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MERS is an electronic registry designed to track servicing rights and ownership interests in loans. What does this mean for consumers? They can use this system to look up who owns their mortgage loans.
RULE 2 - REGISTRATION ON THE MERS SYSTEM (a) MERS shall act as the Nominee of the Note Owner and the Note Owners successors and/or assigns, including the Note Holder with respect to each MERS Loan that a Member registers on the MERS System. (4) discharge the Mortgage and to record any such discharge.
If the MERS Entities determine that the loan has been paid in full, or are unable to determine whether or not the loan has been paid in full after taking such reasonable steps, MERS may release the lien for such loan. Section 7.
MERS, the Mortgage Electronic Registration System, tracks the owners and servicers of mortgage loans in the United States. Homeowners can visit MERSs website to look up the owner or servicer of their mortgages.
The Mortgage Electronic Registration System (MERS) is a database created by the mortgage banking industry. A confidential electronic registry of mortgages originated in the United States, it keeps track of transfers of and modifications to servicing rights and ownership of the loans.
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The MERS System is a national electronic database that tracks changes in mortgage servicing rights and beneficial ownership interests in loans secured by residential real estate. More than two-thirds of all newly originated residential loans in the United States are registered on the MERS System.
MERS is an electronic system that assists in the tracking of loans, servicing rights, and security interests. To initiate the electronic tracking, the seller/servicer assigns a special MERS Mortgage Identification Number (MIN) to the loan and registers it in MERS.
Rule 14 of the MERS System Rules of Membership imposes notification requirements concerning Legal Filings that raise certain MERS-related challenges.

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