MERS System Procedures Manual - the ICE

1 MERS System Procedures Manual Release Effective Date: July 26, 2021 2021 MERSCORP Holdings, Inc. All rights reserved. MERS System Procedures Manual Release i Contents INTRODUCTION .. 1 CONVENTIONS IN USE IN THIS DOCUMENT ..1 MERS System OVERVIEW ..1 Types of Loans Registered on MERS System .. 1 MERS Loans .. 2 Registering Loans before Closing .. 2 Other MERS System 2 MIN Record 3 SUPPORTING MERS System MEMBERSHIP .. 5 REQUIREMENTS: MERS System MEMBERSHIP ..5 Loans Closed by a Lite-R Member .. 5 Requirements: Loans Closed by a Lite-R 6 PROCEDURE: MEMBER INTEGRATION.

2 6 MEMBERSHIP CHANGES ..6 Requirements: Membership Changes .. 6 Procedure: Membership Changes .. 7 MEMBER INFORMATION ..7 Requirements: Maintaining Member Information .. 7 Procedure: Maintaining Member Information .. 8 Information Maintained by MERSCORP .. 9 MEMBER RESIGNATION ..9 Requirements: Member Resignation .. 9 Procedure: Member 11 Certificates of Ownership .. 11 Procedure: Certificates of Ownership .. 11 System Actions: Certificates of Ownership .. 12 MERS ONLINE USER AUTHENTICATION .. 13 MERS System USER REQUIREMENTS: System SECURITY.

3 14 THIRD-PARTY VENDORS ..14 ASSOCIATED XML AND BATCH INQUIRY TRANSACTIONS ..15 MORTGAGE IDENTIFICATION NUMBER ( MIN ) .. 16 PROCEDURE: CREATING A MIN ..16 LOAN REGISTRATION .. 17 REQUIREMENTS: LOAN REGISTRATION ..17 Requirements: All Loan Registrations .. 17 Requirements: MOM Loan Registrations .. 18 MERS System Procedures Manual Release ii Requirements: Non-MOM Loan Registrations .. 18 REQUIREMENTS: MERS System DATA INTEGRITY ..18 Procedures : LOAN Procedure: MERS Loan Registration .. 21 Procedure: Completing a Pre-Closing Registration.

4 22 Procedure: Re-registration after Reversal .. 22 Procedure: Re-registration after Deactivation .. 23 System ACTIONS: LOAN REGISTRATION ..23 REGISTRATION REVERSAL ..25 Requirements: Registration Reversal .. 25 Procedure: Registration Reversal .. 26 System Actions: Registration Reversal .. 27 INTERIM FUNDING INTERESTS .. 28 REQUIREMENTS: REMOVING AN INTERIM FUNDING ORG PROCEDURE: REMOVING AN INTERIM FUNDING ORG ID ..28 System ACTIONS: REMOVING AN INTERIM FUNDING ORG TRANSFERS .. 30 TRANSFER OF BENEFICIAL Requirements: TOB Transactions.

5 31 TOB Option 1 Transfer .. 31 Procedure: TOB Option 1 Transfer .. 32 System Actions: TOB Option 1 Transfer .. 32 TOB Option 2 Transfer .. 33 Procedure: TOB Option 2 Transfer .. 34 System Actions: TOB Option 2 Transfer .. 34 TRANSFER OF SERVICING Requirements: TOS 37 Procedure: TOS Transaction .. 38 System Actions: TOS Transaction .. 39 TOS/TOB COMBINATION ..41 Requirements: TOS/TOB Combo Transactions .. 42 Procedure: TOS/TOB Combo 42 System Actions: TOS/TOB 43 MEMBER-TO-MEMBER PETITIONS ..45 Requirements: Member-to-Member 45 Procedure: Member-to-Member 45 MEMBER NOTICE OF DEFAULT ( NOD ) DISPUTE.

