MERS Policy Update
Newrez LLC “Newrez” Approved Correspondent Clients: please note the following changes made to our Operations Guide effective immediately. In order for loans to be registered and transferred in a timely manner on the MERS system, please ensure that all parties are aware of the following changes.
- Registration of loans with MERS Original Mortgage (MOM) security instrument on the MERS System must occur at time of delivery to Newrez.
- Transfer of Beneficiary (TOB) to Newrez must be completed on the MERS System within 24 hours after Newrez purchase date.
- Transfer of Servicing (TOS) to Newrez must be completed on the MERS System within 24 hours after Newrez purchase date.
Newrez purchase date is defined as the date that Newrez acquires the collateral, the purchase wire is remitted to client’s warehouse bank and loan sale is completed.
The ORG ID number for Newrez Members completing the registration of their loan with MERS:
Newrez = transfer to 1007544 (Servicer (TOS) / Investor (TOB)
All clients are responsible for registering loans in MERS and transferring beneficiary and servicing rights to Newrez within the timeframe above.
Please refer to the MERS website for further instructions on registration and transfer process: https://www.theice.com/publicdocs/MERS_System_Procedures.pdf.
Please refer to Operations Guide Chapter 6 for additional information on MERS requirements. All questions or inquiries regarding MERS registration and transfer should be addressed to Post Funding Support at MersOriginations.FTW@newrez.com.