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FOR IMMEDIATE RELEASE

Janis Smith
Phone: 703-738-0230
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Reston, Virginia, August 27, 2013— MERSCORP Holdings, Inc. announced that the United States District Court for the District of Minnesota yesterday dismissed a lawsuit filed earlier this year by Ramsey and Hennepin Counties on behalf of themselves and all other Minnesota counties (the Counties), ruling in favor of MERSCORP Holdings, Inc., Mortgage Electronic Registration Systems, Inc. (MERS) and numerous other MERS® System members.

In pdf The County of Ramsey and the County of Hennepin vs. MERSCORP Holdings, Inc., et al (109 KB) , the Counties alleged Minnesota statutes create a mandatory recording obligation that every conveyance must be recorded. Rejecting the Counties claim, Judge David S. Doty wrote, “In sum, based on an analysis of its plain language, canons of construction and treatment by other courts in Minnesota, the court concluded that §507.34 does not create a mandatory recording obligation.”

“The Minnesota Court has made it clear that there is no statutory duty to record all conveyances, but rather, the statute outlines where to record and explains the consequences of failing to record,” noted MERSCORP Holdings Vice President for Corporate Communications, Janis Smith. “MERS perfects its lien priority and protects the MERS System member by recording all MERS mortgages in the appropriate county land records.” Once MERS is the mortgagee of record, no assignments or subsequent recording is required when transfers take place between MERS® System members, but such transactions are tracked on the MERS® System.

“Yesterday’s opinion also includes a reminder that MERS’ role and authority in Minnesota has already been decided by the state’s highest court,” added Smith. In a footnote, Judge Doty’s opinion stated, “The court also noted that the MERS Registry is implicitly approved by Jackson,” a 2009 decision from the State of Minnesota Supreme Court.

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

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.

 

  • 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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