MERS May Tighten RulesSubmitted by bobbyw24 on Thu, 05/26/2011 - 15:28
By Bonnie Sinnock
MERS looks like it will prevail when it comes to questions about the validity of assignments where it is involved, but some think it may "lock down" its procedures as a result of the concerns.
"In my opinion, MERS is still and will remain an important part of the industry," said Mike Wileman, president and chief executive officer of Orion Financial Group. "There are going to be some procedural lockdowns I think are necessary, but think in the long run it's too much an integral part of the industry [to go away]." When asked about questions that have arisen about the validity of assignments where MERS is involved, Wileman said, "I could only weigh in from the standpoint of you've got rulings on both sides of the fence.
Obviously, I think MERS and their members feel like they have the ability to assign loans and I think there's probably been some adjustments and there's been some additional education. They're taking the steps to make sure people understand and have some basic information on MERS and what their role is as an assignment officer," he said. MERS is "re-emphasizing to the members their responsibility of maintaining good information in the system," he said.