MERS Registers Half of Market

MERS, the electronic registry for tracking ownership of mortgage servicing rights, is now registering about 50% of new loans that are being originated, MERS president and chief executive officer R. K. Arnold has told MortgageWire.Since its inception, MERS has registered 22 million loans, and today 29 of the 30 largest loan originators are using the system. Mr. Arnold said MERS saves lenders money by eliminating the need to create assignments when loans or servicing rights are sold, and that is having an impact in the market for mortgage assets. "We are seeing, more and more out in the secondary market, a pricing differential between registered and nonregistered loans," Mr. Arnold said.