Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
christinapitt76
Hi all,

I'm about to get my first mortgage. I was thinking of use PHFA because they do not directly sell loans to others, but then read this on their FAQ page

http://www.phfa.org/hsgresources/faq.aspx#purchasing
If MERS is referenced on the Mortgage, how is the loan assigned to PHFA since they are not a member of MERS?

Our Form 20 of the Sellers Guide is used to assign the mortgage to PHFA. The assignee must be listed as MERS as a Nominee for the appropriate lending institution. In all three (3) areas of the assignment that lists the lender's name, the full name as stated above should appear in all sections.

- See more at: http://www.phfa.org/hsgresources/faq.aspx#purchasing
If MERS is referenced on the Mortgage, how is the loan assigned to PHFA since they are not a member of MERS?

Our Form 20 of the Sellers Guide is used to assign the mortgage to PHFA. The assignee must be listed as MERS as a Nominee for the appropriate lending institution. In all three (3) areas of the assignment that lists the lender's name, the full name as stated above should appear in all sections.


So my question does anyone know of any banks in Pennsylvania that will keep MERS off the mortgage if requested by the person getting the mortgage? Or is PHFA being a non-member of MERS my best hope to at least minimize interaction with MERS
If MERS is referenced on the Mortgage, how is the loan assigned to PHFA since they are not a member of MERS?

Our Form 20 of the Sellers Guide is used to assign the mortgage to PHFA. The assignee must be listed as MERS as a Nominee for the appropriate lending institution. In all three (3) areas of the assignment that lists the lender's name, the full name as stated above should appear in all sections.

- See more at: http://www.phfa.org/hsgresources/faq.aspx#purchasing
If MERS is referenced on the Mortgage, how is the loan assigned to PHFA since they are not a member of MERS?

Our Form 20 of the Sellers Guide is used to assign the mortgage to PHFA. The assignee must be listed as MERS as a Nominee for the appropriate lending institution. In all three (3) areas of the assignment that lists the lender's name, the full name as stated above should appear in all sections.

- See more at: http://www.phfa.org/hsgresources/faq.aspx#purchasing
Quote 0 0
iknow
It's not a problem of keeping MERS off the mortgage. It's a problem of the original bank selling your mortgage to another entity (which is usually what happens).

The only way around the "real" problem is to find a local bank that keeps the paper. Most banks that do this will not hesitate to tell you they "don't sell" their loans. Most of these banks will be smaller local banks. That is really the only way to not get involved in the securitization mess.
"Between two evils, I always pick the one I never tried before."

-Mae West
Quote 0 0
Write a reply...