Helping Homeowners, Realtors, and Real Estate Attorneys
Solve Title Exam Issues.
For those people who are not familiar with Mortgage Electronic Registration Systems, Inc. (MERS, Inc.), I wanted to provide a brief description of what it is.
MERS, Inc. was created so that lenders would no longer be required to record Assignments of Mortgage with the Registry of Deeds once a specific note and mortgage gets assigned. Rather, the mortgage is originated in MERS’s name. The language of the mortgage reads: “MERS, Inc. as Nominee for (lender)”. This permits the mortgage to be assigned from lender to lender, yet MERS, Inc. still holds the mortgage on record.
While you may be able to contact MERS, Inc. directly if you want to obtain a discharge at:
1818 Library Street, Suite 300
Reston, VA 20190
Fax: (703) 748-0183
The best and quickest way to find out who is the services of your loan (mortgage and note) would be to go to the website at: https://www.mers-servicerid.org/sis/
There, select “Search By MIN”.
MIN means, “mortgage identification number’, a 18 digit number found on page one (1) of any mortgage that is held by MERS, Inc.
Once you enter in the MIN and click on “Search”, the results will tell you who services the loan and whether it is ACTIVE or not. Active means the loan has not been closed and/or paid off. An inactive loan could mean two things. The first is that the loan has been paid off and closed. So, if you are missing a MERS, Inc. discharge, you will have the information of who was the last lender servicing the mortgage so that you can contact them directly and request a discharge, if that is what you need. The same applies if you are in need of an Assignment of Mortgage.
If the loan is shown as inactive, it could also mean that is was assigned OUT of the MERS, Inc. system. The assignment could be from MERS, Inc. to a specific lender. This occurs when the loan was distressed and collections and foreclosure proceedings have been initiated.
Unfortunately for MERS, Inc, they can not conduct foreclosures in their own name. They will always assign a mortgage to a specific lender and that lender will begin the foreclosure proceeding. If you find yourself stuck, and unable to determine who should be serving your loan, or who is the proper lender that needs to issue a missing discharge, feel free to contact me, I will be glad to help.
I will answer any question for free.