Proposed Solution for MBA Vacant Property

Registration Work Group

Problem

• Local governments want access to property preservation contact information for vacant properties.

• Individual municipalities are planning on creating their own proprietary databases for tracking this information.

• It is inefficient and costly for servicers to adapt to many local standards to meet the requirements for updating these databases.

• Local governments anticipate charging servicers between $10 and $200+ per property.

• Local governments (tax payers) will still bear the expense of creating and maintaining these databases.

Solution

• MERS tracks organizations associated with a loan (servicer, sub-servicer, investor, etc.) through the MERS Org ID. Tracking property preservation companies can be easily added.

• Multiple property preservation companies can be tracked per property (e.g. in-house and outsourced)

• Servicing systems are already integrated with the MERS® System.

• Requires that loans are registered on the MERS® System and that property preservation companies become MERS members.

Details

• Property Preservation Company Membership

– Simple application with a $1000 annual membership fee (Patron/Vendor Membership). No transaction fees.

– MERS establishes a profile on the MERS® System with the property preservation company’s contact information.

• The loan must be registered on the MERS® System

– MOM (MERS as Original Mortgagee) $4.95 registration fee

– “iRegistration” (registration data without MOM) $1.00 registration fee

– Once registered, no additional fees for inquiry or updates

Details

• MERS will provide free access to MERS® Link for municipalities and jurisdictions.

– MERS Org ID assigned to identify the government entity

– User IDs and passwords maintained by the member

• MERS has established procedures for granting membership to government entities.

MERS® Link Log-in Page

MERS Org ID assigned to jurisdiction

User IDs and passwords maintained by member (jurisdiction)

Multiple Search Criteria

Search Results

New display fields implemented for Property Preservation

Prop Pres 1001186 – Mr. Fixit’s Property Preservation Co 800-555-5555

MERS Org ID linked to Member Profile

Member Profile

Options

• Data can be updated via flat file, EDI X12, or on-line through www.mersonline.org.

• Members with Line Of Business of Property Preservation and Vendor can update records on behalf of their clients.

• Can implement immediate solution until system changes are made for final solution.

– Servicers can use Associated Member Field, “Other” and municipalities can call MERS for information