Mortgage Electronic Registration Systems (MERS) has added new foreclosure guidelines to its two existing manuals, according to a MERS press release.
In accordance with the new rules, no bankruptcy legal proceedings or foreclosure proceeding may be filed or initiated in the name of MERS itself.
Also, MERS requires that before a member initiates foreclosure or files legal proceedings, its MERS signing officer must execute the MERS security instrument assignment and send it for recording, the release said.
In addition, funding date and assignment sent date are no longer required to recompilation.
These updates were added to MERS’ previously released ‘Transitional Procedures’ and ‘Transitional Quality Assurance Procedures’ manuals.