MERS^® ServicerID is a free service that provides the current servicer and investor (owner of the note) for loans registered on the MERS^® System.

How do I find my Mers number?

Access to MERS Servicer ID is available by phone at 1-888-679-6377 and online at

What does MERS mean in mortgage?

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 are Mers numbers assigned?

Each mortgage is assigned an individual Mortgage Identification Number (MIN) that tracks the mortgage for its life. The MERS system depends on MERS being named as the mortgagee of record in the county public records. ... The mortgage would then be assigned to MERS, with the assignment being recorded in the public records.

Are all mortgages registered with MERS?

More than two-thirds of all newly originated residential loans in the United States are registered on the MERS® System. Are MERS loans recorded in the public land records? All mortgages (or deeds of trust) registered on the MERS® System are recorded in the public land records.

What is MERS or the Mortgage Electronic Registration System? | AFX

Is MERS legal?

California Court Affirms the Power of MERS to Assign Promissory Notes and Invoke the Tender Rule. One result of the foreclosure crisis over the past few years is a wave of “wrongful foreclosure” cases seeking to set aside or delay foreclosure proceedings on the applicable property.

What is a MERS certificate?

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.

Can MERS foreclosure?

Nonjudicial States and MERS Foreclosures

The Washington Supreme Court ruled that MERS isn't considered a beneficiary under state law. So, MERS can't nonjudicially foreclose a deed of trust in that state because it doesn't own the debt.

How do you get discharge from MERS?

When MERS is the record holder of a mortgage, the mortgage shall be discharged only by MERS. A valid discharge may be issued by (1) MERS, or (2) a member of MERS acting through a certifying officer of MERS.

How do I contact MERS?

Dialing the toll-free number at (888) 679-6377, or.

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. Accordingly, you close the deal.

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 mortgage ID?

Mortgage Identification Number (MIN) is the number assigned to a mortgage that is registered with the Mortgage Electronic Registration System (MERS). ... The mortgagee designates a MIN, that will act as the permanent reference number with respect to the mortgage.

How do I find out who is servicing my mortgage?

To find out who your mortgage servicer is, check your loan statement; if applicable, your payment coupon book, or you can check the MERS website, which is a free service set up by the mortgage industry to assist homeowners. Your lender might or might not be the same as your mortgage servicer.

Does FNMA own loans?

Is Fannie Mae my mortgage servicer? No, Fannie Mae owns your loan, but we do not service mortgage loans. You can find your mortgage servicer listed on the loan purchase letter you received from Fannie Mae, or on the welcome letter/packet you should have received from your mortgage servicer.

What is a MERS number?

Originated by MERSCORP Holdings, Inc.'s MERS system, the mortgage identification number (MIN) is a unique 18-digit number used to track a mortgage loan throughout its life, from origination to securitization to payoff or foreclosure.

Is the lender the beneficiary?

The beneficiary of a deed of trust is your lender. With a traditional mortgage, the lender would act as watchdog over your payments itself, ensuring that you make them on time and beginning foreclosure proceedings if you don't.

What does nominee for Lender mean?

The Nominee of a Mortgagee is also a nominee or agent for 1) the actual owner of the promissory note, or 2) anyone who takes ownership of the note at a later date, or 3) anyone who does not technically “own” the note, but has the right to receive the benefit of owning it.

Who pays for appraisal reinspection?

Appraisal Fee – Unless you're paying cash for your purchase the lender you're getting a loan from will require an appraisal to be done which the buyer is responsible to pay for.

What is MERS on closing disclosure?

When you review your mortgage closing costs, you may notice a small item called a MERS fee. ... The MERS fee is the cost to register your loan in the Mortgage Electronic Registration System (now you understand where MERS comes from), which is a database used by the mortgage lending industry to track loans.

What is MERS mom?

MOM A loan secured by a MERS as Original Mortgagee Security Instrument. The language written into a MOM Security Instrument establishes MERS as the Mortgagee and Nominee for the Lender, its successors and assigns. Non-MOM A loan secured by a Mortgage that names MERS as Mortgagee through an Assignment to MERS.

Can bank sell your mortgage without telling you?

Yes. Federal banking laws and regulations permit banks to sell mortgages or transfer the servicing rights to other institutions. Consumer consent is not required. However, the bank or new servicer generally must comply with certain procedures notifying you of the transfer.

What's the difference between a mortgage and a note?

A promissory note is a borrower's promise to repay a loan; a mortgage puts the title to a home up as security (collateral) for the loan. These documents set up the terms of the loan and have the same goal: to make sure the lender gets repaid. ...

What is an assignment of mortgage?

An assignment of mortgage is a transfer of the mortgage debt and conveyance of the legal estate of the mortgagee in the mortgaged property. It vests the debt and estate in the assignee, together with all the rights, powers and remedies of the mortgage. The assignor is the mortgagee who is disposing of the mortgage.