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Mortgage Electronic Registration System (MERS)

Filling the Void: Vision and Aggregation Benefits All

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Nature abhors a vacuum. Can the same be said about the mortgage industry? Probably not with the same zest. Think back to high school physics and the classic demonstration in which the air from a thick bell-shaped jar was removed to create a vacuum. Light smoke surrounded the outside of the jar and when the inside vacuum was pierced, the smoke rushed in, instantly filling the jar with a light wispy cloud. Nature’s laws held steadfast as the void was instantly and efficiently filled.Click to continue

Who Owns Their Castle? Delaware Attorney General Biden Files Suit Against MERS

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Delaware Attorney General Beau Biden has filed suit against the Mortgage Electronic Registration System (MERS) charging that MERSCORP and its subsidiary Mortgage Electronic Registration Systems Inc. have repeatedly violated the state of Delaware’s Deceptive Trade Practices Act.Click to continue

DataQuick Upgrade Seeks to Combat Mortgage Fraud

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DataQuick has announced the addition of Property Review to LoanShield, DataQuick’s fraud protection platform. Property Review reduces the risk of mortgage fraud and protects lenders from potential repurchase claims by providing lenders with the necessary tools to make more informed decisions on loan applications. LoanShield users can now quickly identify suspicious activity and confirmed fraud through a thorough review of borrower, participant, credit and collateral.Click to continue

FDIC Chair Bair to Senate Banking Committee: A Complete Foreclosure Moratorium is Ill-Advised

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The following is the prepared statement of Sheila C. Bair, chairman of the Federal Deposit Insurance Corporation (FDIC) for the Senate Banking Committee hearing titled, "Problems in Mortgage Servicing from Modification to Foreclosure (Part II), held Dec. 1  at the Dirksen Senate Office Building.

In addition to Bair, other witnesses included:

►Phyllis Caldwell, Chief, Homeownership Preservation Office, United States Department of the Treasury;

►Daniel K. Tarullo, Governor, Board of Governors of the Federal Reserve System;Click to continue

UPDATE: JPMorgan Chase to Stop Using MERS

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UPDATE: Mortgage Electronic Registration System (MERS) has released a statement in regards to JPMorgan Chase's earlier announcement that it was no longer using MERS: "JPMorgan Chase is a valued member of MERS. They currently have their correspondent loans registered on the MERS System. They do not, nor have they ever, registered their retail loans on the MERS System. As members of MERS and for loans registered on the MERS System, banks have the option of foreclosing in their own name, or MERS foreclosing for them.Click to continue

New services from Xerox assist in paperless transition

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Xerox Corporation is making the mortgage industry's transition to paperless easier than ever with new on demand services that help industry participants overcome the hurdles of eMortgage adoption by requiring little set up and upfront investment. Xerox Mortgage Services' eVault is a virtual repository that directly connects to the Mortgage Electronic Registration System (MERS) eRegistry system, giving loan participants instant access to information related to the status of an eMortgage.Click to continue