10,000 E-Notes on MERS
MERS, the electronic registry for tracking ownership of mortgage loans and servicing rights, said it now had registered more than 10,000 electronic mortgage notes.
AmTrust Bank registered the ten thousandth e-note, MERS said.
Launched in 2004, the MERS eRegistry is a system of record that identifies to owner, or controller, and custodian, or location, for registered electronic mortgages. It was created to satisfy certain safe harbor requirements under the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act.
MERS said the eRegistry provides liquidity, transferability and security for lenders originating and selling e-notes. The electronic registry is designed to save lenders money by reducing paper assignments when loans and servicing rights are transferred or sold.
"Ten thousand electronic notes registered on the MERS eReigistry shows a growing acceptance, both legally and financially, of electronic notes," said R.K. Arnold, president and CEO of MERS.
The MERS concept is similar for the book-entry system for tracking ownership of stocks, which eliminates the need for transferring paper certificates. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/