Sentence examples for electronic mortgage from inspiring English sources
Even then, he found, the nation's electronic mortgage registry was playing fast and loose with the law — something that courts have belatedly recognized, too.
That news came on the same day that JPMorgan Chase acknowledged that it had not used the nation's largest electronic mortgage tracking system, MERS, in foreclosures, since 2008.
Page B3 FRAUD SUIT AGAINST 3 BANKS Attorney General Eric T. Schneiderman of New York sued three major banks, accusing them of fraud in their use of an electronic mortgage database.
Also named as a defendant in the Massachusetts suit was the electronic mortgage registry known as MERS, an entity set up by lenders to speed property transfers by circumventing local land recording officials.
The deal being discussed now may also release the big banks that are members of MERS, the electronic mortgage registry, from the threat of some future legal liability for actions involving that organization.
Schneiderman, who ultimately signed on to Thursday's settlement, last week filed lawsuits against several banks, claiming that they deceived homeowners and court officials by filing bogus documents through a popular electronic mortgage registry.
A Baltimore company, eOriginal, has said that it will offer completely electronic mortgages as soon as the law allows.
Problems with the mishandling of the loans have been compounded by the Mortgage Electronic Registration System, an electronic lien-registry service that was set up by the banks.
The audit also raises serious questions about the accuracy of information recorded in the Mortgage Electronic Registry System, or MERS, which was set up in 1995 by Fannie Mae and Freddie Mac and major lenders.
A class-action lawsuit filed in September in Federal District Court in Delaware accused the Mortgage Electronic Registration System, a home loan registration system owned by Fannie Mae, Countrywide Financial and other large lenders, of overcharging borrowers for legal services in foreclosures.
In addition to outright fraud, numerous state Supreme Courts have questioned the legality of the Mortgage Electronic Registration or "MERS" system.
