Credit Card Vendor Has its Sights Set on MERS' TurfSubmitted by bobbyw24 on Tue, 11/23/2010 - 15:30
Greg Ousley wants to be a chaperone of sorts for the secondary mortgage market. The chief executive of Global Debt Registry says his company's system, which was designed to track ownership of delinquent credit card debts, can improve upon the widely used Mortgage Electronic Registration System.
One criticism of MERS is that it relied on its members to update and register mortgage assignments themselves. Ousley's system would manage and oversee the entire mortgage-transference process for lenders and servicers.
"What GDR advocates is a person-managed solution, a third party that watches and makes sure that everyone is doing what they're supposed to be doing," Ousley said.
"My system is managed with a person involved in the transaction and a quality assurance process that says, 'The note is here, it was transferred,' not just relying on two parties to say what they were going to do," he said.