MERSlogo

homepage photoHomepageTagline

Ruling Cites Statutory and Constitutional Basis

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, November, 12, 2013— MERSCORP Holdings, Inc. today announced that 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 pdf Flagstar Bank, FSB vs. Lone Pine Capital, LLC (137 KB) , petitioner Flagstar Bank, FSB as assignee by an assignment of the mortgage from MERS and now mortgagee, filed a claim that “the Notice of Right to Redeem was not properly sent to all parties in that it was not sent to the then-mortgagee MERS.”

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.” Further, he wrote, “… the Iowa statute created an independent constitutional right to notice of the tax sale.”  Citing to §447.9(2) of the Code of Iowa, Judge Heckerman noted, “the plain terms [of the statute] grants MERS the right to notice of tax sales that may deprive MERS of its interest in property.  Having given that statutory right to MERS, the State may not deprive MERS of its benefits.”

“This Iowa court ruling plainly supports MERS’ interests and rights as the mortgagee and nominee for the lender and the lender’s successors and assigns,” said MERSCORP Holdings Vice President for Corporate Communications, Janis Smith. “Judge Heckerman also noted that the mortgage document signed by the borrower clearly stated MERS’ rights.”

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.