CONTACT:

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

Vienna, VA—First Magnus Financial Corporation of Tucson, AZ registered the 15 millionth loan on the MERS® System on April 30.

"We are extremely happy to be part of this notable occasion for MERS,” said Gary Malis, Chief Financial Officer for First Magnus. “Since we began using MERS, it has saved First Magnus both time and money, and has made our dramatic growth easier to manage."

15 million represents a 77 percent increase in the number of loans registered on the MERS® System in just one year.

“The number of registrations on the MERS® System is growing by leaps and bounds,” said R.K. Arnold, President & CEO of MERS. “MERS is capturing well over 40 percent of all the mortgage loans originated in the United States as we continue to demonstrate the power of the system and its ability to eliminate paperwork and save money for large and small investors.”

About MERS
MERS is an electronic loan registry created by the real estate finance industry to eliminate assignments when trading mortgage loans. Borrowers name MERS as mortgagee and nominee for the lender on deeds of trust and mortgages that are recorded in the county land records. Lenders then register the loans on the MERS® System and electronically track changes in servicing and beneficial ownership rights over the life of the loan.

Loans registered with MERS are inoculated against future assignments because MERS remains the mortgagee of record no matter how often servicing is traded between MERS members. Fannie Mae, Freddie Mac, VA, FHA, Ginnie Mae, the Federal Home Loan Bank MPF®, California and New York housing authorities, and all major Wall Street rating agencies have approved MERS.