An “active” status indicates that the mortgage loan originator currently meets all those requirements. An “inactive” status indicates that the mortgage loan originator does not currently meet all those requirements.
Q. Can MERS satisfy a mortgage?
Does MERS collect mortgage payments from borrowers? No. MERS, MERSCORP Holdings or the MERS® System do not service mortgages. Mortgage lenders, or other mortgage servicing companies, collect payments from borrowers and manage their loans.
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Q. What does MERS status inactive mean?
In most cases, a MIN status of “inactive” means that the debt has been paid in full. Mortgages are deactivated when you make all the payments but also when you refinance. In a refinance, the original loan is listed as “Inactive — Paid in Full,” and you get a new active loan with a new MIN.
Q. Can MERS foreclose?
The Washington Supreme Court ruled that MERS isn’t considered a beneficiary under state law. So, MERS can’t nonjudicially foreclose a deed of trust in that state because it doesn’t own the debt. In 2011, MERS changed its rules so that, in most cases, foreclosures may no longer be started in its name.
Q. What is MERS Service ID?
MERS® ServicerID is a free service that provides the current servicer and investor (owner of the note) for loans registered on the MERS® System.
Q. What does MERS stand for in mortgage title?
Reducing issues related to breaks of chain in the title At closing, the borrower and lender agree to name Mortgage Electronic Registration Systems, Inc. (MERS) as mortgagee or beneficiary on the mortgage or deed of trust The lender then records the mortgage in the county land records and registers the information about the loan on MERS® System
Q. How does MERS work on a deed of trust?
No interests in those mortgages (or deeds of trust) are transferred on the MERS® System; they are only tracked. MERS as original mortgagee eliminates breaks in the chain of title because the lien is grounded in MERS’ name. How does MERS become a mortgagee or beneficiary?
Q. Who is the owner of the MERS system?
What is MERS? Mortgage Electronic Registration Systems, Inc. (MERS) is a wholly-owned subsidiary of MERSCORP Holdings, and its sole purpose is to serve as mortgagee in the land records for loans registered on the MERS® System.
Q. Is the MERS system a document custodian?
No. MERS, MERSCORP Holdings or the MERS® System are not document custodians and do not hold promissory notes or mortgage documents on behalf of lenders, servicers or investors. We are not responsible for keeping mortgage records—the servicer maintains the loan files.
