MERS, the electronic registry for tracking ownership of mortgage loans and servicing rights, has registered its 50 millionth loan.The milestone comes nine years after MERS pioneered its "MERS as original mortgagee" process, enhancing the registry by eliminating the need for an initial assignment to MERS. R.K. Arnold, president and chief executive officer of MERS, said the MOM process has allowed lenders and servicers to streamline their operations and reduce costs. "Having 50 million loans registered since then is gratifying, especially when we realize that reducing lender costs to originate loans benefits borrowers, especially first-time homeowners," he said. MERS eliminates the need to prepare and record paper assignments when mortgage companies sell loans or servicing rights. MERS estimates that lenders save at least $25 for each loan that is registered on the system. Currently, some 3,000 participating lenders register an average of 25,000 loans on MERS each day, the company said. MERS can be found on the Web at http://www.mersinc.org.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11