So you have bought your first (or second, or third) house and signed all of the loan papers and now your loan is sold to another lender...and another etc. In case you didn't know there is a company that maintains all the information. They are Mortgage Electronic Registration Systems (MERS) and they have a website and PHONE # (yes you can call them).
So, what do they do and why to you need them??? I copied this straight from their website because noone better to explain what they do then themselves
"WHAT IS MERS?"
"While MERS primarily provides services to mortgage companies, we also offer an important benefit to homeowners—we keep track of the identity of Servicers that registered loans on our system.
WHAT IS A SERVICER?
The servicer is YOUR mortgage company. It is the company that handles the day-to-day tasks associated with managing your loan. Their duties include but are not limited to:
Collecting and remitting loan payments
Responding to borrower inquiries
Making advances when required
Accounting for principal and interest
Holding funds for payment of property taxes and hazard insurance (also called Managing your escrow account)
Making any physical inspections of the property
Counseling delinquent mortgagors
Supervising foreclosures and property dispositions in case of defaults
After your mortgage loan closed, your lender more than likely outsourced the job of managing your loan to another company called a SERVICER. This is the company you call when you have questions about your loan.
HOW CAN I FIND OUT THE IDENTITY OF MY SERVICER?
MERS can help! You may:
Dial the toll-free MERS® Servicer Identification System at 888-679-6377, an automated touch-tone system, or
Access MERS® Servicer ID, a free web-based system.
Before calling or accessing the website above, please have the following information ready:
The property's mortgage identification number (MIN), or
The borrower's name and social security number, or
The property address"
Click on the title above and you will go to the site.
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