Can MERS discharge a mortgage?
(MERS)—discharges the mortgage and removes its lien on the property. Because your title search revealed that MERS possessed the only outstanding interest against the property, you are satisfied that the title is free from adverse claims. Accordingly, you close the deal.
Does MERS own my mortgage?
While MERS can act as mortgagee in county land records, it doesn’t actually own the mortgage loan. If the lender sells the loan, MERS will update its information regarding the mortgage.
What is a mom mortgage?
MOM Mortgage Loan: A Mortgage Loan where the related Mortgage names MERS or its designee as the original mortgagee thereof, as to which a MIN has been assigned, and which Mortgage has not been assigned to any other person.
How do I contact MERS?
Dialing the toll-free number at (888) 679-6377, or.
How do you find MERS?
Borrowers can search for servicer information one of three ways:
- By property address.
- By the borrower’s name and social security number.
- Or with the unique Mortgage Identification Number (MIN) on the mortgage or deed of trust signed at closing. Don’t worry if you don’t know the MIN as it’s not required.
What does it mean MERS as nominee?
MERS’ Role in Mortgage Transactions In a deed of trust, MERS is designated as the beneficiary to act as the lender’s nominee. MERS then tracks the transfers of the loan, acting as the nominee for each holder, eliminating the need for separate assignments when the loan is transferred.
Can a mortgage company be discharged from Mers?
ANY ASSIGNMENT THAT HAS NOT BEEN DONE, OR RECORDED AT REGISTRY OF DEEDS, OUT OF MERS, AND THE MORTGAGE COMPANY IS A DEAD MORTGAGE COMPANY. THEN MERS WILL DISCHARGE IT . I HAVE A COPY OF THE DISCHARGE IN HAND.
What is the telephone number for MERS mortgage?
MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. NOTE: This is representative language only.
What does min mean in Mers discharge form?
MIN means, “mortgage identification number’, a 18 digit number found on page one (1) of any mortgage that is held by MERS, Inc. Once you enter in the MIN and click on “Search”, the results will tell you who services the loan and whether it is ACTIVE or not. Active means the loan has not been closed and/or paid off.
Who is responsible for issuing a mortgage discharge?
A valid discharge may be issued by (1) MERS, or (2) a member of MERS acting through a certifying officer of MERS. Comment 1. MERS was created for the purpose of streamlining the mortgage process by eliminating the need to record assignments. When MERS is the mortgagee of record, a discharge is executed by an officer of MERS.