Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

October 3, 2008

MERS

by @ 10:32 am. Filed under Indexing

If you searched our records for the most prolific lender in this district, you would conclude that it was Mortgage Electronic Registration Systems. Unfortunately, that entity, more commonly referred to as MERS, is only an agent for a wide variety of banks and mortgage companies. When MERS first came into existance, we and other registries concluded that the only name we would enter into the index as a grantee on a MERS mortgage was MERS. Even though the underlying lender was named in the mortgage, we felt that by also entering that name, it would defeat the purpose of MERS which was to have a central point of contact for anything related to these mortgages. This approach helped us handled the enormous number of mortgages we recorded during the past real estate boom. Now with the market having slowed so much and everyone trying to sort out what exactly happened, knowing which banks made all of those MERS loans has become more important. Starting next week, therefore, we will begin revisiting our index entries for MERS mortgages during the past five years and add the name of the underlying bank to our computer system.

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