ARE YOU A VICTIM OF WELLS FARGO'S PAIN?: MARY COCHRANE KNOWS THE IMPORTANT DETAILS ABOUT WHAT'S IMPORTANT

Saturday, August 13, 2011

MARY COCHRANE KNOWS THE IMPORTANT DETAILS ABOUT WHAT'S IMPORTANT

ALL ABOUT MERS IN FOOTNOTES TO SENATE TESTIMONY

Posted on August 13, 2011 by Neil Garfield

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READ FOOTNOTES of Testimony to Senate:
Important disclosures perhaps omitted from verbal testimony given on 11/16/2010 by Mortage Electronic Registration Systems “MERS” President and CEO R.K. Arnold who appears Before U.S. Senate

Washington, D.C., Nov. 16—R.K. Arnold, president and CEO of MERSCORP, Inc., testified today before the United States Senate Committee on Banking, Housing and Urban Affairs. To download a copy of his testimony, please click here. For questions, please contact Karmela Lejarde at 703-761-1274.

http://www.mersinc.org/newsroom/press_details.aspx?id=252

1 MERSCORP, Inc. is structured as a privately held stock company. Its principal owners are the Mortgage Bankers Association, Fannie Mae, Freddie Mac, Bank of America, Chase, HSBC, CitiMortgage, GMAC, American Land Title Association, and Wells Fargo. MERS is headquartered in Reston VA.

2 Members tend to register only loans they plan to sell. Wells Fargo and JP Morgan Chase are the principal members in this regard. They service most of the loans they originate themselves, so registering their retail business on the MERS® System is of less practical value to them. However, when these institutions purchase loans from others, known as their correspondent business, they do require that those loans be registered on the MERS® System.

3 MERS makes its money through an annual membership fee (ranging from $264 to $7,500) based on organizational size, and through loan registration and servicing transfer fees. MERS charges a one-time $6.95 fee to register a loan and have Mortgage Electronic Registration Systems, Inc. serve as the common agent (mortgagee) in the land records. For loans where Mortgage Electronic Registration Systems, Inc. will not act as the mortgagee, there is only a small one-time registration fee ($0.97). This is known as an iRegistration. Transactional fees (ranging from $1.00 to $7.95) are charged to update the database when servicing rights on the loan are sold from one member to another.

4 The originating lender may be the servicer in some cases.

5 A copy of a sample mortgage document can be found in Attachment One. A short summary of MERS prepared by the Mortgage Bankers Association can be found in Attachment Two.

6 This action tells the world that there is a lien against the property. This is done to protect the lender’s interest. The recording of the mortgage puts future purchasers on notice of any outstanding claims against the property.

7 The promissory note is not (and never has been) recorded or stored with the county land records office. The note is a negotiable instrument that can be bought and sold by endorsement and delivery from the seller to the note purchaser. This activity is governed in all fifty states by the Uniform Commercial Code (UCC) Article 3.

8 The MERS® System is the database; MERSCORP, Inc is the operating company that owns the database; and Mortgage Electronic Registration Systems, Inc (“MERS”) a subsidiary of MERSCORP, Inc., which serves as mortgagee in the land records for loans registered on the MERS® System. For discussion purposes, “MERS” may be used in this testimony to refer to all three entities unless specifically stated otherwise.

9 The design of the MERS® System always anticipated and required that borrowers would be able to access the system to determine the servicer of their loans. Providing such information to MERS is a requirement of membership and loan registration.

When Congress acted last year to require that borrowers be told when their note is sold and the identity of the new note-owner,

MERS established, within a matter of weeks, a new service called Investor ID. Of the 3,000 members of MERS, 97% agreed to disclose the identity of the note-owner through the MERS® System. Fannie Mae opted to be disclosed. Freddie Mac chose not
to be disclosed.

10 The issue of whether transfers of residential mortgage loans made in connection with securitizations are sufficient to transfer title and foreclosure rights is the subject of a “View Point” article entitled “Title Transfer Law 101” by Karen Gelernt that appeared in the October 19, 2010 edition of the American Banker. A copy can be found in Attachment Three.

11 A 1993, 36-page white paper entitled “Whole Loan Book Entry Concept for the Mortgage Finance Industry” addresses the concepts underlying MERS and the problems it was designed to address. It is available upon request.

