by Sarah LagattollaDirector of Credit Risksarah@bankersadvisory.com fannie mae Mae has just issued an update to the Selling Guide (SEL-2011-04) that affects underwriting of loans as follows: Deferred Student Loans While it has been Fannie Mae’s policy to include payments for deferred student loans in the DTI, Fannie Mae has required verification of the payment amount.
Judge tosses whistleblower letter, limits discovery in Zillow-Move suit From the Dept. of Unsurprising But Still Good News: Judge tosses manafort civil suit challenging special counsel posted by cudzoo at 10:24 AM on April 27, 2018 [ 35 favorites ] I’m surprised that RedState thinks this is a good business move.
What is MERS? (Mortgage Electronic Registration System) Upon initial registration of a new loan in its system, MERS is named as the "mortgagee (also known as lender or beneficiary) as nominee" of record for the lender. The original lender then records the new mortgage (or deed of trust) naming MERS as "mortgagee as nominee".
Effective with foreclosures referred on or after May 1, 2010, MERS must not be named as a plaintiff in any foreclosure action, whether judicial or non-judicial, on a mortgage loan owned or securitized by Fannie Mae. MERS is the mortgagee of record when either a mortgage names MERS as the original mortgagee and is recorded in the applicable land records, or a completed and recorded assignment names MERS as the mortgage assignee.
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So over half of all mortgage loans claimed to be "owned" by Fannie either in its own portfolio or as Master trustee of a private label REMIC trust are registered with MERS. And Fannie admits that virtually all of those loans have been transferred multiple times but disclosed and recorded much less than the number of transfers.
Lenders must have controls to readily identify mers registered mortgages; MERS cannot be named as the insured or loss payee on title or property insurance policies; By delivering the MIN, the lender warrants that the mortgage is properly registered in MERS and names the lender as the investor; Click on the following links to access the Fannie.
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If your loan is in the MERS system, you may be able to find out who owns your loan by calling MERS at 1-888-679-6377 or visiting the MERS website. If your loan is not owned by Fannie Mae or Freddie Mac or in the MERS system, you can write to your mortgage servicer and ask for the name of your mortgage owner.
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