Bulletin: NY000310

Date:
May 09, 2007
To:
All New York State Office Counsel, Managers and Agents
RE:
Westchester County Recordings

We have been advised that the Westchester County Clerk is rejecting mortgage consolidation agreements in which the mortgagee signing is MERS, as nominee, unless the consolidation agreement is also executed by the lender named in the mortgages of record.

If there is a different lender on each of the mortgages being consolidated, when MERS in recited as the nominee, the Westchester County Clerk will also require each lender to execute the mortgage consolidation agreement, in addition to MERS.

Previously, the Westchester County Clerk accepted mortgage consolidation agreements executed by MERS, as nominee, without the signature of the named lender.

The Westchester County Clerk continues to accept assignments, releases or satisfactions of mortgages signed only by MERS, as nominee, if MERS is identified in the instrument as being the nominee for the lender recited in the mortgage of record.

The NYSLTA is aware of the situation and is working with the Clerk to come to a resolution.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None