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The Mortgage Electronic Registration Systems, and its parent company MERSCORP, received a favorable court ruling from the U.S. Court of Appeals for the Ninth Circuit, which affirmed a lower court’s acceptance of MERS as a nominee for the lender.
The case, like many others against MERS, revolved around the issue of whether MERS had the authority to assign a mortgage to a foreclosing lender.
The court essentially upheld a lower court’s decision which said allegations that MERS lacks the authority to assign a right to foreclose and sell the property based on its "nominee status" alone cannot stand when based on other precedential cases in the jurisdiction.
"We are pleased that Judge Ezra found no merit to these charges and that the appellate panel agreed with his methodical rejection of these frequently used and always failing legal arguments,” said MERSCORP Holdings' director for corporate communications Jason Lobo.
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