MERS is not named as the original mortgagee of record in the Maine security instrument for loans that are to be registered with MERS (Mortgage Electronic Registration Systems, Inc.). Lenders must use a Maine MERS Mortgage Assignment such as Fannie Mae/Freddie Mac Form 3749 (Cx1529) to assign loans to MERS instead. Although an assignment to MERS is required instead of having MERS as original mortgagee, an eNote can be utilized in Maine.
ConformX supports the use of eNote in Maine when MERS Approved Lender (FI 27248) is “Yes”. The current standard eNotes print the “MIN:” when the MERS Number (FI 1087) is populated. The global standard value field mappings on Requesting eNote Indicator (FI 120375) and Note Registry Operator (FI 38974) have now been modified to better support the use of eNote in Maine.
Requesting eNote Indicator
There was a global standard value field mapping to set Requesting eNote Indicator (FI 120375) to “No” at import if the Property State (FI 1714) is set to Maine. This global standard value field mapping has been removed. This means the value of Requesting eNote Indicator will now be honored for Maine loans.
Note Registry Operator
There is a global standard value field mapping that sets the Note Registry Operator (FI 38974) to “MERSCORP Holdings, Inc., a Delaware corporation” when MERS (FI 18100) is set to “Yes”; in other words, when MERS is designated as the original mortgagee on the security instrument. Since this is can’t be the case for MERS loans in Maine, additional logic has been added to the existing global standard value field mapping. Note Registry Operator will also be set to “MERSCORP Holdings, Inc., a Delaware corporation” for Maine loans when MERS Approved Lender is “Yes” and the MERS Number is populated. This means the Note Registry Operator value will now be defaulted for MERS Maine eNotes.
These changes are available for testing on Stage & Stage 2 servers and will take effect on September 19, 2024. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
COM-5165
T3S-17685
Update:
Clients have requested additional time for Maine eNote testing. The global standard value field mapping changes for Requesting eNote Indicator (FI 120375) and Note Registry Operator (FI 38974) are still available for testing on Stage & Stage 2 servers, but will now take effect on September 26, 2024.