MERS discussion prompts residents to come forward

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MERS discussion prompts residents to come forward

MERS discussion prompts residents to come forward

Record Bee-

Numerous Lake County residents have come forward with their own stories regarding Mortgage Electronic Registration Systems (MERS) in light of the Lake County Board of Supervisors (BOS) discussion on the system on Aug. 26.

The system is a national database of home mortgages that allows lenders to bypass county recorders to easily transfer mortgage rights. The system tracks mortgage loans and servicing interests, but it appears MERS may not be recording all additional mortgage assignments.

County Counsel Anita Grant informed the board that they do not have the authority to write legislation against MERS, but can encourage state legislators to look into the issue. Additionally, the county can conduct an forensic audit to determine if any fraudulent recordings have occurred. Individual property owners can file lawsuits.

[RECORD-BEE]

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