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Home Owner’sHome Owner sPaper Promissory Note
&Security InstrumentSecurity Instrument
Collateral in Mortgage Backed g gSecurities
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Wet Ink Signed Paper Closing
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SCAN/COPY/STORE DESTROYSCAN/COPY/STORE-DESTROYPAPER TO
ELECTRONIC
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l
Analysis
Approval
Analysis
RejectionRejection
ELECTRONIC COPIES PROVIDEDELECTRONIC COPIES PROVIDEDFOR ANALYSIS
TO RATING AGENCIES
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Lender1
MERSPublic Records
Lender 22
MERS as NomineeCopyright 2010 j.mcguire 5
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Insurance Policy
Electronic Collateral
Mortgage Backed Security
(Exotic Carrier EvaluatesElectronic Furnished Copies)
Insurance
Aggregated Mortgage PoolCarrier
gg g g gCopyright 2010 j.mcguire 6
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Mortgage Backed Securityg g y
Exotic1
Exotic2
Default Investment VehiclesCopyright 2010 j.mcguire 7
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ExoticCollateral
Exotic Collateral - ElectronicCopyright 2010 j.mcguire 8
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ElectronicElectronicPromissory
Note
Electronic Negotiable InstrumentsLack Supporting Laws
SecurityInstrument
Failure to Maintain Perfected Lien(Public Records)
Homeowner/Bank ForeclosureThe Banks Fightg
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Legal Department
Notice of Assignments filed in Public RecordsCreated and Filed
by Banks Law Firms to give Illusion
Of Legality(Fraud upon Public Records)
If Filed in CourtIf Filed in CourtFraud upon the Court
Banks Law Firms Create Documents(Illusion of Legality)g y
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Mortgage Electronic Registration Systems, Inc. (MERS):Its Impact
on The Credit Quality of First Mortgage Jumbo MBS TransactionsIts
Impact on The Credit Quality of First-Mortgage Jumbo MBS
Transactions
Although in many states the assignment of mortgage does not have
to be recorded when the note is transferred, there are some states
that require the assignment of mortgage to be recorded so that the
buyer of the loan is protected against subsequent transferees and
creditors of the seller of the mortgage There are also some states
where the law is uncertain as to the protection afforded loan
mortgage. There are also some states where the law is uncertain as
to the protection afforded loan buyers against subsequent
transferees and creditors of the loan seller.
The name of the beneficial owner of the mortgage will not be a
matter of public record. The language in the mortgage or assignment
of mortgage will read as follows: "MERS, solely as nominee for
Lender (as hereinafter defined), as beneficiary, and its successors
and assigns." If MERS is named in a ( ), y, gmortgage or assignment
of mortgage, MERSCORP requires that those instruments will have to
be recorded in the public recording offices.
The original note will be in the possession of the trustee in
the MBS transactions. Generally, MERS will not be named on the note
or the endorsement of the note.
Under common law principles, the mortgage is valid even though
the name on the note is different than the name on the mortgage.
The concept of undisclosed agency in business transactions has been
around for a long time. The recording system has been set up to
provide notice of security interests, but not necessarily the
identity of the secured parties.
Moody’s Investor ServicesComments (1999) Excerptsp
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![CONVERTIBLE PROMISSORY NOTE US$[100,000.00] Date of … · promissory note (this “Note”). Interest will accrue at a simple rate of [8]% per annum. Unless earlier converted into](https://img.pdfslide.us/doc/110x75/60e3cbb1a285ce1ffc0642fb/convertible-promissory-note-us10000000-date-of-promissory-note-this-aoenotea.jpg)
