MERSCORP Holdings, Inc. January 2013 News Summary

Reston, Virginia – February 7, 2013 – (RealEstateRama) — Below is a monthly summary of major legal decisions involving either the use of the MERS® System database or Mortgage Electronic Registration Systems, Inc. (MERS) and its role in the mortgage process.  Please feel free to contact the ">Office of Communications at MERSCORP Holdings, Inc. with any questions and visit the MERS Newsroom for a full list of news releases.

Major Developments

Illinois

MERS Wins Dismissal of Recording Fee Suit in Union County Illinois, January 31, 2013

“Therefore, in context and upon consulting Illinois Supreme Court and appellate court decisions, the Court finds that, by the plain meaning of 765 ILCS 5/28, there is no mandatory duty to record here and Plaintiffs’ complaint fails to state any claim upon which relief may be granted,’ Judge Murphy held.”

Kentucky

MERS Statement on Kentucky AG Complaint, January 23, 2013

“There is no merit to the allegations leveled at MERS by Kentucky Attorney General Jack Conway in today’s news conference. All MERS mortgages are registered in the local land records and all recording fees are properly paid. The MERS® System’s role in the mortgage industry has reduced chain of title issues, provided efficiencies through e-commerce, and resulted in lower mortgage borrowing costs.”

Missouri

MERS Wins Dismissal of Missouri Recording Fee Suit, January 15, 2013

“‘Here, Plaintiff has failed to state a claim for unjust enrichment…there is no duty to record assignments under Missouri law,’ Judge Smith wrote.  While a benefit of priority is conferred by the Missouri recording statutes, the Judge noted that ‘… Plaintiff does not allege that Defendants fail to pay the applicable recording fees for the initial deeds of trust that were recorded.’”

Other State and Federal Court Decisions

Minnesota

MERS Prevails in Two Federal Appeals Cases, January 30, 2013

“‘This is the latest in a string of substantially similar cases brought recently in Minnesota,’ Judge Arnold wrote. Citing Butler v. Bank of America in which it characterized similar claims by Butler as “borderline frivolous,” the panel concluded that “recent precedents require a quick rejection of most of the claims advanced in this case.’”

– MORE –

Wyoming

Bankruptcy Appellate Panel Affirms MERS’ Role, January 09, 2013

“‘The Trustee has pointed to no Wyoming authority that prohibits the loan originator from agreeing to have someone other than the beneficial owner of the debt hold the mortgage and enforce the debt as its agent,’ Judge Somers wrote. ‘We conclude that there is no split between the Note and Mortgage arising from MERS being named as Mortgagee….’”

Other Relevant Cases

• District of Columbia – Koker v. Aurora Loan Servicing – Judgment for the Defendant
• Florida – Fidelity Land Trust v. MERS – Judgment for the Defendant
• Florida – Heritage v. MERS – Judgment for the Defendant
• Florida – Kirby v. JP Morgan Chase Bank – Judgment for the Defendant
• Georgia – King v. Bank of New York Mellon – Judgment for the Defendant
• Georgia – Michelsen v. Mortgage Lenders Network – Judgment for the Defendant
• Hawaii – Lee v. MERS – Judgment for the Defendant
• Michigan – Acheampong v. Bank of New York Mellon – Judgment for the Defendant
• Michigan – FNMA v. Yono – Judgment for the Plaintiff
• Minnesota – Joos v. Bank of America – Judgment for the Defendant
• Minnesota – Travnick v. HSBC Bank – Judgment for the Defendant
• Nevada – Bergen v. Mortgage Lender Services – Judgment for the Defendant
• Oregon – Offenbacher-Afolau v. ReconTrust – Judgment for the Defendant
• Texas – Nelson v. Wells Fargo – Judgment for the Defendant
• Texas – Thompson v. Bank of America – Judgment for the Defendant
• Washington – Greenhalgh v. Windermere Mortgage Services Series – Judgment for the Defendant
• Washington – Plastino v. MERS – Judgment for the Defendant
• Washington – Wilson v. Bank of America – Judgment for the Defendant

For descriptions of cases and other materials pertaining to MERS’ business model and role in U.S. housing, please visit www.mersinc.org.

###

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.

Contact:
Jason Lobo
Phone: 703-652-1660
Email:

Category: News || Mortgage


 


 

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