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Company Overview of MERSCORP, Inc.
MERSCORP, Inc. provides a system to streamline the mortgage process by using electronic commerce. It offers MERS System that acts as nominee in the county land records for the lender and servicer, and provides a way to originate, sell, and track mortgage ownerships and servicing. The company’s MERS system provides MERS as original mortgagee (MOM), a solution that provides standard security instruments for lenders to close loans; MERS By Assignment (non-MOM loans), which enables lenders to assign loans into MERS if the loan has already been closed in the lender's name; and MERS iRegistration that provides companies with the fraud and loan tracking benefits of a MERS System registration by reg...
1818 Library Street
Reston, VA 20190
Founded in 1995
Key Executives for MERSCORP, Inc.
Chief Executive Officer, President and Director
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 2015.
MERSCORP, Inc. Key Developments
Montana Supreme Court Affirms Ruling in Mortgage Electronic Registration Systems, Inc. and MERSCORP Holdings' Favor
Oct 27 15
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
Sep 25 15
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.
Pennsylvania Court of Common Pleas Grants Mortgage Electronic Registration Systems Motion for Summary Judgment
Aug 21 15
MERSCORP Holdings, Inc. announced that the Court of Common Pleas of Lackawanna County, Pennsylvania dismissed a quiet title lawsuit affirming the validity of the mortgage with Mortgage Electronic Registration Systems, Inc. (MERS) as the mortgagee and recognizing MERS’ standing to defend its interest in the mortgage. In Marjer, Inc. v. Poplawski, the plaintiff purchased property that was subject to a prior, unsatisfied mortgage with MERS as the mortgagee by the prior owner and immediately filed a quiet title action alleging the deed to the property divested any claims MERS had in the property. Additionally, the Court held that the mortgage expressly names MERS the mortgagee of record with the full legal authority to act as mortgagee. The opinion continues, This Court believes this includes the ability to defend against a quiet title action that is seeking to extinguish the mortgage for which MERS is the nominee. Additionally, the Court held that the mortgage expressly names MERS the mortgagee of record with the full legal authority to act as mortgagee. It continued by citing recent cases that held that MERS has the authority to assign a mortgage.
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