Senator Merkley: How many folks have you designated as certifying officers essentially, temporarily made them members of your company? In order to execute this process?
Mr. Arnold: Well it’s not temporary… its limited… their limited to 7 specific items that they can do for MERS…ahh there are TWENTY THOUSAND (20,000) of those nationwide.
Mr. Merkely: I’m sorry I’m out of time but it’s creating a legal confusion and that’s an issue and I’m sorry. Thank you all very much.
“7 VERY IMPORTANT DOCUMENTS” that may involve trillions of dollars worth of real estate that are executed by any one of these 20,000 robo-signers… But if you read on this image below …it’s well over “7 Specific Documents” more like ANY & ALL!
Actual excerpt from a MERS Agreement of Signing Authority.
Remarks of R.K. Arnold
President and CEO of MERSCORP, Inc.
Subcommittee on Housing and Community Opportunity
House Financial Services Committee
November 18, 201
The MERS database is important to individual borrowers because it provides a free and
accessible resource where borrowers can locate their servicers, and in many cases, learn who
their note-owner is as they change over time.
To do this, MERS relies on specially designated employees of its members, called
certifying officers, to handle the foreclosure. To be a MERS certifying officer, one must be an
officer of the member institution who is familiar with the functions to be performed, and who
has passed an examination administered by MERS. Generally, these are the same individuals
who would handle the foreclosure if the lender was involved without MERS.
In my opinion if this is a correct statement than without reading into the rest we have a problem because you see in the image below these are not designated employees or officer of the “member institution”…but were or are employees of LPS. Not to mention the obvious issues. I am not an attorney.
Testimony of Mr. R.K. Arnold, 11/16/2010
Senate Banking, Housing and Urban Affairs Committee
Under the corporate law in Delaware (where MERS is incorporated), there is no requirement that an officer of a corporation also be an employee of that corporation. A corporation is allowed to appoint individuals to be officers without having to employ those individuals or even pay them. This concept is not limited to MERS. Corporations cannot operate without officers; they can and often do operate without employees. It is not uncommon for large organizations to have all its employees employed by an operating company and for those employees to be elected as officers of affiliated companies that are created for other purposes (all corporations are required by law to have officers to act for it). Even for loans where MERS is not the mortgagee, employees of the servicer are generally delegated the power to take actions (e.g., initiate foreclosures) and execute documents (e.g., lien releases and assignments) on behalf of the owner of the loan (and the servicer, in turn, may further delegate such authority to a third-party vendor).
If the note-owner chooses to have Mortgage Electronic Registration Systems, Inc. foreclose, then the note-owner endorses the note in blank (if it has not already done so), making it bearer paper, and grants possession of the note to a MERS certifying officer. This makes MERS the noteholder. Since MERS is already the mortgagee in the land records, MERS is now able to legally begin the foreclosure process on behalf of the note-owner.
SFF is in search of “THE AGREEMENT” that might exist between “MERS” and “NOTE-OWNER”, might be an actual Trust or Trustee. But this is not in public records.