A history of paperless innovation
It’s no secret that the mortgage industry has been on a path towards digitization for years, and the past 12 months played a huge role in accelerating that journey. According to ICE Mortgage Technology’s recent Borrower Insights Survey, 63% of consumers surveyed in 2020 would prefer an online mortgage process when buying a home or refinancing, compared to a traditional in-person process. This number might not surprise you. Many of us in the mortgage industry have seen first-hand how the pandemic has transformed the way consumers and lenders alike do business. And this preference for digital solutions is likely here to stay.
This shift towards digital solutions has been a priority for MERSCORP Holdings, Inc. (MERS) since its founding in 1995. Throughout this time, MERS has been continuously evolving and actively working to enable its Members with the right technology, tools, and resources to achieve a streamlined, paperless process. We do this by eliminating the need for certain paper assignments when Mortgage Electronic Registration Systems, Inc. is the recorded mortgagee and by tracking the changes as servicing rights and notes in mortgage loans are bought and sold between Members.
MERS remains dedicated to providing the best possible service to our Members, and is excited about the new opportunities we can deliver as a part of ICE Mortgage Technology, a division of ICE. Over the past several years, MERS has made significant investments in capital improvements and operational infrastructure to ensure data integrity, security and robust scalability for our two platforms, the MERS® System and MERS® eRegistry.
Achieving digital mortgage readiness
Since day 1, the MERS® technology platforms have handled over 1 million eNote registrations and more than 133 million residential loan registrations in the U.S. But the work is just beginning!
As a part of ICE Mortgage Technology, MERS is continuing to make major investments in the technology, services and capabilities of the MERS® System and MERS® eRegistry. From maintaining unprecedented data accuracy with quality assurance and risk management services, to ensuring our legal infrastructure and providing legal team assistance, to expanding product functionality to support the adoption of eNotes, we are continuing to invest in updating our infrastructure and features to provide even more value to our Members.
These investments have a tremendous impact through each stage of the loan lifecycle and bring our Members one step closer to a truly paperless process. Whether you’re a lender, investor, servicer or originator, all stakeholders will gain simplicity, time and cost-savings, and increased liquidity and scalability of each loan. As more and more Members start driving towards implementing a more streamlined, electronic process, we’re here every step of the way to help make that transition as seamless as possible.
Ongoing member support, guaranteed
Most of all, our number one mission is to support our Members as the industry’s shift to digital mortgages quickens and inevitably arrives. When the day comes where the loan process can be completed electronically from beginning to end, we’re confident that our Members will be equipped with the tools and resources they need to achieve success in this new age.