Can MERS discharge a mortgage?
(MERS)—discharges the mortgage and removes its lien on the property. Because your title search revealed that MERS possessed the only outstanding interest against the property, you are satisfied that the title is free from adverse claims.
How do I release MERS mortgage?
The loan servicer will send a lien release to the county recorder’s office. The release should contain the MIN and the telephone number to access the MERS VRU, which is the number the general public may call to obtain information about the MERS servicer. The number for the VRU is 1-888-679-MERS (679-6377).
What does MERS mean on a mortgage?
Mortgage Electronic Registration Systems, Inc.
Mortgage Electronic Registration Systems, Inc. (MERS) is a wholly-owned subsidiary of MERSCORP Holdings, and its sole purpose is to serve as mortgagee in the land records for loans registered on the MERS® System.
How long has MERS mortgage been around?
The MERS® System began registering and tracking mortgage loans in 1997. The MERS® eRegistry was launched in 2014. The concept of the MERS® System was created in the 1990s, in response to changes in the mortgage finance industry, to streamline the mortgage process by using e-commerce to replace paperwork.
What is MERS compliance?
Our MERS Compliance Audit Service ensures that you meet quality control standards by examining your files against MERS QC-specific document and timing requirements. MetaSource also cross-checks the information in the MERS system with the information in your servicing system to ensure it matches.
How do you access MERS?
Access to MERS Servicer ID is available by phone at 1-888-679-6377 and online at http://www.mersinc.org/information-for-homeowners/my-mortgage-info.
Why do lenders use MERS?
MERS is a company that the lending industry created to register and track assignments of mortgages and servicing rights, thereby avoiding the costs associated with having to record each loan transfer.
What is a mom loan?
MOM Loan means a Mortgage Loan where the related Mortgage names MERS as the original mortgagee thereof, as to which a MIN has been assigned, and which Mortgage has not been assigned to any other Person.
What does MERS status inactive mean?
In most cases, a MIN status of “inactive” means that the debt has been paid in full. Mortgages are deactivated when you make all the payments but also when you refinance. In a refinance, the original loan is listed as “Inactive — Paid in Full,” and you get a new active loan with a new MIN.
What is a MERS transfer?
The Mortgage Electronic Registration System (MERS) is a database created by the mortgage banking industry. A confidential electronic registry of mortgages originated in the United States, it keeps track of transfers of and modifications to servicing rights and ownership of the loans.
Why does my home loan say inactive?
An “active” status indicates that the mortgage loan originator currently meets all those requirements. An “inactive” status indicates that the mortgage loan originator does not currently meet all those requirements.