FOR IMMEDIATE RELEASE
Contact: Karmela Lejarde, 703-761-1274

Vienna, VA, May 24, 2007—The 50 millionth loan was registered today on the MERS® System, nine years after the introduction of the “MERS as Original Mortgagee” (MOM) process began improving the mortgage lending industry by eliminating paper.

“When the MOM language was approved by Fannie Mae and Freddie Mac, we knew it would be an important new opportunity for mortgage lenders and servicers to streamline their operations and reduce costs,” said R.K. Arnold, President & CEO of MERS. “Having fifty million loans registered since then is gratifying, especially when we realize that reducing lender costs to originate loans benefits borrowers, especially first-time homeowners.”

MERS was created by the mortgage lending industry to eliminate the unnecessary costs of preparing and recording paper assignments when mortgage companies sell loans to their trading partners. Eliminating assignments also prevents loan servicing problems caused by a broken chain of title. This means lower costs for the servicer and improved customer service to the borrower.

“Lenders save at least $25 for every new loan they register on the MERS® System ,” said Carson Mullen, Executive Vice President of the MERS Customer Division. “Since the beginning, MERS has saved the mortgage industry over $1 billion in unnecessary costs.”

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