M E R S Training Bulletin – Re: Identifying Investors on MERS® System

This should make the whole game of hide the note much more interesting…

Number 2010-05

To: All MERS Members May 26, 2010

Re: Identifying Investors on MERS® System

MERS® System Release 19.0 on June 14, 2010, will include Phase II of MERS® InvestorID. Phase I was introduced on June 19, 2009, to help our Members meet the requirements of the Helping Families Save Their Homes Act of 2009 by using information entered on the MERS® System to generate a Notice of New Creditor when a Transfer of Beneficial Rights (TOB) transaction was completed.

Besides providing a more robust solution for generating Mortgage Loan Transfer Notices, Phase II provides Investor contact information to the public in MERS® ServicerID and the telephone Servicer Identification System, and to MERS® Link Subscribers and MERS® Members in MERS® Link. Investor contact information also is provided to MERS Members in MERS® OnLine, and in the XML and batch inquiry transactions.

Because of this increased visibility of Investor information, it is even more important that the Investor be represented correctly for each loan on the MERS® System. As noted in the Draft Procedures Manual for Release 19.0 released on April 15, 2010, Servicers may not insert their own Org ID as Investor on MINs for which they do not hold the beneficial rights after June 14, 2010. If the actual investor does not have an Org ID, the Servicer may insert 1000002 (Undisclosed Investor) in the Investor field. Servicers may begin immediately inserting this Org ID in the Investor field when appropriate, and may create a TOB Option 2 from their own Org ID to 1000002 to insert this Org ID on loans for which they had previously inserted their own Org ID as Investor because the actual investor did not have an Org ID.

The MERS® ServicerID link
MERS
® Servicer Identification System

See entire training bulletin below…

4closureFraud.org

M E R S Training Bulletin – Re: Identifying Investors on MERS® System

Comments
One Response to “M E R S Training Bulletin – Re: Identifying Investors on MERS® System”
  1. Sandi says:

    Honestly, isn’t that the closing the barn door after the horse ran out mentality? They were too busy making money to figure out what to do in a “What if” situation..

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