Bexar files suit over fees on loans
Bexar County has accused Merscorp Inc., Mortgage Electronic Registration Systems Inc. and Bank of America of shortchanging the county by tens of millions of dollars with their mortgage-tracking system.
The county filed suit in federal court Thursday, accusing the companies of violating state law by failing to properly record transactions and to pay county filing fees as mortgage loans were packaged and resold to investors through the secondary market.
The lawsuit seeks unspecified damages and asks for class action status on behalf of Texas’ other 253 counties.
Officials estimate that the county has missed out on as much as $30 million in filing fees on hundreds of thousands of property transactions since the 1990s, when the mortgage industry created MERS as a way to track mortgage loan ownership and servicing.
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