Statement from MERSCORP Holdings, Inc.
FOR IMMEDIATE RELEASE
CONTACT: Janis Smith
Phone: (703) 738-0230
The United States Supreme Court has denied the review of Welborn, Doug et.al, v. Bank of New York Mellon, et. al., No. 13-1449 and the 5th Circuit Court of Appeals’ dismissal of the case will stand. We agree with the 5th Circuit’s finding that “[T]he recordings systems were not created to serve a revenue-generating function for the states,” and, that the recordings systems “... serve a governmental function,” which the Court notes is based on a public policy of providing notice of title. We believe that use of Mortgage Electronic Registration Systems, Inc. (MERS) as the recorded mortgagee is consistent with this purpose.
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MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products. It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions. Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of the promissory note. The MERS® System is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members.