Beaufort County sues document-registry firm

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Beaufort County sues document-registry firm

Beaufort County sues document-registry firm

Related: COMPLAINT | Beaufort County, SC v. Mortgage Electronic Registration Systems, Inc. (MERS), MERSCORP et al.

ISLAND PACKET-

Beaufort County has filed a lawsuit against Mortgage Electronic Registration Systems, a nationwide mortgage database that is owned by nearly two-dozen large banks and mortgage services.

County officials say the company’s records do not always accurately reflect a loan’s owner.

The company also does not consistently alert the county Register of Deeds Office when loans on properties are bought, sold or bundled into a tradable security. Instead, the record indicates only that MERS owns the note, county attorney Josh Gruber said.

“These activities have caused massive confusion and has made many of the Beaufort County Register of Deeds recording systems inaccurate and unreliable,” Gruber said in a statement.

[ISLAND PACKET]

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