loosecannon
Senior Member
- May 7, 2007
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It pocketed or did not charge the fees required for note transfer at least many clerks offices can find no record of the money owed them. And LC MERS or MERS-3 is the term being used in legal blogs, journals and books such as "Clouded Title" (which may have not dropped yet.) M(ortgage)ER(ecords)S is simply a utility that keeps track of ownership changes in notes and titles. If note transfers are not recorded in the Clerk's office they have no standing and a fee must be paid for the recording.
Here is their website:
MERS - Mortgage Electronic Registration Systems
MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.
they even have a forum where you can ask questions about how it works:
MERS - Forum Categories