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FOR IMMEDIATE RELEASE

CONTACT: Janis Smith
Phone: 703-738-0230
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Reston, Virginia, March 5, 2014—MERSCORP Holdings, Inc. today announced that the United States District Court for the Northern District of Texas, Dallas Division, yesterday granted MERSCORP Holdings, Inc. motion for summary judgment of the final remaining claim in a recording fee case filed by Dallas, Harris and Brazoria Counties, Texas.

In pdf Dallas County, Texas, et. al.; v. MERSCORP Inc., et. al. (146 KB) , the counties claimed that MERS created a private electronic mortgage registration system for tracking ownership interest and servicing rights associated with residential mortgages, ultimately depriving the Counties of recording fees and corrupting their real property records and that Texas Statute, section 192.007 requires all assignments of Deeds of Trust be recorded in the land records.

United States District Judge Reed O’Conner in his opinion said, “This statute contains no remedy provision, and nothing stating or suggesting that a county or other litigant may seek relief under the statute.” Judge Reed continued, “Alternatively, even were declaratory relief available to the Counties, based on recent case law, the Court concludes that Section 192.007 does not support the Counties’ interpretation that the statute requires the recordation of interim instruments, such as assignments of deeds of trusts.”

“We have been confident since this case began that the lawsuit filed in Dallas County was without legal or factual merit,” said MERSCORP Holdings Vice President for Corporate Communications, Janis Smith. “The MERS business practices are legal and comply with the recording statutes and regulations of Texas. Judge Reed’s opinion mirrors rulings in numerous cases in Texas courts and countless cases across the country on the state and federal level.”

This decision joins the dismissals of 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 pertaining to MERS’ business 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.

 Seventh Circuit Court of Appeals Dismissed Law Suit by Macon County, Illinois

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, February 4, 2014—MERSCORP Holdings, Inc. today announced the Seventh Circuit of Appeals rendered a favorable decision in the Macon County recording fee case and affirmed the dismissal of the lawsuit by the district court.

In pdf Macon County v. MERSCORP, Inc. (153 KB) , the county claims that recording fees should have been paid when promissory notes are transferred and by not paying such recording fees, MERSCORP and Mortgage Electronic Registration Systems, Inc. (MERS) were unjustly enriched because MERS deprives the County of revenues it would otherwise receive. Judge Richard A. Posner, writing for the 7th Circuit, pointed out that Illinois law does not require mortgages to be recorded, which was the Court’s ruling in November 2013 in  pdf Union County v. MERSCORP, Inc. (53 KB)  But here, Macon County was not challenging the result in Union County, but claiming rather that MERS was somehow unjustly enriched in violation of Illinois common law. The Court held that there is nothing illegal or inappropriate in the way MERS conducts its business and that “competition is not a tort at common law.” In instances where MERS is designated as the mortgagee, the Court recognized that MERS holds the property interest that secures the promissory note and therefore when promissory notes are sold, these transfers “are not recorded in the county land registries because they are not assignments of mortgages or other property interests.”

Further, Judge Posner said, “No more are MERSCORP and the banking industry required to adopt a system of mortgage protection that generates revenues for a state or local government—as the Eighth Circuit held last month in a case almost identical to this one.” See pdf Brown v. Mortgage Electronic Registration Systems, Inc. (8th Cir. 2013) (132 KB) .

“We have consistently held that the MERS business model complies with the requirements of the recording statues in individual states,” said MERSCORP Holdings Vice President for Corporate Communications, Janis Smith. “Judge Posner’s opinion confirms that MERS behavior was not illegal or inappropriate, and it did not (and could not) result in MERS being unjustly enriched.”

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, January 9, 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

Arkansas

  • MERS Wins Motion to Dismiss in Arkansas County Recording Suit, December 2, 2013.
    “In Lonoke County, Arkansas, by and through Deborah Oglesby, Lonoke County Circuit Clerk and Recorder v. MERSCORP, Inc., et al., 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.’”

Rhode Island

  • Supreme Court of Rhode Island Upholds MERS Business Model and MERS Authority to Assign Mortgages, December 30, 2013.
    “Relying on the Court’s decision earlier this year in Bucci v. Lehman Brothers Bank, FSB, 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.’”

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.

 

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, January 16, 2014— MERSCORP Holdings, Inc. today announced that the Rhode Island Supreme Court affirmed a Superior Court’s judgment that the Mortgage Electronic Registration Systems, Inc. (MERS) assignment was valid confirming MERS authority to assign a mortgage.

In pdf Rutter v. Mortgage Electronic Registration Systems, Inc. (30 KB) , the borrower-appellants challenged the foreclosure sale of their mortgaged property arguing, in part, that the MERS assignment was invalid.

The Court acknowledged its recent holding in the pdf Mruk v MERS (56 KB)  case that Rhode Island homeowners have standing to challenge assignments of mortgages on their homes as void to the extent necessary to contest the foreclosing entity’s authority to foreclose. But, just like in the Mruk case, the Court determined that the MERS assignment was valid. The Court stated that the mortgage signed by the borrowers “directly listed MERS and its assignees as having the statutory power of sale, therefore permitting MERS to assign the Mortgage and permitting the assignee to foreclose,” and agreed with the ruling of the trial justice that the assignment was valid and the foreclosure was proper.

“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 and courts will continue to find the MERS assignments valid,” said MERSCORP Holdings Vice President for Corporate Communications, Janis Smith.

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.

    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.

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Click here to proceed.

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