I am confident that many more counties will step up to the plate and demand their cut from all the revenue that has been lost due to the MERS artifice.
Cleveland County commissioners on Monday hired a law firm to investigate whether a banking system systematically failed to pay mortgage filing fees to the county clerk.
Commissioners Rod Cleveland and Rusty Sullivan said national banking companies joined the Mortgage Electronic Registration System (MERS) Inc., a private enterprise that started in 1997, to handle records of mortgage transactions.
The problem, Cleveland said, is that “any time a mortgage is touched, any transaction at all, then there should be a filing fee paid to the county.”
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