Thursday, August 26, 2010

Los Angeles Signs On To MERS' Vacant-Property Registry

Los Angeles Signs On To MERS' Vacant-Property Registry

in News > Mortgage Servicing

by on Wednesday 25 August 2010

This month, Los Angeles joined Virginia, Massachusetts and Connecticut in accepting the MERS System as an alternative to the city's registry of foreclosed properties and property preservation contacts for vacant properties.

"Many law enforcement agencies and municipalities already use the MERS System on an informal basis to find a loan's servicer and identify the companies responsible for maintaining vacant properties in their area," explains R. K. Arnold, president and CEO of MERSCORP Inc.

Current MERS members can use the system to register the identity of the property preservation company responsible for maintaining vacant properties, which are frequently in foreclosure. The MERS System can track both residential and commercial properties.

“Maintaining residential vacant properties in foreclosure is important to prevent blight and to protect property values,” adds Doug Guthrie, general manager of the Los Angeles Housing Department. “We’re able to see these benefits more quickly while saving on the city budget by partnering with MERS, whose system is immediately available and already in use by many property preservation companies.”