How to Use the MERS System to Obtain Mortgage Payoffs and Clear Title Liens
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Understanding how to utilize the Mortgage Electronic Registration System (MERS) is essential for title insurance agency employees. MERS helps track changes in mortgage servicing and ownership, ensuring accurate and efficient processing of mortgage payoffs and title lien clearances. Here’s a comprehensive guide to help you navigate the MERS system effectively.
When Do You Use the MERS System?
Prerequisite Information
How to Use the MERS System
Importance of Using MERS Correctly
Best Practices for Title Insurance Agency Employees
When Do You Use the MERS System?
MERS stands for the Mortgage Electronic Registry System. This platform is used by lenders to update information when they sell loans to other companies. After completing the title commitment, you should use the MERS system if Schedule BI shows a mortgage registered with MERS. The purpose is to verify that the name of the current loan holder matches the name of the company from which the payoff is being ordered.
Prerequisite Information
To locate servicer information for a mortgage loan, you will need one of the following sets of search criteria:
18-digit MERS® System Mortgage Identification Number (MIN)
Property address and Borrower Details
Federal Housing Administration (FHA) / Veterans Administration (VA) Case Number or Mortgage Insurance (MI) Certificate Number
How to Use the MERS System
Follow these steps to obtain the necessary information from the MERS system:
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