Contact:

Kathleen McNeilly
Phone: 703-761-1274
Email: kathleenm@mersinc.org

Vienna, VA –MERS recently registered six million loans on the MERS® System.

“Each time we hit another million loans is a significant accomplishment, especially considering we just hit the five million mark only two months ago,” said R.K. Arnold, MERS President and CEO. “As MERS continues to gain in market share, we are becoming a key player in the industry.”

Loan registrations are averaging 11,000 per day. Arnold said he expects daily registrations to increase even more because MERS is activating three to four new companies each week on the MERS® System.

MERS is an electronic loan registry created by the real estate finance industry to eliminate paper assignments when trading mortgage loans. MERS members record MERS as mortgagee (as nominee for the lender) in the county land records. Then they register their 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 nominal mortgagee no matter how often servicing is traded between MERS members. Fannie Mae, Freddie Mac, VA, FHA, Ginnie Mae, the Federal Home Loan Bank MPF® Program, California and New York housing authorities, and all major Wall Street rating agencies have approved MERS.

“The MERS® System is a valuable resource for the mortgage industry,” said Carson Mullen, Executive Vice-President, Customer Division. “It saves at least $22 per loan by eliminating assignments, and also streamlines the lien release process.”