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MERS, a Blast from the Past

Thursday, April 30, 2015

Remember 2010-2011 and the daily revelations about robosigning?  Behind the shortcuts taken by servicers in processing foreclosure documents (sometimes even employing forgery) was their policy of recording mortgages and notes in the name of Mortgage Electronic Registrations Systems, Inc. (MERS) to avoid recording subsequent assignments to individual lenders or servicers when loans were sold or servicing rights transferred.  This practice facilitated sales and transfers and avoided the cost of making assignments but became problematic when those loans fell into default and the chain of title became unclear. 

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Mark was very personable and always had my husband and I's best interest in mind. He was also very quick with responses to any questions we needed and always one step ahead which made him very prepared. Our whole process went very smoothly. He also made us feel like actual people and not just another loan/sale.
Chelsie L