Nevada Supreme Court Backs MERS In Unanimous Ruling

Industry Update: On October 1, MortgageOrb.com released an article entitled Nevada Supreme Court Backs MERS In Unanimous Ruling.

Nevada Supreme Court Backs MERS In Unanimous Ruling

The Nevada Supreme Court has issued a ruling upholding the role of Mortgage Electronic Registration System Inc. (MERS) in the foreclosure process.

The Las Vegas Review-Journal reports that the 26-page unanimous ruling issued by the seven-judge court rejects arguments by consumer advocate groups that MERS does not properly hold an interest in foreclosed home loans. MERS' critics also charged that homeowners could not face an actual lender if industry database was involved in the foreclosure process.

William Uffelman, president of the Nevada Bankers Association, praised the ruling. "I think it is good that MERS has been validated," he says. "The whole thought behind it was bringing loan recording into the 21st century."

However, Jacob Hafter, an attorney for a homeowner suing MERS, says the court "has cleared a path to begin foreclosing in a mass effort."

To read the online article, please click here.

 

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Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees  and a handful of contractors performing services in the Midwest, to a national company with more than 1,600 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.

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