YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
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The Mortgage Bankers Association of America in late July applauded the launch of MERS Commercial, a mortgage electronic registration system created by the real estate finance industry to reduce paperwork and streamline the process of trading commercial mortgage loans. |ret||ret||tab|
MERS Commercial operates as mortgagee of record for all MERS members with regard to county land records, eliminating the need to record an assignment of a security interest when a loan is sold. The system supports loan structures with multiple promissory notes and multiple properties in the collateral structure, and provides a method of identifying how many security instruments and Uniform Commercial Code documents are present at the time of loan closing. |ret||ret||tab|
MERS Commercial is accessible through the Internet, and through a secure, password-protected, Web-based interface.|ret||ret||tab|
In order to facilitate the creation of MERS Commercial and other similar projects, MBA, in association with Commercial Mortgage Securities Association sanctioned the formation of a joint commercial mortgage-backed securities Loan Document Integrity Task Force, headed by Mary Anne Ashmore, vice president, LaSalle Bank, N.A. |ret||ret||tab|
This task force, comprised of 95 volunteers, represents more than 60 organizations and focused on enhancing clarity and timeliness of information provided to investors. Efforts included establishment of industry guidelines to define records needed to increase investor confidence, and the design and creation of a consistent report to be disseminated to investors. |ret||ret||tab|
"MERS Commercial is an example of the benefits of a thoughtfully developed e-commerce system that will assist the real estate industry in eliminating unnecessary processes and minimize risk," said R.K. Arnold, president and CEO of MERS. |ret||ret||tab|
MERS' new commercial loan registry system follows MERS Residential, yet tailors changes to meet the unique needs of commercial mortgages. For example, the MERS system for residential lenders allows for only one security instrument per promissory note, whereas the commercial system makes provisions for loans that may be cross-collateralized.|ret||ret||tab|
MERS Commercial was funded by Bank of America Securities, Bear Stearns, GE Capital Real Estate, GMAC Commercial, John Hancock and Wells Fargo.|ret||ret||tab|
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