MERS Liable in Pennsylvania Suit Over Mortgage Recording

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MERS Liable in Pennsylvania Suit Over Mortgage Recording

MERS Liable in Pennsylvania Suit Over Mortgage Recording

Read the orders here: VICTORY — Montgomery County, PA v. MERS | MERSCORP, MERS GETS SLAMMED IN PENNSYLVANIA — PLEASE SPREAD FAR AND WIDE

Bloomberg-

Merscorp Inc., the operator of an electronic mortgage registry known as MERS, must face a trial to determine how much it owes Pennsylvania counties for shortchanging them on mortgage recording fees, a judge ruled.

Merscorp and its Mortgage Electronic Registration Systems Inc. unit violated state law by failing to properly record home loans that were sold or transferred, U.S. District Judge J. Curtis Joyner ruled today in Philadelphia. The conduct misled homeowners facing foreclosure and created uncertainty about property ownership in the state, he said.

As a result, the company must face trial on damages and on claims that it was unjustly enriched, the judge ruled.

[BLOOMBERG]

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