Set up by the banking industry to rapidly package and sell mortgages as securities.
MERS was built by Fannie Mae (FNMA), Freddie Mac (FMCC), and several large U.S. banks in 1996 as an electronic registry of land records. That created a parallel database to facilitate the packaging of loans into securities that could be sold and re-sold without being recorded in local county courthouses, reducing costs for banks. The company's name is listed as the agent for mortgage lenders on more than 65 million home loans.
Updated about 12 years ago
Basic Info
| Types | Organization, Business |
| Start date | 1996 |
| Website | http://www.mersinc.org/ |
| Aliases | MERSCORP, Mortgage Electronic Registration Systems Inc |