County eyeing possible $5M class-action mortgage suit against MERS

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County eyeing possible $5M class-action mortgage suit against MERS

County eyeing possible $5M class-action mortgage suit against MERS

CentralKYNews-

Jessamine County is mulling over signing onto a possible class-action lawsuit against the organization known as Mortgage Electronic Registration Systems, Inc. (MERS), which could possible recoup thousands of dollars of fees owed.

The county was approached by attorney Sandra Spurgeon of Spurgeon & Tinker, PSC, which, along with The Bolog firm, currently represents 14 counties in Kentucky that are suing MERS, including Boyd, Franklin, Pike and several other counties.

The basis of the litigation is an effort to seek compensation for lost mortgage assignment fees allegedly withheld because of the actions of MERS over the past several years.
MERS is a private third party that buys and sell mortgages between banks.

According to the lawsuit, MERS would buy and sell the same mortgage between as many as three banks. Every time a mortgage is bought or sold, there is an assignment fee owed to county clerk’s office where the mortgage originated.

The cost of the required assignment fee per mortgage transaction is $12 per three-or-more pages, which may not be a lot, but with hundreds or thousands of mortgage transactions, per year, it can add up.

[CENTRAL KY NEWS]

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