Recently the Mortgage Electronic Registry System (MERS,)which is an electronic registry for tracking ownership of mortgage loans and servicing rights, registered its 50 millionth loan. The milestone came nine years after MERS pioneered its "MERS as original mortgagee" MOM process, enhancing the registry by eliminating the need for an initial assignment to MERS. R.K. Arnold, president and chief executive officer of MERS, said the MOM process has allowed lenders and servicers to streamline their operations and reduce costs.
Without (MERS), there would be a much smaller market for home financing. The interesting thing is that this standard is a result of a similar effort by MISMO who is now developing eMortgage.
This is where another innovative company called Dogtor Paco Lender’s Corner (www.dogtorpaco.com), a mortgage payment calculator and home loan lender, plays. MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.
Only available in California right now, Dogtor Paco can help real estate professionals lock a loan online in just hours as opposed to days or weeks. The product will be available nationally in 2008, helping to streamline online electronic mortgages in the future.
