July 24, 2016 9:02 PM ET

Internet Software and Services

Company Overview of MERSCORP Holdings, Inc.

Company Overview

MERSCORP Holdings, Inc. provides eCommerce mortgage solutions. It owns and manages Mortgage Electronic Registration Systems (MERS), a national electronic database that tracks changes in mortgage servicing rights and beneficial ownership interests in loans secured by residential real estate. The company serves as mortgagee in the land records for loans registered on the MERS. Its MERS eRegistry is a system of record that identifies the owner (controller) and custodian (location) for registered eNotes providing liquidity, transferability, and security for lenders. The company provides access to data in the MERS system free of charge to homeowners, county officials, and regulatory officials (su...

1818 Library Street

Suite 300

Reston, VA 20190

United States

Founded in 1995

Phone:

703-761-1270

Fax:

703-748-0183

Key Executives for MERSCORP Holdings, Inc.

Chief Executive Officer, President and Director
Age: 55
Chief Financial Officer, Vice President, Controller and Treasurer
Chief Legal & Legislative Officer, Senior Vice President and Corporate Secretary
Senior Vice President and Chief Risk officer
Senior Vice President of Member Services
Compensation as of Fiscal Year 2016.

MERSCORP Holdings, Inc. Key Developments

Commonwealth of Massachusetts Appeals Court, Affirms the Dismissal of Borrower’s Wrongful Foreclosure Lawsuit Against MERS's Interest

MERSCORP Holdings, Inc. announced that the Commonwealth of Massachusetts Appeals Court, in affirming the dismissal of a borrower’s wrongful foreclosure lawsuit against a loan servicer, upheld MERS’ interest as the mortgagee and the right to assign the interest. In Hall v. Nationstar Mortgage, Inc., the plaintiffs claimed that MERS lacked the power of sale because it was not the 'mortgagee.' Further, the plaintiff argued that MERS did not have the right to legally assign the mortgage. The order of the Massachusetts Appeals Court stated, 'The contention that MERS was not the mortgagee is belied by the language of the mortgage itself.' The court continued, 'Similarly, Hall’s complaint advanced no factual basis for her claim that MERS lacked the power of sale, which was explicitly conferred on it by the terms of the mortgage: ‘MERS (as nominee for Lender and Lender’s successors and assigns) has the right: to exercise any or all of the [the interests granted by the mortgage], including, but not limited to, the right to foreclosure and sell the property'.

Montana Supreme Court Affirms Ruling in Mortgage Electronic Registration Systems, Inc. and MERSCORP Holdings' Favor

MERSCORP Holdings, Inc. announced that the Supreme Court of Montana, in a majority opinion last week, held that a recorded deed of trust and chain of assignments, including assignments by MERS, can establish a secured interest in real property. The Supreme Court in Goodwin v. MERS, MERSCORP, et. al affirmed a ruling of the Eleventh Judicial District Court in Flathead County, noting that “the District Court’s interpretation and application of the law were correct.” The District Court ruled earlier this year in favor of Mortgage Electronic Registration Systems, Inc. (MERS), MERSCORP Holdings, Inc., and others, in a quiet title action filed by the plaintiff after he defaulted on his mortgage payments and received notice of a trustee’s sale. In his complaint, the plaintiff alleged violations of various state and federal mortgage laws regarding notice and assignment of mortgages. MERS was the named beneficiary as nominee for the lender and the lender’s successors and assigns on the plaintiff’s deed of trust. The District Court granted the defendants’ (MERS and others) motion for summary judgment, holding that the plaintiff (Goodwin) had presented no admissible evidence demonstrating genuine issues of material fact as to the Defendants’ interest in the Property.

MERSCORP Holdings, Inc. Announces Three Federal Courts Find in Favor of Mortgage Electronic Registration Systems, Inc

MERSCORP Holdings, Inc. announced that three separate federal courts ruled in Mortgage Electronic Registration Systems, Inc.’s (MERS) favor, dismissing borrowers’ suits to quiet title and affirming MERS’ authority to assign the mortgage lien. In Bradley v. Branch Banking Trust (BB&T) (Georgia), Garza v. Flagstar Bank, FSB (Texas), and McCarty v. Bank of New York (New York), the plaintiffs sued MERS and other financial companies to avoid foreclosure based on claims that MERS could not hold or assign a security instrument. In addition, the plaintiffs in Bradley and Garza alleged that by using MERS in the loan transaction, the note and security instrument were split, making the mortgage or deed unenforceable. In Bradley, Magistrate Judge Russell G. Vineyard from the U.S. District Court for the Northern District of Georgia found that because 'it is undisputed that executed a security deed that conveyed the property to MERS,' the borrower could not claim that he held full title to the property, and therefore, dismissed the quiet title claim. In McCarty, the U.S. District Judge Analisa Torres from the Southern District of New York similarly dismissed quiet title claims against MERS and its co-defendants while also upholding the validity of the deed of trust assignment executed by MERS. In her opinion, Judge Torres held, 'Plaintiff voluntarily executed the Deed of Trust to obtain the loan. And even construing the amended complaint liberally, Plaintiff has not alleged a proper basis for a discharge of that loan'. In Garza, Judge David Hittner from the U.S. District for the Southern District of Texas Court upheld the validity of the assignments of the deed of trust and dismissed the borrowers’ claim to quiet title, noting that the borrowers fail to make any allegations to support their assertion that Defendants’ claim to the property is invalid or unenforceable. The quiet title claims in all three cases were dismissed with prejudice.

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