CONTACT:

Karmela Lejarde
Phone: 703-761-1274
Email: KarmelaL@mersinc.org

Washington, DC—Ginnie Mae has announced the eligibility of multifamily mortgages for registration with MERSÆÊ Commercial effective immediately. Pools may contain both MERS and non-MERS mortgages.

“MERS is delighted that Ginnie Mae has taken a leadership position in adopting MERS®  Commercial in the multifamily industry,” said Dan McLaughlin, Executive Vice President for the MERS Product Division. “As a result, it will be less costly for mortgage companies to originate multifamily loans, which will contribute to making multifamily housing more affordable.”

Registration of multifamily loans with MERS® Commercial is voluntary and offers many benefits, including increased security of the Ginnie Mae collateral position, reduced LOC costs for uncertified pools and lower costs in origination and servicing. Membership in MERS® Commercial is required for registering loans.

For more information on how to take advantage of MERS® Commercial, please read MERS® Commercial Policy Bulletin 2003-01, which you can find on the web at www.mersinc.org by clicking on “Overview” under the MERS® Commercial logo. You can read Ginnie Mae’s announcement by going to the Ginnie Mae web site at www.ginniemae.gov.

About MERS® Commercial MERS® Commercial is an electronic loan registry designed to eliminate the repurchase risk and costs associated with preparing, recording and tracking assignments. Borrowers name MERS as mortgagee on the security instrument and other documents that are recorded in the county land records. MERS® Commercial is an extension of the use of MERS in the residential industry where over 19 million loans have been registered on the MERS® System. For MERS® Commercial membership information, please contact Doug Danko at dougd@mersinc.org.