Business Wire:
.--(BUSINESS WIRE)--This month, the City of Los Angeles joined the Commonwealths of Virginia and Massachusetts, and the State of Connecticut, in accepting the MERS® System as an alternative to the City’s registry of foreclosed properties and property preservation contacts for vacant properties.
“Many law enforcement agencies and municipalities already use the MERS® System on an informal basis to find a loan’s servicer and identify the companies responsible for maintaining vacant properties in their area,” said R. K. Arnold, President and Chief Executive Officer of MERSCORP, Inc. “By formally allowing lenders and property preservation companies to use the MERS® System as a suitable location to store this information, the City of Los Angeles can save money and the time it takes to find the data.”
Current MERS members can use the system to register the identity of the property preservation company responsible for maintaining vacant properties, which are frequently in foreclosure. The MERS® System can track both residential and commercial properties.
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