In Bulletin 2015-004, U.S. Bank states they will no longer accept MERS mortgages for properties located in Maine for loans closing on or after April 1, 2015. This is due to the State Supreme Court of Maine ruling that loans with MERS as the original mortgagee on a Fannie Mae or Freddie Mac Uniform Security Instrument do not transfer the rights to foreclose:
“For all FNMA, FHLMC, FHA, VA, and USDA loans for properties located in Maine, lenders must close the loan in their own name and provide an Assignment of Mortgage transferring the loan to U.S. Bank National Association.”
A warning message will appear in ConformX if a MIN is entered for a Maine closing package, the Document Investor Institution or Investor Institution is set to U.S. Bank, and the Closing Date is April 1, 2015 or later.
- If “MERS” (field 18100) is set to Yes the following message will display:
A MERS Identification Number (MIN) is entered that will trigger a MERS as Original Mortgagee (MOM) mortgage to print. Per U.S. Bank Bulletin 2015-004, all Maine loans closed on or after April 1, 2015 (sold to U.S. Bank) must be closed in the lender’s own name and an Assignment of Mortgage transferring the loan to U.S. Bank National Association must be provided.
- If “MERS Assignment Type” (field 18143) is set to print “To MERS” assignment and “Print Regular To MERS/Non-MERS Assignments” (field 42380) is set to Yes, the following message will display:
A MERS Identification Number (MIN) is entered that will trigger an Assignment to MERS to print. Per U.S. Bank Bulletin 2015-004, all Maine loans closed on or after April 1, 2015 (sold to U.S. Bank) must be closed in the lender’s own name and an Assignment of Mortgage transferring the loan to U.S. Bank National Association must be provided.
This change will take effect on April 1, 2015. If you have any questions or concerns about this change please contact Client Support at 1.800.497.3584.
March 31, 2015
Task 113112