MERS to Aid with AFN's Training Program For Servicers

The American Legal and Financial Network, also known as AFN, said that MERS will participate in its AFN OnSite training program.

"Our mission is to help our industry partners resolve as many of the issues facing them as we can. As an attorney-based legal services organization, we are in a unique position to do just this," said William LeRoy, CEO of the AFN, in a news release. "MERS has created an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked."

That electronic registry for tracking the beneficial ownership interest in mortgage loans and servicing rights will help all loan servicing stakeholders understand the value of this approach, he said.

"The AFN is an essential part of the legal community representing the financial industry," said Sharon Horstkamp, MERS vice president and corporate counsel. "We are pleased to have been invited to address their members on the benefits and significance of MERS."

MERS is an electronic loan registry created by the real estate finance industry to eliminate assignments when trading mortgage loans. Borrowers name MERS as mortgagee and nominee for the lender on deeds of trust and mortgage notes that are recorded in the county land records. Lenders then register the loans on the MERS system and electronically track changes in ownership of the loans and servicing rights.

AFN said it recently conducted its second annual onsite training session for Countrywide Home Loans in Plano, Texas, bringing 30 attorney member firms and representatives from MERS to focus on topics such as foreclosure, bankruptcy, title cures, REO/evictions, technology, manufactured homes, timeline management and state-specific nuances.

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