Reston, Virginia – February 15, 2013 – (RealEstateRama) — There is no merit to the claims against MERSCORP Holdings, Inc. and Mortgage Electronic Registration Systems, Inc. (MERS) made today by Ramsey and Hennepin Counties in Minnesota. All MERS mortgages are recorded in the county land records and all required fees are paid.
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Use of the MERS® System is legal in all 50 states, and MERS complies with Minnesota property recording statutes. Moreover, MERS worked in the past with both the Ramsey County & the Hennepin County Registrars of Titles offices on an amendment to the Minnesota Recording Act that was adopted by the Minnesota Legislature. The amendment, frequently called “the MERS statute,” went into effect on August 1, 2004 and it clarifies MERS’ legal role.
We will defend against this complaint, as we have with others. We have already prevailed in similar recording fee cases in Kentucky, Florida, Iowa, Missouri, Hot Springs, Arkansas, and Union County, Illinois.
For descriptions of cases and other materials pertaining to MERS’ business model and role in U.S. housing, please visit www.mersinc.org.
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MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products. It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions. Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of the promissory note. The MERS® System is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members.
CONTACT:
Janis Smith
Phone: 703.652.1230
Email: janiss (at) mersinc (dot) org
