WHAT IS MERS?
While MERS primarily provides services to mortgage companies, we also offer an important benefit to homeowners—we keep track of the identity of servicers that registered loans on our system.
WHAT IS A SERVICER?
The servicer is YOUR mortgage company. It is the company that handles the day-to-day tasks associated with managing your loan. Their duties include but are not limited to:
- Collecting and remitting loan payments
- Responding to borrower inquiries
- Making advances when required
- Accounting for principal and interest
- Holding funds for payment of property taxes and hazard insurance (also called Managing your escrow account)
- Making any physical inspections of the property
- Counseling delinquent mortgagors
- Supervising foreclosures and property dispositions in case of defaults
After your mortgage loan closed, your lender more than likely outsourced the job of managing your loan to another company called a SERVICER. This is the company you call when you have questions about your loan.
HOW CAN I FIND OUT THE IDENTITY OF MY SERVICER?
We can help! You may:
- Dial the toll-free MERS® Servicer Identification System at 888-679-6377, an automated touch-tone system, or
- Access MERS® Servicer ID, a free web-based system.
CAN MERS HELP ME IDENTIFY THE OWNER OF MY MORTGAGE LOAN?
Yes, we can! MERS® ServicerID, our website for homeowners, provides borrowers with access to the investor (owner of the note) information for most loans registered on the MERS® System, complementing the existing servicer data. The same information is also available by telephone from our toll-free number: 1-888-679-6377.
WHAT INFORMATION DO I NEED TO PROVIDE?
You can search for servicer information three ways: by property address, the borrower’s name and social security number, or with the unique mortgage identification number (MIN) on the mortgage or deed of trust signed at closing. Don’t worry if you don’t know it – it’s not required. But to obtain investor information, you will be asked to verify certain identifying information and check the box that confirms you are the borrower or the borrower’s authorized representative.
WHY DO I NEED TO KNOW THE IDENTITY OF YOUR SERVICER?
There are three reasons why you must always keep track of the identity of your Servicer:
- Your Servicer is responsible for handling any questions you have about your mortgage loan. Payoff amount? Contact them. Taxes and hazard insurance? They should have that information too. Check your payment booklet. Do you see a toll-free number you can call or a website you can access?
- Your Servicer is also responsible for collecting your payment. To avoid late fees and potential fraud, make sure you are sending your payment to the correct Servicer.
- If you are unable to make the payments on your mortgage and wish to negotiate the terms of your loan, you may only do so with your Servicer. Contrary to popular belief, it is your Servicer and not the lender that can negotiate the terms of the loan with you.
WHERE CAN I GET MORE INFORMATION ON MY LOAN OR THE BASICS OF OBTAINING A MORTGAGE?
For more information and assistance on your mortgage loan, please visit one of the following websites:
- HopeNow. An alliance between counselors, servicers, investors and other mortgage industry participants to assist distressed homeowners.
- Home Loan Learning Center. Sponsored by the Mortgage Bankers Association. Educates consumers on the basics of obtaining a mortgage. Also includes a link to their Foreclosure Prevention Resource Center.
- Neighborworks America. A national nonprofit organization created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts.
- Information on foreclosure rescue scams, published by the Federal Trade Commission.
HOW DO I INFORM MERS THAT MY PERSONAL INFORMATION IS INACCURATE ON A MERS SYSTEM?
Disputing incorrect personal information with MERS is easy; however, only the affected individual may submit a dispute. To do so, please follow the steps below:
- Click here to access the MERS Fair Credit Reporting Act secure portal.
- For first time users, create a new account.
- Activate your account by clicking the link in the confirmation email that was sent to the email address you entered to register your account.
- Re-enter the portal by typing your username and password.
- Click the "COMPOSE" tab and select "FCRA" from the drop-down list.
- Begin composing your secure message. In your message, please include the following information:
- The reason for your dispute
- The 18-digit Mortgage Identification Number of your loan OR your social security number and property address so that MERS can identify the registered loan related to the disputed information
- Your full name and contact telephone number
- Any supporting documentation relevant to your dispute
FREQUENTLY ASKED QUESTIONS ON DISPUTING YOUR PERSONAL INFORMATION:
Q: What if I don't have access to email:?
A: Please fax your inquiry to 703-748-0183, Attention: FCRA.
Q: How long will the process take?
A: In accordance with FCRA requirements, the investigation into your dispute may take up to 30 days to complete.
Q: Can my bank (or other third party agent) contact you regarding my dispute?
A: No. MERS will only communicate with the impacted individual. We will not respond to inquiries from third parties.
Q: How can I submit additional documents with my dispute?
A: If you are sending a message through the secure portal, please select the "ATTACH FILE" button located on the upper right hand corner of your screen; if submitting via fax, please fax us all the relevant documents together with your inquiry. You may also send us an electronic inquiry and fax us additional documentation.
Q: I have additional questions. Who can I contact?
A: Please submit all questions through the MERS FCRA secure portal.
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