MERS Registers 1,000th E-Note
Fannie Mae purchased the 1,000th electronic note on the MERS eRegistry in early October. Fannie Mae bought the e-note from Ohio Savings Bank, Cleveland.
"We are pleased with the way the industry has embraced the MERS eRegistry," said R.K. Arnold, president of MERS, in a news release. "The move into eNotes is well underway and will steadily grow as more and more lenders see the benefits."
Launched in 2004, the MERS eRegistry is the system of record that identifies the owner and custodian for registered eNotes, providing greater liquidity, transferability and security for lenders. MERS says the registry is a significant step toward the eventual development of a fully electronic mortgage.
EDS of Plano, Texas, is the technology provider for the MERS eRegistry. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com