County clerks warn that private home loan registry may cloud titles to thousands of Central Texas homes

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County clerks warn that private home loan registry may cloud titles to thousands of Central Texas homes

County clerks warn that private home loan registry may cloud titles to thousands of Central Texas homes

We know for a fact and the government knows for a fact that if MERS is on your documents, a cloud also exists.

Their “quick fix” might come as simple as accepting a modification, principal reduction or a refi, to cover this all up and creating new paper.

If any of your new docs have MERS or a like, what have you done again?

 

Statesman-

The ownership of tens of thousands of Central Texas home loans could be in question because of the actions of a national private registry that officials say has sidestepped the filing of proper documents with county clerks, the American-Statesman has learned.

The Mortgage Electronic Registration System was created in the 1990s by 3,000 of the nation’s largest lenders to “streamline the mortgage sale process by using e-commerce to replace paperwork,” according to the company’s website.

In recent years, the Virginia-based registry has exploded across the U.S. as mortgages increasingly were bundled and sold as commodities in rapid churn to investors.

[STATESMAN]

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