CONTACT:

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

Vienna, VA—Access National Mortgage Corporation registered the one millionth loan on MERS® OnLine on October 28, 2002. Introduced in May 2000, MERS® OnLine is the Internet-based access point to the MERS® System, giving members the power to perform all transactions in an online, real-time environment.

"MERS saves us about $15 per loan, which translates to roughly $60,000 in savings per year," said Michael Rebibo, President of Access National Mortgage. "Registering all our loans on MERS OnLine also makes the process easier and smoother for us."

MERS® OnLine was created as an alternative to a client-server based system, eliminating the need for members to purchase proprietary software and licensing agreements when registering loans on the MERS® System.

“One million loans registered on MERS® OnLine signifies a growing acceptance by small- to medium-sized lenders of the MERS® System,” said R.K. Arnold, President & CEO of MERS. “MERS® OnLine gives lenders like Access National Mortgage the flexibility to register loans at their own pace and at their own time.”

“MERS® OnLine is a win-win situation for everyone involved,” said Dan McLaughlin, Executive Vice-President of the MERS Product Division. “It’s easier and less expensive for members to use, and easier for us to create and deploy enhancements.”

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.