What is MERS ID?

MERS® ServicerID is a free service that provides the current servicer and investor (owner of the note) for loans registered on the MERS® System.

What does MERS mean in mortgage?

Mortgage Electronic Registration Systems, Inc.
What is MERS? Mortgage Electronic Registration Systems, Inc. (MERS) is a wholly-owned subsidiary of MERSCORP Holdings, and its sole purpose is to serve as mortgagee in the land records for loans registered on the MERS® System.

How do I get access to MERS?

Access to MERS Servicer ID is available by phone at 1-888-679-6377 and online at http://www.mersinc.org/information-for-homeowners/my-mortgage-info.

What is MERS deed of trust?

MERS’ Role in Mortgage Transactions In a deed of trust, MERS is designated as the beneficiary to act as the lender’s nominee. In other cases, the loan might be assigned to MERS, solely as a nominee, at some point later in its life cycle after the loan closes.

How are MERS numbers assigned?

For MERS to be effective, mortgages must be properly registered with the MERS system. Each mortgage is assigned an individual Mortgage Identification Number (MIN) that tracks the mortgage for its life. The MERS system depends on MERS being named as the mortgagee of record in the county public records.

What is a MERS member?

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. Two of the primary benefits of being a MERS® System Member (“Member”) are: Saving money.

What is MERS registration fee?

The MERS registration fee is a one-time fee. Presently, the basic fee is $3.95 and is considered “reasonable and customary”. This fee has been paid in connection with 32 million loans nationwide and is accepted in the conventional market, where it is an allowable borrower charge permitted by both FNMA and Freddie Mac.

Can MERS discharge a mortgage?

When MERS is the record holder of a mortgage, the mortgage shall be discharged only by MERS. A valid discharge may be issued by (1) MERS, or (2) a member of MERS acting through a certifying officer of MERS.

Who pays the MERS fee?

Mortgage Electronic Registration System (MERS) Fee The veteran may pay a fee for MERS. MERS is a one-time fee for the purpose of electronically tracking the ownership of the beneficial interest in a loan and its servicing rights.