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.
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srsd

http://www.mersinc.org/forum/viewtopics.aspx?id=13

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r
While the MERS forum can be a useful source of information and an interestng way to obtain answers to questions relating to MERS, one must bear in mind that this forum is CONTROLLED by MERS and MERS removes posts and selectively answers questions at that site.  Users should therefore use particular caution at the MERS Forum!

But thank you for posting that link for the benefit of others with MERS foreclosure issues!
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Summit County, Ohio...
We do not know how many loans are registered through MERS.
Telling, isn't it?
Who runs MERS?
Interesting research, I must say.

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Nye Lavalle
WOW they are finally answering questions again on the board. After they got wacked a few times they held up.
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Nye Lavalle
If you'd stop taking shots at me, a careful review of ALL my posts and MERS on this board will show you who OWNS MERS, started MERS, runs MERS and funds MERS. It' Fannie, Freddie, Bear, title companies, the MBAA, ABn Amro, WAMU, MErriill and many others.

Been told to you MANY times before...

http://www.mersinc.org/about/shareholders.aspx

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Nye Lavalle
50 million loans have been registered on MERS
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srsd

Hey Nye,  How much money does MERs get off from the foreclosures?  Is it done on an individual basis or do they get a set rate or do they wait until the property is sold and get a cut?  It seems like everyone is getting rich off from the working people.

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Nye Lavalle
MERS gets NO money!!! The servicer, trustee, investors, law firms and default outsources divide up ALL the money!
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ac
The president of MERSCorp, Inc. is:

Roland Kelbert "R. K." ARNOLD, III (b 15 Apr 1955)
904 Leigh Mill Road
Great Falls, VA 22066-2302
(See Fairfax County Parcel ID 0133 01 0034 and the Deed Record at Book 9806, Page 1638)

Mr. ARNOLD is an attorney licensed to practice in Oklahoma and Texas. He obtained his law degree from Oklahoma City University. Mr. Arnold was licensed to practice in Texas on 15 Sep 1989. His Texas State Bar No. is "01345463".

Mr. ARNOLD has previously resided in Boerne, TX, San Antonio, TX, and Oklahoma City. Mr. ARNOLD married Pamela Lynne GILMORE in Bexar Co., Texas, in 1989.

Mr. ARNOLD's home was purchased on 16 Sep 1996 for $450,000. The property is currently assessed for $1,008,540. (Plenty of value to satisfay a personal judgment!) [See http://icare.fairfaxcounty.gov/Search/GenericSearch.aspx?mode=ADDRESS ]

I will post detailed information relating to other senior officers of MERS at a later time.
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jmm
Nye is absolutely RIGHT!!!  MERS receives only a $4.95 fee for registering each loan and a similar fee when the ownership or servicig is transfered on teh MERS System.  MERS receives nothing at all for allowing a foreclosure in its name.  MERS' fee schedule can be viewed and downloaded from this link:

http://www.mersinc.org/files/filedownload.aspx?id=146&table=ProductFile

this is why I think that Nye is correct that MERS is a scam to hide the ownership of the mortgages.  Why else would MERS allow the servicers and investors to foreclose in its name for NO $$$$.

I hope everyone is catching on!!
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Nye Lavalle
How come all this cattle shiat and stench always seems to emanate in Texas? Any comments?
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arkygirl
There is really no "catching on" to be done about MERS. We must all remember that MERS was invented and developed and is owned by BANKS for their own benefit.

The whole world wants a whipping dog who takes the beating for them without disclosing who the beating should really belong to. Banks do not bother with things that do not benefit themselves.

MERS is the banking industry's whipping dog; silent and obedient. MERS is the ultimate middleman as far as the banks are concerned. MERS takes a lickin' and keeps on tickin' and banks make sure that they do just that. MERS is a safety net for financial institutions and I am sure that they will take steps to make sure that MERS survives forever to shield them with its impenetrable wall of silence.

MERS should not be able to survive on its paltry fees, yet it does. The economics don't add up. I suspect a hidden I.V. line from banks to MERS for regular cash infusions.
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Mers has 40 to 50 loans registered.

Okay, where's the Mers office? and how many employees do they have.

I suppose their clients have a computer hooked into the MERS computer.
I bet these guys are making their own entries into MERS computer records.

I wonder what MERS pays in taxes?

So, $5.00 when they open a loan and $5.00 when they close it?

well, if it is true they have 40 million loans, x $10= $400 million.

