This post was updated October 7, 2010
Is MERS causing a Foreclosure Nightmare?
According to its website, Mortgage Electronic Registration Systems (MERS), based in Reston, Virginia, was created by the mortgage banking industry "to streamline the mortgage process by using electronic commerce to eliminate paper." The company's "mission is to register every mortgage loan in the United States on the MERSÂ® System."
Beneficiaries of MERS include mortgage originators, servicers, warehouse lenders, wholesale lenders, retail lenders, document custodians, settlement agents, title companies, insurers, investors, county recorders and consumers.
MERS acts as nominee in the county land records for the lender and servicer. Any loan registered on the MERSÂ® System is inoculated against future assignments because MERS remains the nominal mortgagee no matter how many times servicing is traded. MERS as original mortgagee (MOM) is approved by Fannie Mae, Freddie Mac, Ginnie Mae, FHA and VA, California and Utah Housing Finance Agencies, as well as all of the major Wall Street rating agencies.
Who is on the MERS Board of Directors?
- Ed Albrigo, Senior Vice President, Enterprise Services, Freddie Mac, McLean, VA
- R.K. Arnold, President & CEO MERSCORP, Inc., Vienna, VA
- Barry Bier, President Cooper River Financial, LLC, Fort Washington, PA
- John Courson, President and Chief Operating Officer, Mortgage Bankers Association, Washington, DC
- Henry Cunningham, President, Cunningham & Company, Greensboro, NC
- S.A. Ibrahim, CEO, Radian Group, Philadelphia, PA
- John Johnson, Chairman & CEO, MortgageAmerica, Inc., Birmingham, AL
- Leo Knight, CEO (retired), National City Mortgage, Miamisburg, Ohio
- Pat Lamb, President, Mortgage Division (retired), 1st National Bank of Arizona, Scottsdale, AZ
- Ron McCord, Chairman & CEO, First Mortgage Company, LLC, Oklahoma City, OK
- Michael Petrie, President, P/R Mortgage & Investment Corp., Carmel, IN
- Kurt Pfotenhauer, CEO, American Land Title Association, Washington, DC
- Bruce Posey (MERS Subsidiary Director), President and CEO, Streeter Brothers Mortgage Corp., Billings, Montana
- John Robbins, Managing Director and Special Counsel (retired), Vertice Lending, San Diego, CA
- Deborah Schiavo, Managing Director, Cohen Financial, New York, NY
- Marianne Sullivan, Senior Vice President, Fannie Mae, Washington, D.C.
- H.G. Waddell, Executive Vice President, United Guaranty Residential Insurance Co., Greensboro, NC
- Michael Young, Chairman of the Board, Cenlar, Ewing, NJ
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Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.