MERS Unveils MERS Commercial

The Mortgage Electronic Registration System, Vienna, Va., has announced the launch of MERS Commercial, which is aimed at eliminating the repurchase risk and costs associated with preparing and tracking assignments for the commercial mortgage-backed securities market.The first MERS Commercial loan was a $300 million loan closed by Bank of America earlier this month. The loan was collateralized by over 40 properties in over 20 states, MERS said. The system is designed for use by issuers, master servicers, custodians, originators, and special servicers. It helps eliminate assignments when trading mortgage loans, with MERS remaining the mortgagee of record. R.K. Arnold, president and chief executive officer of MERS, said the initiative "was mainly driven by a need in the commercial marketplace for a simpler loan process, elimination of paperwork, and cost savings." The MERS Commercial initiative has been funded by Banc of America Securities, Bear Stearns, GE Capital Real Estate, GMAC Commercial, John Hancock, and Wells Fargo.