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MERS® System Frequently Asked Questions

Frequently Asked Questions

Does use of the MERS® System change the current mortgage closing process?

Yes, it makes it better! When your organization uses the MERS® System, you follow your normal and customary closing procedures.

How does it work?
What are the benefits of MERS and the MERS® System?
What is the MERS as Original Mortgagee (MOM) language used in the security instrument that is recommended by Fannie Mae and Freddie Mac?
Can a lender also assign loans to MERS if the loan has already been closed in the lender's name?
What is an iRegistration?
Am I allowed to designate MERS as mortgagee and use the MERS® System with new loans only?
Is the MERS® System intended for registration of first liens only?
Does the Mortgage Identification Number (or MIN) require us to replace our current loan number system?
Can MERS operate in all 50 states?
How can I become a MERS® System Member?
How much does it cost to be a MERS® System Member?
What agreements does my organization have to sign to become a MERS® System Member?
If I don't sell servicing, why should I become a MERS® System Member?
Do my correspondent lenders have to become MERS® System Members?
How does the designation of MERS as original mortgagee save lenders time?
For lenders who originate for their own portfolio, what benefits do we get from designating MERS as Original Mortgagee?
Are there any benefits to title companies?
Does MERS replace the role of the trustee in deed of trust states?
Have the nationally recognized rating agencies approved use of the MERS® System?
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