CONTACT:

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

Wells Fargo CMBS Live on MERS Commercial San Francisco, Calif—The Commercial Mortgage-Backed Securities division of Wells Fargo is the first lender to fully integrate the MERS® Commercial system into their operations.

“Wells Fargo is very excited about using MERS,” said Susan Sagouspe, Vice President of the Commercial Mortgage Group for Wells Fargo. “It will save us a tremendous amount of time and money to eliminate preparation and recordation of assignments. When all lenders are utilizing MERS, our Borrowers will benefit by speedier assumptions.”

MERS Commercial, a new product from MERS, is targeted for the CMBS and multifamily marketplaces. It is designed to eliminate the repurchase risk and costs associated with preparing, recording and tracking assignments.

“We are extremely pleased that Wells Fargo has wholly adopted MERS Commercial in their CMBS operations,” said Doug Danko, Vice President, Sales and Marketing, MERS. “Their involvement in the project, from its conception to its deployment, is in keeping with the spirit of innovation and leadership that the company is known for.”

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

MERS Commercial is an extension of the use of MERS in the residential industry where over 20 million loans have been registered on the MERS System. MERS Commercial has been endorsed by the Commercial Mortgage Securities Association (CMSA) and the MBA’s Commercial Real Estate/Multifamily Finance Board of Governors (COMBOG). For MERS Commercial membership information, please contact Doug Danko.