6 46 Procedure: Member NOD Dispute .. 46 MIN RECORD DEACTIVATION .. 47 PAID IN FULL DEACTIVATION ..48 Requirements: Paid in Full Deactivation .. 48 Procedure: Paid in Full Deactivation .. 48 System Actions: Paid in Full 49 TRANSFER TO NON-MERS STATUS DEACTIVATION ..49 MERS System Procedures Manual Release iii Requirements: Transfer to Non-MERS Status Deactivation .. 49 Procedure: Transfer to Non-MERS Status Deactivation .. 50 System Actions: Transfer to Non-MERS Status Deactivation .. 50 DEACTIVATE-ASSIGNED FROM MERS FOR DEFAULT OR BANKRUPTCY DEACTIVATION.

7 50 Requirements: Deactivate-Assigned from MERS for Default or Bankruptcy 50 Procedure: Deactivate-Assigned from MERS for Default or Bankruptcy 51 System Actions: Deactivate-Assigned from MERS for Default or Bankruptcy Deactivation .. 51 FORECLOSURE COMPLETE DEACTIVATION (INITIATED BEFORE 7/22/11) ..52 Requirements: Foreclosure Complete Deactivation .. 52 Procedure: Foreclosure Complete Deactivation .. 52 System Actions: Foreclosure Complete Deactivation .. 53 DEACTIVATION Requirements: Deactivation Reversals .. 53 Procedure: Deactivation Reversals.

8 54 System Actions: Deactivation Reversals .. 54 MODIFICATION 55 REQUIREMENTS: MODIFICATION AGREEMENTS ..55 PROCEDURE: MODIFICATION AGREEMENTS ..55 System ACTIONS: MODIFICATION AGREEMENTS ..55 CONSTRUCTION AND CEMA LOANS .. 56 REQUIREMENTS: CONSTRUCTION AND CEMA LOANS ..56 Procedures : CONSTRUCTION LOANS ..56 Procedure: Construction Loan Modified to Become Permanent .. 56 Procedure: Construction Loan Paid off by Permanent Loan .. 57 PROCEDURE: CEMA LOAN System ACTIONS: CONSTRUCTION AND CEMA LOANS ..57 ASSUMPTION OF MORTGAGE .. 58 REQUIREMENTS: ASSUMPTION OF MORTGAGE.

9 58 PROCEDURE: ASSUMPTION OF MORTGAGE ..58 System ACTIONS: ASSUMPTION OF MORTGAGE ..58 PROPERTY PRESERVATION .. 59 PROCEDURE: PROPERTY PRESERVATION MEMBER PROCEDURE: PROPERTY PRESERVATION MIN UPDATES ..59 System ACTIONS: PROPERTY PRESERVATION ..59 MERS System QUALITY ASSURANCE PROGRAM .. 61 REQUIREMENTS: MERS System QA MERS System QA Requirements: MERS System QA 61 Procedure: MERS System QA Plan 62 ANNUAL REPORT ..62 Requirements: Annual Report .. 62 Procedure: MERS System Annual Report Submission .. 63 MERS System Procedures Manual Release iv DATA RECONCILIATION.

10 63 Requirements: Data Reconciliation .. 63 Member Reconciliation Extract (MRE) .. 64 MERS Loan Data Reconciliation Requirements .. 64 Conditionally-Required Field Criteria .. 65 QUALITY ASSURANCE REVIEWS ..67 Requirements: Quality Assurance Reviews .. 67 MERSCORP MAIL SERVICES .. 68 REQUIREMENTS: SERVICE OF PROCESS AND OTHER MAIL ..68 PROCEDURE: UNIDENTIFIED MAIL ..68 CORPORATE resolution MANAGEMENT System ( CRMS ).. 70 REQUIREMENTS: PROCEDURE: REQUESTING A CORPORATE resolution APPOINTING SIGNING OFFICERS ..72 PROCEDURE: SIGNING OFFICER CERTIFICATION.