Can Mers assign a mortgage?

Can Mers assign a mortgage?

Sometimes a document will assign a note and a mortgage to MERS, the Mortgage Electronic Registration System. MERS will then assign out the mortgage only, which leaves the note in limbo. Well, actually not. Notes cannot be enforced by an assignee; they can only be enforced by anendorsee, at least in Massachusetts. (UCC, 3-203(c).) So a note assignment into MERS, without an assignment of the note from MERS to another entity, is a red herring.

What is a MERS Mortgage Identification Number (MIN)?

What does MIN mean? Mortgage Identification Number (MIN) is a unique 18 number assigned to each registered mortgage with the Mortgage Electronic Registration System (MERS). MIN acts as a permanent reference number with respect to the mortgage and used to track the mortgage loan throughout its life.

What is Mers mortgage assignment?

MERS is a registration system that allows banks and investors to assign mortgages among themselves while avoiding the cost and confusion of recording the assignments in local registries throughout the country. This became especially valuable in the early 21st century when investors started buying and selling mortgage-backed securities which may …

What does MERS mortgage mean?

MERS is an acronym for Mortgage Electronic Registration Systems, Inc. Its function is to serve as a nominee (basically, a stand-in) for the lender or current owner of the loan in the land records. The MERS system is used by almost every mortgage originator and servicer nationwide as a way to track mortgage ownership and servicing rights.