORP Holdings Vice President for Corporate Communications, Janis Smith.  “The statutes’ intent is to assure that liens are discharged when an underlying loan is paid off, to give subsequent purchasers and lenders notice of recorded liens, and to allow creditors to give notice of their secured interest in the property.”

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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