So Fannie and Freddie were purchasing loan knowingly without a county location or a loan number.
And they are now going to clearly track track these titles how?
The simple answer is, is that they're not, it's virtually impossible.
They left no crumbs to follow
What's even more amazing that none of this information was tracked is when you look at the Board of Directors.
Tell me that they didn't know better, no Walmart excuse there
Here's an example of what you will find at the MERS own document historical, on line record:
To: All MERS Members December 15, 1999
Relaxation of County Code Edit for Registrations
It is currently a requirement to include a valid Federal Information Processing Standards (FIPS) county name or FIPS county code in the County Description field to successfully pre-register or register a loan on the MERS System.......
Effective December 17, 1999, if county information is omitted or does not match the FIPS table, the MERS System will process the transaction and insert “County Unknown” in the County Description field. This edit change applies to pre-registrations, registrations and MIN updates submitted through both the MERS Desktop Application and batch transmissions........
Although we are making this enhancement to make it an easier process to register loans on the MERS System, we strongly encourage you to provide the correct county code at the time of pre-registration or registration. As part of our Quality Assurance Standards, MERS will require members to provide the correct county information on MERS within 12 months of the registration date. In a future release, we will provide you with a new report that will list all of the MINs that have “County Unknown” in the County Description field.
There might be some good news, if MERS followed the system carefully, every mortgage transaction performed that used the MERS system produced a Mortgage Identification Number!
Somewhere buried in the 60,000,000 mortgages processed via MERS, every mortgage should have been assigned a Mortgage Identification Number (MIN). Was this done prior to this 2003 MERS bulletin? That would be for MERS to answer.
However, in order to have a Mortgage Identification number on the Purchaser's docs, the Purchaser had to request it. If you have a mortgage that shows MERS on any paperwork, do you have your MIN #? If not, get it ASAP.
You will find this at the link above in the 2003 Re: MERS 1-2-3 Redesign:
You also have the option of including a loan number, if required by the Intended Purchaser.
