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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, September 12, 2013— MERSCORP Holdings, Inc. announced that the United States District Court for the Central District of Illinois this week accepted the report and recommendation of Magistrate Judge David G. Bernthal and dismissed a lawsuit filed by Macon County, Illinois and Mary Eaton, Macon County Recorder of Deeds, on behalf of Macon County and other similarly situated counties in the state of Illinois, ruling in favor of MERSCORP Holdings, Inc., Mortgage Electronic Registration Systems, Inc. (MERS) and numerous other defendants. 

In pdf Macon County, Illinois, et al., v. MERSCORP, Inc. et al. (153 KB) , the plaintiffs alleged that the existence and use of the MERS® System deprived the counties of recording fees because it allowed MERS® System Members to avoid paying recording fees for intermediate transfers between MERS® System Members, while they retained a first-lien priority under Illinois recording statute, 765 ILCS 5/28.

Rejecting entirely the plaintiff’s claims, Magistrate Bernthal wrote, “Defendants lawfully recorded and paid recording fees for the original mortgage, naming MERS as nominee. At that time, first-lien priority attached to the recorded mortgage pursuant to state law. Defendants lawfully chose not to record intermediate transfers. Thus, they did not owe recording fees for those transfers. None of this conduct is wrongful…”

“This case is another example of a county recorder seeking inappropriately to recover recording fees for services that were not performed by the counties or even required by state law,” 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, 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.

 

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, September 12, 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

Minnesota

  • MERS Wins Dismissal of Minnesota Counties Recording Case, August 27, 2013
    “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.’ ”

Other Notable Decisions

Oregon

  • Oregon Court Dismisses Wrongful Foreclosure Complaint, August 5, 2013
    “ ‘Although plaintiff here had sufficient time to raise any of the current challenges before the sale, he chose instead to raise such challenges after the trustee’s sale and recording of the trustee’s deed,’ Judge Panner wrote. Citing Mikityuk v. Northwest Trustee Services, the court further held that, ‘plaintiff’s challenges to the trustee’s sale are barred, as plaintiff’s interest in the property was ‘foreclosed and terminated.’ ”

Other Relevant Cases

For descriptions of cases and other materials, 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.

 

FOR IMMEDIATE RELEASE

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

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.

###

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: Karmela Lejarde
Phone: 703-761-1274
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Reston, Virginia, August 6, 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

Rhode Island

  • MERS Wins Dismissal of Rhode Island Recording Fee Suit, July 8, 2013
    “ ‘Rhode Island law does not require that all mortgages and mortgage assignments be recorded,’ Judge McConnell wrote. ‘Absent a statutory requirement to record, there are no damages, and, therefore there is no cause of action.’ ” 
  • Rhode Island Superior Court Affirms MERS’ Authority, July 29, 2013
    “In his ruling in favor of the defendants, Associate Justice Rubine wrote, ‘This issue has been conclusively resolved by the recent Rhode Island Supreme Court decision in Bucci v. Lehman Bros. Bank, FSB wherein the Court affirmed MERS’ authority to act as a mortgagee….’”

Other Relevant Cases

For descriptions of cases and other materials, 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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Click here to proceed.

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Click here to proceed.