Do they pay dividends to their stockholders who are their customers if this can be called a legitimate business?

Sounds like a nice bonus plan.

Dee




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ac
Let Mr. ARNOLD know what you think of his criminal enterprise:

MERSCORP, Inc.
1595 Spring Hill Road, Suite 310
Vienna, VA 22182

R. K. Arnold, President & CEO
Direct:  (703) 761-1275
Fax:      (703) 748-0183
Email:    rka@mersinc.org
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jmm
The math does not quite work out that way, Dee.  MERS receives $4.95 to register a loan (it used to be $3.95) and similarly $4.95 for a seasoned transfer of servicing (see the fee schedule link above).

The is NO CHARGE to transfer the beneficial ownership of a loan.  There IS a $1.00 charge to transfer the loan to an MERS non-member.  But there is NO CHARGE to either RELEASE the loan when it is paid OR to foreclose upon a loan.

So in most instances, the $4.95 up front registration fee is not coupled with an additional similar fee on the back end.  But quite a few loans do have transfers of servicing during the loan term.  Sometimes servicing rights are transferred more than once.  These bulk transfers of servicing are no doubt very lucrative to MERS.  (You will see quite a few of these as servicers of subprime loans go completely out of business!)

So while your specifics were a bit off, I am not sure that your overall revenue calculation is very far off the mark.

But also bear in mind that this is REVENUE which has been received over an eight year period.  And the 50 million is the total number of loans registered, not an annual volume.  So MERS may have had revenue of about $400 to $500 million over the course of eight years, which is not all that much revenue in corporate America.

MERS has subcontracted its IT operations to EDS, which operates the MERS data center in Plano, Texas, and the back-up data center in Oklahoma City.

MERS has about 45 employees.  It also has hundreds of non-employee officers as explained by WAR in his post at http://www.websitetoolbox.com/tool/post/ssgoldstar/vpost?id=2063120.  The employees are no doubt an expense to MERS.  The non-employee officers are paid by their employer, the servicer.  Assuming that MERS pays its employees an average of $150,00 per year, including benefits, its payroll is probably about $6.75 million annually.  But the senior people are probably paid much more.

MERS is probably starting to see some pretty good earnings.  But these will probably all evaporate as a result of class action litigation now in court and new more compelling suits being prepared. 
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ac

Before joining MERS, Mr. Arnold worked at AT&T Universal Card Services.  He has also held legal posts at USAA Federal Bank and Liberty National Bank.

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4 justice now
Yes, Texas, the home state of our current President. Coincidence? I don't think so.


4J
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Lets not let this otherwise constructive message thread degenerate into some new hostility based upon either geography or partisanship!

It would appear to me that supervisory and disciplinary failure is bi-partisan.  Remember Franklin Raines, of FNMA was in the Clinton orbit.

Let's focus on constructive help for MSF victims and for POLICY approaches about which we can develop some consensus and agreement!
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4 justice now
Shortly after we were forced to sale our home in order to prevent it from being stolen by the fraudsters at Ocwen. I contacted the OTS representative who was responsible for overseeing Ocwen at a time when they (Ocwen) still had their federal banking status. I was told that they (the OTS) was well aware of the fraud being committed, but as long as Bush remained in office, no action would ever be taken on behalf of homeowners against this establishment. 

I for one don't give damn about any f'n partisanship. These criminal scumbags come from all parties... and I simply couldn't care less.
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But also bear in mind that this is REVENUE which has been received over an eight year period.  And the 50 million is the total number of loans registered, not an annual volume.  So MERS may have had revenue of about $400 to $500 million over the course of eight years, which is not all that much revenue in corporate America.

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But also they are signing up new ones and signing off on old ones.

We don't have enough info to be exact just yet.

Another article posted today gives them more fees separate from the $4.95

Maybe others with a beef with MERS, can demand some accounting.

I think it would be fun to see how their income is spent.

Dee
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wv

This is helpful, too.  Thanks!

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It is very strange that all these terrorists have ties to Texas, So many seem to come out of Texas.  Maybe its because Texas does not enforce any of its laws against large employers! And, of course the personal ties, and money!
 
We found that when we complained about Litton Loan and the Forced Place Insurance Insurance. Only after our several complaints Litton Loan began paying Surplus Lines taxes in the State of Texas.  They never paid any other state!
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