Proposed Solution for MBA Vacant Property Registration Work Group

Problem Local governments want access to property preservation contact information for vacant properties. Individual municipalities are planning on creating their own proprietary databases for tracking this information. It is inefficient and costly for servicers to adapt to many local standards to meet the requirements for updating these databases. Local governments anticipate charging servicers between $10 and $200+ per property. Local governments (tax payers) will still bear the expense of creating and maintaining these databases.

Solution MERS tracks organizations associated with a loan (servicer, sub-servicer, investor, etc.) through the MERS Org ID. Tracking property preservation companies can be easily added. Multiple property preservation companies can be tracked per property (e.g. in-house and outsourced) Servicing systems are already integrated with the MERS ® System. Requires that loans are registered on the MERS ® System and that property preservation companies become MERS members.

Details Property Preservation Company Membership – Simple application with a $1000 annual membership fee (Patron/Vendor Membership). No transaction fees. – MERS establishes a profile on the MERS ® System with the property preservation company’s contact information. The loan must be registered on the MERS ® System – MOM (MERS as Original Mortgagee) $4.95 registration fee – “iRegistration” (registration data without MOM) $1.00 registration fee – Once registered, no additional fees for inquiry or updates

Details MERS will provide free access to MERS ® Link for municipalities and jurisdictions. – MERS Org ID assigned to identify the government entity – User IDs and passwords maintained by the member MERS has established procedures for granting membership to government entities.

MERS ® SYSTEM SERVICER via existing servicing system interface LOCAL GOVERNMENT via MERS ® Link PROPERTY PRESERVATION COMPANY via SERVICER or separate interface

MERS ® Link Log-in Page MERS Org ID assigned to jurisdiction User IDs and passwords maintained by member (jurisdiction)

Multiple Search Criteria

Search Results New display fields implemented for Property Preservation Prop Pres – Mr. Fixit’s Property Preservation Co MERS Org ID linked to Member Profile

Member Profile

Options Data can be updated via flat file, EDI X12, or on-line through Members with Line Of Business of Property Preservation and Vendor can update records on behalf of their clients. Can implement immediate solution until system changes are made for final solution. – Servicers can use Associated Member Field, “Other” and municipalities can call MERS for information