Source: http://www.scribd.com/doc/53379067/Consent-Order-MERS
Timestamp: 2015-08-31 09:06:02
Document Index: 654531171

Matched Legal Cases: ['§ 1861', '§ 1818', '§ 1867', '§ 1813', '§ 4502', '§ 1867', '§ 1861', '§ 1818']

P. 1Consent Order MERSConsent Order MERSRatings: (0)|Views: 42|Likes: 6Published by qwesterFED RESERVE MORTGAGE SERVICERS INVESTIGATIONFED RESERVE MORTGAGE SERVICERS INVESTIGATIONMore info:Categories:Types, Government & PoliticsPublished by: qwester on Apr 19, 2011Copyright:Attribution Non-commercialAvailability:Read on Scribd mobile: iPhone, iPad and Android.download as PDF, TXT or read online from ScribdFlag for inappropriate content|Add to collectionSee moreSee lesshttps://www.scribd.com/doc/53379067/Consent-Order-MERS11/02/2012pdftextoriginal MERS Consent Order
UNITED STATES OF AMERICADEPARTMENT OF THE TREASURYCOMPTROLLER OF THE CURRENCYWASHINGTON, D.C.BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEMWASHINGTON, D.C.FEDERAL DEPOSIT INSURANCE CORPORATIONWASINGTON, D.C.OFFICE OF THRIFT SUPERVISIONWASHINGTON, D.C.FEDERAL HOUSING FINANCE AGENCYWASHINGTON, D.C.
MERSCORP, Inc., and theMortgage Electronic Registration Systems, Inc.,Reston, Virginia))))))))))))OCC No. AA-EC-11-20Board of GovernorsDocket Nos. 11-051-B-SC-1,11-051-B-SC-2FDIC-11-194bOTS No. 11-040FHFA No. EAP-11-01
The Comptroller of the Currency of the United States of America (“Comptroller”),through his national bank examiners and other staff of the Office of the Comptroller of theCurrency (“OCC”), the Board of Governors of the Federal Reserve System, Washington, D.C.(“Board of Governors”), the Federal Deposit Insurance Corporation (“FDIC”), the Office of Thrift Supervision (“OTS”), and the Federal Housing Finance Agency (“FHFA”) (collectivelythe “Agencies”), as part of an interagency horizontal review of major residential mortgage
-2-servicers and mortgage service providers, have conducted an examination of MERSCORP, Inc.(“MERSCORP”), and of its wholly-owned subsidiary corporation, Mortgage ElectronicRegistration Systems, Inc., (“MERS”), both of which provide various services to financialinstitutions related to tracking and registering residential mortgage ownership and servicing,acting as mortgagee of record in the capacity of nominee for lenders, and initiating foreclosureactions. The Agencies have identified certain deficiencies and unsafe or unsound practices byMERS and MERSCORP that present financial, operational, compliance, legal and reputationalrisks to MERSCORP and MERS, and to the participating Members. Members are institutionsthat use MERSCORP’s and MERS’ services and have agreed to abide by MERSCORP’s Rulesof Membership (the “Rules”). The Members include depository institutions regularly examinedby, or subsidiaries or affiliates of depository institutions subject to examination by the OCC, theBoard of Governors, the FDIC, the OTS, and other appropriate Federal banking agencies, asdefined by subsection 1(b)(1) of the Bank Service Company Act, 12 U.S.C. § 1861(b)(1), andFannie Mae and Freddie Mac, which are subject to examination by the FHFA, (collectively“Examined Members”). The Agencies have informed MERS and MERSCORP of the findingsresulting from the examination. MERS and MERSCORP have begun implementing proceduresto remediate the practices addressed in this Order.MERS and MERSCORP, by and through their duly elected and acting Boards of Directors (collectively the “Boards”), have executed a “Stipulation and Consent to the Issuanceof a Consent Order,” dated April 13, 2011 (“Stipulation and Consent”), that is accepted by theAgencies. By this Stipulation and Consent, which is incorporated by reference, MERS andMERSCORP have consented to the issuance of this Consent Cease and Desist Order (“Order”),pursuant to 12 U.S.C. §§ 1818(b), 1867(c)-(d), and 4631, by the Agencies, consistent with the
-3-Stipulation and Consent. MERS and MERSCORP have committed to take all necessary andappropriate steps to remedy the deficiencies and unsafe or unsound practices identified by theAgencies.ARTICLE IJURISDICTIONFor purposes of this Consent Order:(1) MERS and MERSCORP are providers of services to Examined Members withinthe meaning of 12 U.S.C. § 1867(c).(2) MERS and MERSCORP are each an “institution-affiliated party” within themeaning of 12 U.S.C. § 1813(u) by virtue of MERS acting as agent for lenders (who includeExamined Members) with respect to serving as mortgagee in a nominee capacity for the lender,and are each an “entity-affiliated party” within the meaning of 12 U.S.C. § 4502(11) by virtue of MERS acting as agent for Fannie Mae and Freddie Mac with respect to serving as mortgagee in anominee capacity for the owner of residential mortgage loans.(3) The OCC, the Board of Governors, the OTS, and the FDIC examined the servicesprovided by MERS and MERSCORP to Examined Members pursuant to the provisions of 12U.S.C. § 1867(c), on behalf of themselves and other appropriate Federal banking agencies asdefined in 12 U.S.C. § 1861(b)(1).(4) The Agencies have authority to enter into this Consent Order pursuant to 12U.S.C. §§ 1818(b), 1867(c)-(d), and 4631.
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