MERS Rules Update | Certifying Officers MUST Execute the Assignment of the Security Instrument from MERS BEFORE Initiating Foreclosure Proceedings or Filing Legal Proceedings
Well, I wonder why MERS decided to do this? /sarcasm
Especially here in Florida where they continually argue that they do not rely on the assignment once it is pointed out as a FRAUD.
From the MERS POLICY BULLETIN – Number 2011-5
To: All MERS® System Members July 21, 2011
Changes and clarifications to Rule 8 of the Rules of Membership (“Rules”) have been approved by the MERSCORP and MERS Boards of Directors and are effective as of July 22, 2011.
Proposed changes and clarifications were previously circulated to the Members on March 8, 2011 for a ninety day comment period (see Policy Bulletin 2011-2). Following expiration of the comment period, we modified the proposed changes and clarifications based on Member comments received and reviewed by MERSCORP and the Boards. Effective July 22, 2011:
• No foreclosure proceeding may be initiated, and no Proof of Claim or Motion for Relief from Stay (Legal Proceedings) in a bankruptcy may be filed, in the name of Mortgage Electronic Registration Systems, Inc. (MERS)
• The Certifying Officer must execute the assignment of the Security Instrument from MERS before initiating foreclosure proceedings or filing Legal Proceedings and promptly send the assignment of the Security Instrument for recording in the applicable public land records
The current MERS® System Rules of Membership can be downloaded in their entirety from www.mersinc.org.
Please review all of the Rules and provide a copy of each Rule to all departments responsible for complying with them. Thank you for your cooperation.
If you have any questions about this bulletin, please contact the Law Department at firstname.lastname@example.org.