Cecil Stack
Communications Manager
(703) 761-1274

McLean, VA—Loan registrations on the MERS® System passed the 3 million mark on Jan. 31. “Every million-loan milestone is significant,” said R.K. Arnold, MERS President and CEO. “I’m pleased we achieved the 3 million loan milestone so quickly.

“The accelerating pace of registrations signals that MERS is an accepted industry standard. MERS ended 1999 with just over 1 million loans registered. It took us nine months to hit 2 million, and we hit the 3 million loan milestone in just five months,” Arnold added.

Loan registrations are averaging 6,000 per day. Arnold said he expects daily registrations to jump again soon because GMAC Mortgage converted its retail and wholesale channels to MERS on Feb. 1. Top mortgage originators Washington Mutual and ABN AMRO are working with MERS to integrate their correspondent channels as well.

The mortgage industry created MERS to streamline the mortgage process. MERS benefits include the elimination of paper assignments by acting as the mortgagee of record in the county land records for the lender and servicer. Ownership interests are then tracked electronically on the MERS® System, a national loan registry. 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.