12 The essential elements of the legal principles underlying MERS can be found in “MERS Under Attack: Perspective on Recent Decisions from Kansas and Minnesota,” an article by Barkley and Barbara Clark in the February 2010 edition of Clark’s Secured Transactions Monthly. A copy of this article can be found in Attachment Four.

13 On loans originated by correspondent lenders or brokers (where MERS is not the mortgagee), the costs of preparing assignments and the associated filing fees are listed on the HUD-1 and paid directly by the borrower.

14 Individual states handle real estate foreclosures differently. In some states the foreclosure process is judicial, and in some states it is non-judicial. Under both systems, time frames and terms vary widely from state to state. A brief, general, description of both processes prepared by the Mortgage Bankers Association can be found in Attachment Five.

15 Some important recent cases upholding the rights of MERS include:

16 A review of the use of MERS in all fifty states was done by Covington and Burling in 1996 and 1997 as part of the due diligence associated with the creation of MERS. It is available upon request.

Read: MERS President and CEO R.K.Arnold Appears Before Senate:
MERS President and CEO R.K. Arnold Appears Before U.S. Senate

http://www.mersinc.org/files/filedownload.aspx?id=667&table=ProductFile
Originator is ‘Mortgage Broker’
What’s Broker?
Wells Fargo Home Mortgage storefront ‘mortgage brokers’ ordered the integrated network of affiliated attorneys, title and settlement agents, closing agents. Wells Fargo Home Mortgage a division of Wells Fargo Bank NA ‘mortgage brokers’ instructs which ‘Lender as Underwriter name to place inside the Title Policy’, and amount of the loan, and Service the secondary loans issued in the name of a third party resold at retail during origiantion as the Servicer, when the consumer as borrower signs the ‘mortgage’ and ‘deed of trust’ for the many loans, refinances, etc.

Corporate Name: Wells Fargo as Trustee
Address: 1015 SE 10 Street
City,State,Zip: Minneapolis, MN 55114
Toll Free Number:
Direct Number: (999) 999-9999
Fax Number: (999) 999-9999
Primary Contact: Gretel Meier
Website:
Member Org ID: 1000105
Lines Of Business: Investor, Trustee
eRegistry Participant: No
eDelivery Participant: No

Notice that Wells Fargo Bank NA Doc Custody eLending is same address and are responsible for eRegistry and eDelivery is an eLender.

ELENDING
Corporate Name: Wells Fargo Bank NA Doc Custody eLending
Address: 1015 10th Avenue SE
City,State,Zip: Minneapolis, MN 55414
Toll Free Number:
Direct Number: (612) 667-1117
Fax Number: (612) 667-1068
Primary Contact: Rita Juda
Website: http://www.wellsfargo.com
Member Org ID: 1010074
Lines Of Business: Originator, Servicer, Subservicer, Investor, Document Custodian
eRegistry Participant: Yes
eDelivery Participant: Yes

Again same address for Document Custodian of Wells Fargo Home Mortgage eRegistry but not eDelivery significant – direction of documents one way in.

Corporate Name: Wells Fargo Mortgage Document Custody
Address: 1015 SE 10th Street
City,State,Zip: Minneapolis, MN 55114
Toll Free Number:
Direct Number: (612) 667-1117
Fax Number: (612) 667-1068
Primary Contact: Todd K. Johnson
Website:
Member Org ID: 1000573
Lines Of Business: Document Custodian
eRegistry Participant: Yes
eDelivery Participant: No

Now during Originations the Closing Agents of Wells Fargo Funding Inc. Correspondent eLending did ORDER nationwide the settlement agents and did order the escrow for the retail transactions payable in the name of the individual settlement agent in which that agent had an account in the corporate treasury services of Wells Fargo Asset Securities Corp in Frederick MD in which ESCROW funds were drawn from the treasury of the Seller and the deposits came in form of a Cashier’s Check or wire transfer from an unrelated third party, whose credit lines were used for the table funded loans.

eLENDING:
Corporate Name: Wells Fargo Funding Inc Correspondent eLending
Address: Sixth & Marquette
City,State,Zip: Minneapolis, MN 55479
Toll Free Number: (100) 328-5074
Direct Number: (800) 328-5074
Fax Number: (800) 328-5074
Primary Contact: Robin Hannah
Website: http://www.wellsfargo.com
Member Org ID: 1010064
Lines Of Business: Investor
eRegistry Participant: Yes
eDelivery Participant: Yes

And what has GMAC-RFC, Norwest got to do with ‘TRUSTEE” and Wells FArgo and Wilminton Trust Co? Wells Fargo Bank NA took over GMAC as trustee of Indenture 1998. Good reason why over 25,837 transactions are recorded in name of Norwest Asset Sec….1998-1 Trust for Registrant Norwest Minneapolis Bank, NA including this very month are responsible for the ‘distributions of the trust funds investors monies.

