(精选)MERS知识培训教学课件.pptVIP

MERS Litigation:Justice for Illinois Counties;I. Background of the Mortgage Electronic Registration System (“MERS”);A. History of MERS;MERS was created for the express purpose of avoiding the payment of county recording fees. Indeed, MERS’ corporate slogan is “Process Loans, Not Paperwork.” To create even greater profits through the securitization process, leaders in the mortgage industry desired to establish a private, alternative recording system, to avoid registering each assignment of a mortgage with local county recorders, and paying the attendant fee. In 1998, MERSCORP, MERS, and the MERS? System, the national electronic registry, were created as a result.;MERSCORP’s current shareholders* include: Bank of America; Chase Home Mortgage Corporation of the Southeast; CitiMortgage CoreLogic; Everhome Mortgage Company; Fannie Mae; Freddie Mac; First American Title Insurance Corporation; GMAC Residential Funding Corporation; Guaranty Bank; HSBC Finance Corporation; SunTrust Mortgage, Inc.; Wells Fargo; and WMC Mortgage Corporation. *See MERS Shareholders, available at /about-us/shareholders (last visited on July 10, 2012). ;Members of the MERS Board of Directors include: Joe Jackson, Senior Vice President of Wells Fargo Brian McCrackin, Director of Finance at CitiMortgage; and Lawrence P. Washington, Managing Director and Servicing Portfolio Strategy Executive at Bank of America;Most of the large banks and mortgage servicers in the United States are MERS Members, and use the MERS System – not county land records – to “record” the transfer of mortgages throughout the securitization process. A “MERS Member” is “an organization or natural person who has signed a Membership Agreement and is not more than 60 days past due as to the payment of any fees due and owing to MERS.” ;Prior to the creation of MERS, sellers of mortgages generally were required to provide the original assignments of the mortgage with proof of recording. The buyers would then record the assi