Lender can't modify the mortgage without the "mortgagee's" consent

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Lender can’t modify the mortgage without the “mortgagee’s” consent

Lender can’t modify the mortgage without the “mortgagee’s” consent

This according to Straight Talk by Sharon Horstkamp, MERS Vice President and Corporate Counsel. Below is an excerpt of the newsletter:

The standard modification agreement
is between the Borrower and
the Lender. The agreement amends
and supplements (1) the Mortgage,
Deed of Trust or Deed to Secure
Debt (Security Instrument) and (2)
the Note bearing the same date as,
and secured by, the Security
Instrument. Prior to MERS, the
standard agreement worked
because the Lender was the mortgagee
of record and could modify
the mortgage and also had the
authority to modify the Note.

However, if MERS is the mortgagee
of record, the Lender can’t
modify the mortgage without the
“mortgagee’s” consent. Therefore,
Fannie Mae and Freddie Mac
changed the modification agreements
to reflect MERS as the mortgagee
of record.

Their change states the Agreement
amends and supplements the
Mortgage, Deed of Trust or Deed to
Secure Debt (Security Instrument)
granted or assigned to Mortgage
Electronic Registration Systems,
Inc., as nominee for the Lender.
The change also recommended a
signature line be added for MERS to
sign the agreement in its mortgagee
capacity. A MERS certifying officer
can sign the Agreement. It is important
to note that a MERS signature
doesn’t replace the Lender’s signature,
because MERS isn’t modifying
the note. Therefore, the Lender and
MERS must sign the document.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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2 Responses to “Lender can’t modify the mortgage without the “mortgagee’s” consent”

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  1. […] This post was mentioned on Twitter by kim thomas, DinSFLA. DinSFLA said: Lender can’t modify the mortgage without the “mortgagee’s” consent http://goo.gl/fb/4qSAi […]

  2. […] Hortskamp, straight talk, title, Treasury, vice president I posted the quoted text below back on Nov ’10… I wonder who exactly signs off for MERS, if this is so? The standard modification agreement […]


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