Including ALS – Wilmington Trust Co (ALS) = Aurora Loan Services

Chase Manhattan Mortgage Corp
When is GMAC Mortgage of Iowa and GMAC Mortgage of PA also GMAC Mortgage Corp, GMAC Specialized Services, also Wells Fargo Bank NA when its not Investor or Trustee. See Gretel Meier’s transacton record above. They’ve removed the website and phone#’s, but they forgot to remove the Primary Contact. And Gretel would not – was not – is not involved in eRegistry or eDelivery. Now the attorney’s who are closign agents part of the nationwide network use eLynx which is integrated with eDelivery. You see GMAC below, they are eDelivery and eParticipant and also are in other records an intermediary funder, etc.

Corporate Name: GMAC Mortgage, LLC
Address: 3451 Hammond Ave Mail Code 507-345-186
City,State,Zip: Waterloo, IA 50702
Toll Free Number: (800) 766-4622
Direct Number: (800) 766-4622
Fax Number: (999) 999-9999
Primary Contact: GMAC MERS Dept.
Website: http://www.gmacmortgage.com
Member Org ID: 1000375
Lines Of Business: Originator, Servicer, Subservicer, Investor, Document Custodian
eRegistry Participant: Yes
eDelivery Participant: Yes

In testimony of RK Arnold before house, RKArnold states in footnotes that Wells and JPM don’g record their own retail transactions. Is that because they don’t trade them? Or they are done in other names? Or they record in their correspondent lending system which is integrated with MERS Members transactions, like eLynx, TD Services, LPS, etc.

Corporate Name: JPMorgan Chase Bank, National Association (fka Chase)
Address: 780 Kansas Lane Suite A
City,State,Zip: Monroe, LA 71203
Toll Free Number: (800) 526-2406
Direct Number: (800) 526-2406
Fax Number: (318) 550-3334
Primary Contact: Rachel Pylant
Website: http://chaseonline.chase.com/chaseonline/logon/sso_logon.jsp
Member Org ID: 1000277
Lines Of Business: Originator, Servicer, Subservicer, Interim Funder, Investor, Document Custodian
eRegistry Participant: No
eDelivery Participant: No

Who was the Mortgage Bankers Finance Group, as Mortgage Bankers an owner with Freddie Mac. And interesting, an Interim Funder who does participate eRegistry and eDelivery

Corporate Name: Wells Fargo Bank NA – Mortgage Banker Finance Group
Address: 2500 Northwinds Parkway Suite 200
City,State,Zip: Alpharetta, GA 30009
Toll Free Number: (800) 753-7765
Direct Number: (678) 867-1078
Fax Number: (678) 893-0522
Primary Contact: Kelly Kucsma
Website:
Member Org ID: 1006404
Lines Of Business: Interim Funder
eRegistry Participant: Yes
eDelivery Participant: Yes

Secondary loans that Underwriters during Origination approved (95% maximum per Indenture and Trustee Agreement with Wilmington Trust Co when Wells Fargo Bank NA Trustee, were also resold during Origination by MEMBERS at RETAIL and those transactions serviced by Wells Fargo Home Mortgage a Division of Wells Fargo Bank NA serviced the ‘Retail’ transactions but disclaim any ownership of the sale (aginst the bank secrecy act to sell a loan twice or Wells Fargo would have to claim the profit and the property could or could not? be part of the 1031 property exchange? Handled by the Closing Agents and Correpsondent Lending division of Wells Fargo Bank NA.

S E R V I C E R
Corporate Name: Wells Fargo Home Mortgage a Division of Wells Fargo Bank NA
Address: 2701 Wells Fargo Way x9998-012
City,State,Zip: Minneapolis, MN 55467-8000
Toll Free Number: (800) 288-3212
Direct Number: (651) 605-3711
Fax Number: (952) 562-0980
Primary Contact: Masse Adjetey
Website: http://www.wellsfargo.com/per/mortgage/mg_overview.jhtml
Member Org ID: 1000113
Lines Of Business: Originator, Third Party Originators, Servicer, Subservicer, Interim Funder, Investor, Document Custodian, MERS 1-2-3
eRegistry Participant: Yes
eDelivery Participant: No

Wells Fargo ‘Email physical address’ of ‘mortgage brokers’, sales adminis, sales managers, inside nationwide ‘storefronts’ all employees of Wells Fargo Bank NA since June 2004 in all 50 states.

