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Mortgage Electronic Registration Systems, Inc. (MERS) is an American privately held corporation. MERS is a separate and distinct corporation that serves as a nominee on mortgages after the turn of the century and is owned by holding company MERSCORP Holdings, Inc., which owns and operates an electronic registry known as the MERS system, which is designed to track servicing rights and ownership ...
The 2010 United States foreclosure crisis, sometimes referred to as Foreclosure-gate or Foreclosuregate, [ 1][ 2] refers to a widespread epidemic of improper foreclosures initiated by large banks and other lenders. The foreclosure crisis was extensively covered by news outlets beginning in October 2010, and several large banks—including Bank ...
On Dec. 2, the House Judiciary Committee held a hearing on the mortgage mess. Perhaps the most disturbing testimony was the written submission from Christopher Petersen, associate dean for ...
A foreclosure occurs when a lender takes control over a property from a borrower for failing to make timely payments. A foreclosure can damage your credit score and result in loss of property. As ...
July 10, 2024 at 12:01 PM. (Reuters) -The top U.S. watchdog agency for consumer financial protection announced on Wednesday proposed regulations it said would require mortgage servicers to offer ...
eMortgage. An eMortgage is an electronic mortgage where the loan documentation is created, executed, transferred and stored electronically. In the United States eMortgages are made legally enforceable by the Electronic Signatures in Global and National Commerce Act and the Uniform Electronic Transactions Act.
Much has already been written about the Mortgage Electronic Registration System -- the mortgage industry's effort to avoid paying local governments hundreds of millions of dollars in fees while ...
Widespread lack of clarity in chain of title results from a 1995 decision by many lenders to rely on a third entity—often, a specific company, Mortgage Electronic Registration Systems (MERS)--to hold title nominally, in an effort to enable the buying and selling of mortgage liabilities without registration of changes of ownership with local ...