FOR IMMEDIATE RELEASE
CONTACT: Jason Lobo
Reston, Virginia, October 30, 2012— MERSCORP Holdings, Inc. today announced that that the Supreme Court of Texas recently denied a borrower's petition for review in Robeson v. MERS. In her complaint, the borrower alleged that the non-judicial foreclosure by lender MidFirst Bank was invalid because at the time MidFirst sent the foreclosure notices, MERS had not yet assigned to MidFirst its interest as the beneficiary of the deed of trust.
In denying review, the Supreme Court let stand a January 5, 2012, Court of Appeals opinion written by Chief Justice Terrie Livingston holding that "the date of the assignment from MERS to MidFirst is not evidence of the actual date that MidFirst became entitled to authorize enforcement of the lender's rights in the deed of trust...the...assignment was of MERS's interest in the deed of trust as beneficiary." Justice Livingston also noted that "the deed of trust gives the lender as well as the beneficiary the right to invoke the power of sale...the assignment of MERS's status as beneficiary under the deed of trust on February 20, 2009, does not contradict MidFirst's evidence that it succeeded to the rights of the lender under the deed of trust..."
"By denying this petition for review, the Texas Supreme Court refused to hear a challenge to MERS' role as a deed of trust beneficiary, as well as its authority to assign its interests," Janis Smith MERSCORP Holdings' vice president for Corporate Communications said.
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.