Corporate Name: Wells Fargo Home Mortgage
Address: 2701 Wells Fargo Way X9998-012
City,State,Zip: Minneapolis, MN 55467
Toll Free Number:
Direct Number: (651) 605-3711
Fax Number: (952) 562-0980
Primary Contact: Masse Adjetey
Website:
Member Org ID: 1005298
Lines Of Business: Servicer, Subservicer, Investor, Document Custodian
eRegistry Participant: Yes
eDelivery Participant: Yes

Corporate Name: Wells Fargo Bank NA Doc Custody eLending
Address: 1015 10th Avenue SE
City,State,Zip: Minneapolis, MN 55414
Toll Free Number:
Direct Number: (612) 667-1117
Fax Number: (612) 667-1068
Primary Contact: Rita Juda
Website: http://www.wellsfargo.com
Member Org ID: 1010074
Lines Of Business: Originator, Servicer, Subservicer, Investor, Document Custodian
eRegistry Participant: Yes
eDelivery Participant: Yes

Can’t have Federal Savings Bank as purchaser of real estate assets be process transactions of a national bank and for the good readon Wells Fargo Bank NA fka Wachovia Mtg FSB at the correspondent lending address does not particpate in eRegistry or eDelivery – all the Wachovia mortgages being serviced were integrated into Wells Fargo Home Mortgage systems by July 2009.

Corporate Name: Wells Fargo Bank, NA fka Wachovia Mtg FSB
Address: 2701 Wells Fargo Way x9998-012
City,State,Zip: Minneapolis, MN 55467-8000
Toll Free Number: (800) 288-3212
Direct Number: (651) 605-3711
Fax Number: (651) 605-7381
Primary Contact: Thresa Russell
Website: http://www.wellsfargo.com/per/mortgage/mg_overview.jhtml
Member Org ID: 1006487
Lines Of Business: Originator, Servicer, Subservicer, Investor, Document Custodian
eRegistry Participant: No
eDelivery Participant: No

Why were the secondary loans put into the first lien position on the homeowners policy using the amount approved by the Underwriters and not the am

Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor,Mortgage, securities fraud Tagged: | bankruptcy, borrower, countrywide, disclosure, foreclosure defense, foreclosure offense, LOAN MODIFICATION, quiet title, rescission, RESPA,securitization, TILA audit, trustee, WEISBAND

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One Response

Venu, on August 13, 2011 at 5:03 am said:
A computer system or database CANNOT be a mortgagee as deletion from the database is revocable by an Undelete command. When a computer system deletes an entry, it only removes the first bit which could be recovered by many third party software. Therefore, if X is recorded as a holder of a mortgage and then later transferred to Y and recorded as holder of that mortgage, both X and Y are in the database technically, which is retrievable. MERS is only an invalid and manipulative mortgage recording idea which is in place to circumvent registrations at the county land evidence record offices. Besides, if a mortgage is recorded as with A in the county land evidence registry and recorded as B in a secluded and private computer systems, the authenticity of A is legal as county registration is a public record. This arises conflicts. Therefore, MERS cannot be a mortgagee with numerous impractical implications such as a computer system cannot act itself to record a mortgage to be a mortgagee. This whole notion of computer systems recordings holding a mortgage are absolutely absurd such as copies of a check claiming ownerships and those mortgages which are recorded by MERS must be given quite title as they are not properly recorded.

ARE YOU A VICTIM OF WELLS FARGO'S PAIN?

Saturday, August 13, 2011

MARY COCHRANE KNOWS THE IMPORTANT DETAILS ABOUT WHAT'S IMPORTANT

ALL ABOUT MERS IN FOOTNOTES TO SENATE TESTIMONY

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Saturday, August 13, 2011

MARY COCHRANE KNOWS THE IMPORTANT DETAILS ABOUT WHAT'S IMPORTANT

ALL ABOUT MERS IN FOOTNOTES TO SENATE TESTIMONY

MOST POPULAR ARTICLES

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