According to Mortgage Electronic Registration System, Inc. (MERS), any loan registered in its MERS® System is “inoculated against future mortgage assignments in the county land records because MERS remains the mortgagee no matter how many times servicing is traded.”
This is important to know because Title Land Edification Real Property History Report contains information that can impact a consumer’s decision to buy or refinance a home (mortgage loan)—prior to, loan closing.
Figure 1 provided below is for illustrative purposes only—a snapshot of an unauthorized alteration (switched) to most states local government: counties and municipalities—registered parcel identifiers that occurred before the purchase-money mortgage loan origination and sale date (July 18, 2008), prior to, transfer of ownership of real property from Party A and Party B, and, prior to title and first lien deeds are publicly recorded among the land registry. Thus, causing a break or irregularities in the chain of title, thereby damaging the integrity of states and local counties’ land records and real property tax assessment databases.
When compared with the “Before” picture, this “After” picture can be quite revealing—leaving potential and existing homeowners at risk for tax-related identify theft and real estate, title to land, accounting, or tax fraud.
Before you purchase, refinance and close on a US residential mortgage loan—have us verify the real property and know who is the most current servicer identity(ies) and the note-holder(s)/mortgagee(s) when registered with Mortgage Electronic Registration System, Inc. (MERS® System).
