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Freddie Mac Tells Servicers NOT To Foreclose In MERS

Freddie Mac Tells Servicers NOT To Foreclose In MERS

Effective April 1, servicers managing Freddie Mac loans will no longer be allowed to foreclose on properties in the name of Mortgage Electronic Registration Systems (MERS).

Freddi Mac’s announcement  states

We have updated the Guide to eliminate the option for the foreclosure counsel or trustee to conduct a
foreclosure in the name of MERS. Effective for Mortgages registered with MERS that are referred to
foreclosure on or after April 1, 2011, Servicers must prepare an assignment of the Security Instrument
from MERS to the Servicer and instruct the foreclosure counsel or trustee to foreclose in the Servicer’s
name and take title in Freddie Mac’s name.

As required in Section 66.17, Foreclosing in the Servicer’s Name, Servicers must record the prepared
assignment where required by State law. State mandated recording fees are not reimbursable by Freddie
Mac, are not considered part of the Freddie Mac allowable attorney fees and must not be billed to the

Servicers should refer to updated Section 66.17 and Section 66.54, Vesting the Title and Avoiding
Transfer Taxes, for additional information.

[ipaper docId=51478894 access_key=key-uycf5vbb5ste8n2go4r height=600 width=600 /]

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