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MERS and the MERS® System were created by the mortgage banking industry to streamline the mortgage process by using electronic commerce. Beneficiaries of MERS include mortgage originators, servicers, warehouse lenders, wholesale lenders, retail lenders, document custodians, settlement agents, title companies, insurers, investors, county recorders and consumers.
MERS acts as mortgagee in the county land records for the lender and servicer. Future assignments of any loan — where MERS is the mortgagee — registered on the MERS® System are not necessary because MERS remains the mortgagee no matter how many times servicing is traded. |