MERS Loan Clause Samples
The MERS Loan clause designates that the mortgage loan will be registered with the Mortgage Electronic Registration Systems (MERS), a national electronic registry that tracks changes in servicing and ownership of mortgage loans. In practice, this means that MERS acts as the mortgagee of record in the county land records, while the actual ownership and servicing rights can be transferred electronically among MERS members without the need for recording assignments in local land records. This clause streamlines the process of transferring mortgage interests, reduces administrative costs, and helps prevent delays or errors in public recordkeeping.
MERS Loan. 29 MERS'r' System................................................................................29 MIN ..........................................................................................29
MERS Loan. 36 MERS(R)System.................................................................................36 MIN...........................................................................................36 TABLE OF CONTENTS (Continued)
MERS Loan. 38 MERS(R)System.........................................................38 -vi- TABLE OF CONTENTS (CONTINUED) PAGE
MERS Loan. 17 MERS'r' System................................................................................17 MIN...........................................................................................17 TABLE OF CONTENTS (continued) Page MOM Loan......................................................................................18 Monthly P&I Advance...........................................................................18
MERS Loan. 27 MERS(R) SYSTEM..............................................................27 MIN....................................................................... 27
MERS Loan. Any Loan as to which the related Mortgage or Assignment of Mortgage has been registered with MERS on the MERS System.
MERS Loan. 26 MERS(R)System.................................................................................26 MIN .....................................................................................26 Minimum Monthly Payment.......................................................................26