Skip to content
GeoDataVision
Thread Options
#1655902 - 01/25/12 07:32 PM Registration on MERS
BankerChic24 Offline
Junior Member
Joined: Jul 2011
Posts: 45
Midwest
Is anyone familiar with this? Our secondary market lender tells us we need to register by 02/27/12 or there is a per loan charge. Do all entities that record documents HAVE to be on MERS? Is this a regulatory compliance requirement or just an industry thing?
_________________________
Success is getting what you want, Happiness is wanting what you get...

Return to Top
Lending Compliance
#1655915 - 01/25/12 07:53 PM Re: Registration on MERS BankerChic24
RulesFollower Offline
100 Club
Joined: Oct 2011
Posts: 185
All of the secondary market lenders we deal with require a MERS number on the DOT. It is not necessary on our inhouse loans as they are not assigned after closing.

Return to Top
#1659362 - 02/01/12 08:51 PM Re: Registration on MERS BankerChic24
BankerChic24 Offline
Junior Member
Joined: Jul 2011
Posts: 45
Midwest
Does anyone know if the MERS fee can be passed on to the borrower? If so, does it have to be disclosed seperately on the HUD or can it be part of our closing fee?
_________________________
Success is getting what you want, Happiness is wanting what you get...

Return to Top
#1659382 - 02/01/12 09:20 PM Re: Registration on MERS BankerChic24
TB 12 Offline
Power Poster
TB 12
Joined: Feb 2005
Posts: 6,559
Foxboro
Originally Posted By: BankerChic24
Does anyone know if the MERS fee can be passed on to the borrower? If so, does it have to be disclosed seperately on the HUD or can it be part of our closing fee?


Yes, and it is included in the total of line 801 of HUD, block 1 of GFE.
_________________________
Best QB Ever. Worst Defense Ever.

Return to Top

Moderator:  Andy_Z