September 20, 2014 6:25 AM ET

Internet Software and Services

Company Overview of MERSCORP, Inc.

Company Overview

MERSCORP, Inc. provides a system to streamline the mortgage process by using electronic commerce. It offers MERS System that acts as nominee in the county land records for the lender and servicer, and provides a way to originate, sell, and track mortgage ownerships and servicing. The company’s MERS system provides MERS as original mortgagee (MOM), a solution that provides standard security instruments for lenders to close loans; MERS By Assignment (non-MOM loans), which enables lenders to assign loans into MERS if the loan has already been closed in the lender's name; and MERS iRegistration that provides companies with the fraud and loan tracking benefits of a MERS System registration by reg...

1818 Library Street

Suite 300

Reston, VA 20190

United States

Founded in 1995

Phone:

703-761-1270

Fax:

703-748-0183

Key Executives for MERSCORP, Inc.

Chief Executive Officer
Age: 53
Founder and Executive Vice President
Chief Financial Officer
Chief Legal & Legislative Officer
Senior Vice President and Chief Risk officer
Compensation as of Fiscal Year 2014.

MERSCORP, Inc. Key Developments

MERSCORP Holdings, Inc. to Make MERS(R) System Rules of Membership and MERS(R) System Procedures Manual Available in the AllRegs Information System

AllRegs announced that MERSCORP Holdings, Inc., the parent company of Mortgage Electronic Registration Systems, Inc. will make the current versions of its MERS(R) System Rules of Membership and MERS(R) System Procedures Manual available in the AllRegs Information System known as AllRegs Online. This content is now available to AllRegs subscribers in the company's flagship product, the Single-Family Lending Package. AllRegs users who access the MERS(R) System content will now benefit from a variety of productivity tools, including an electronic Table of Contents tree with links to guidelines, a robust search engine that features a thesaurus with industry jargon and relative matching results.

Beaufort County Files Lawsuit against Mortgage Electronic Registration Systems

Beaufort County has filed a lawsuit against Mortgage Electronic Registration Systems. The company also does not consistently alert the county Register of Deeds Office when loans on properties are bought, sold or bundled into a tradable security. Instead, the record indicates only that MERS owns the note. These activities have caused massive confusion and has made many of the Beaufort County Register of Deeds recording systems inaccurate and unreliable. The case was filed in the Beaufort County Court of Common Pleas by the Bluffton firm of Vaux & Marscher, which is representing the county. Vaux & Marscher will be paid only if MERS or other defendants are required to pay damages.

U.S. District Court for the Western District of Missouri Dismisses County's Lawsuit Against MERSCORP

The U.S. District Court for the Western District of Missouri dismissed a county's lawsuit alleging several defendants' failure to record deeds of trust assignments and pay applicable recording fees. The county could not recover because no legal duty to record assignments existed under Missouri law. MERSCORP Inc. owns and operates a national registry that tracks ownership interests and servicing rights associated with residential mortgage loans. Assignees of mortgages record assignments with the appropriate county recorder. After MERSCORP developed Mortgage Electronic Registration Systems Inc. (MERS) MERSCORP was able to track ownership and servicing rights for loans "in-house." Jackson County, Mo., sued MERSCORP, MERS and various mortgage companies alleging a conspiracy to use MERS to avoid recording mortgage assignments and paying recording fees. As a result of the alleged scheme, lenders, loan servicers and other entities saved more than $8 billion that otherwise would have been paid to counties. The defendants argued that the county's causes of action failed because there was no obligation under Missouri law to record deed of trust assignments. The district court found that the unjust enrichment claim warranted dismissal.

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