MERS - The Mortgage Electronic Registration System

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MERS: The Mortgage Electronic Registration System

Revised: 07/2000
AUTHORS: Gretchen L. Valentine1, Vice President and Underwriting Counsel, LandAmerica

Financial Group and David E. Fennell2, Routh Crabtree and Fennell, Bellevue, Washington
MERS: WHO, WHY AND WHAT?
Who is MERS?

Mortgage Electronic Registration Systems, Inc. is the long name for MERS, the central
electronic clearinghouse for the mortgage finance industry in the United States and a wholly-
owned, bankruptcy remote subsidiary of MERSCORP, Inc. Both are Delaware corporations.
Shares of the parent company are held by a broad base of organizations active in the
residential mortgage industry, including Fannie Mae, Freddie Mac, the Mortgage Bankers
Association of America and the American Land Title Association. For a complete list of
shareholders, see the MERS web site at http://www.mersinc.org.
Why MERS?

Residential mortgages are rarely retained and serviced by the originating lender. The beneficial
interests in and servicing rights to most mortgages are assigned at least once in the secondary
market, usually immediately after loan inception. Often the mortgagees' beneficial interests are
assigned multiple times before a mortgage is satisfied or a deed of trust is reconveyed. In many
states, recording each assignment is a condition precedent to releasing the mortgage lien upon
satisfaction and to commencing foreclosure in the event of default. These recording
requirements can delay the release of a mortgage lien, delay commencement of foreclosure,
and increase transactional costs. In addition, these recording requirements can create financial
risk for title insurers and escrow closing agents, if they fail to obtain and record timely lien
releases after insuring or closing a residential real estate transaction. MERS was created to
eliminate the need to record assignments, because MERS can remain the mortgagee of record
when lenders and servicers transfer their interests in mortgages and deeds of trust through
purchase and sale agreements. In this way, the MERS system reduces the delay, expense and
risk of loss associated with the recording requirements.
What Does MERS Do?

The concept of MERS is simple. Either at loan inception or later by assignment, MERS is
designated as the mortgagee or beneficiary solely as nominee for the original lender (if MERS
is designated at loan origination) or the assignee lender (if MERS is designated by assignment
after loan origination) and its successors and assigns. Subsequent transfers of the loan do not
require recorded assignments. Instead, subsequent transfers are registered and tracked in the
MERS' electronic database. At all times, the nominal mortgagee/ beneficiary of record, MERS,
remains constant, and a borrower may contact MERS directly to obtain the current lender or
servicer's name and telephone number.
MERS AND WASHINGTON DEED OF TRUST LAW
https://www.agentxtra.net/extranet/SingleSource/content/Articles/MERS.htm 5/20/2011
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Who is the Beneficiary?

Washington's Deed of Trust Act, RCW 61.24.005 et seq., authorizes the beneficiary under a
deed of trust to: (1) appoint a successor trustee, RCW 61.24.010(2); (2) record, transmit or
serve and post written notice of default, RCW 61.24.030(7); (3) instruct the trustee to record,
transmit or serve and post written notice of default, RCW 61.24.030(7); (4) instruct the trustee to
commence non-judicial foreclosure of the deed of trust pursuant to the power of sale conferred
by the deed of trust, RCW 61.24.040 et seq.; and (5) request the reconveyance of the deed of
trust. RCW 61.24.110.
Under the 1998 amendments to the Deed of Trust Act, the beneficiary's authority to act does
not appear to depend upon the recording of the deed of trust or the recording of assignments of
the beneficial interest under the deed of trust. According to RCW 61.24.005(2), a "[b]eneficiary"
is "the holder of the instrument or document evidencing the obligations secured by the deed of
trust, excluding persons holding the same as security for a different obligation". As to the
beneficiary's authority to act, the 1998 amendments appear to have eliminated the need for
recording deed of trust assignments.
Why is MERS Appropriate in Washington?

If the beneficiary is the note holder, as defined under the Deed of Trust Act, then it would may
appear that designating MERS as the nominal beneficiary is an unnecessary exercise.
However, designating MERS as the nominal beneficiary provides notice that MERS is tracking
the beneficial interests in and the servicing rights to the deed of trust. Typically, a secondary
mortgage market investor is not equipped to receive the types of notices sent to the record
beneficiary. MERS maintains a mailroom that forwards mail addressed to MERS as nominal
beneficiary on to the current servicer. In addition, title insurance underwriting practices and
potential statutory conflicts provide continued justification for pursuing a MERS solution in
Washington.
Reconveyances

Deeds of trust are governed by the laws governing mortgages to the extent the mortgage laws
are not inconsistent with the Deed of Trust Act.
Although the Deed of Trust Act identifies the deed of trust beneficiary as the current note
holder, another statutory provision, RCW 61.16.010, provides that the assignee of a mortgage
may acknowledge satisfaction of the mortgage only after the assignment to that assignee has
been recorded. It is unclear whether the Deed of Trust Act's definition of "beneficiary" trumps
the recording requirements of RCW 61.16.010. To date, title companies and legal practitioners
in Washington generally counsel the safe approach and require that the entire chain of
assignments be in place before the beneficiary may instruct the trustee to reconvey the deed of
trust. Subscription to MERS and its procedures circumvents these issues, because the chain of
title can start and stop with MERS.
Foreclosures

The deed of trust statute poses no corresponding potential conflict for a successor beneficiary
appointing a successor trustee or instructing a trustee to commence foreclosure. Nevertheless,
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title companies have been cautious about insuring nonjudicial foreclosure sales in cases where
the beneficiary appointing the successor trustee and/or initiating foreclosure is not the
beneficiary of record. For this reason, MERS serves a practical purpose in the nonjudicial
foreclosure context in Washington.
Fringe Benefits

With the aid of MERS, escrow closers, lenders and title companies will spend less time tracking
lost or missing beneficial assignments and identifying the current loan servicer. Without MERS,
tracking beneficial interests can be a time-consuming process that involves searching the public
records, talking with borrowers to identify the party currently receiving loan payments, and
contacting that party to confirm the identify of the true beneficiary.
PRACTICAL APPLICATIONS - DOCUMENTS AND TITLE PRODUCTS
Assignment to MERS

A lender unaffiliated with MERS may assign its interest in a deed of trust to MERS, as nominee
for a MERS affiliated lender. For example, assume that Alec Borrower executes and delivers a
promissory note and grants a deed of trust to Acme Mortgage Company (Acme), which is not a
member of MERS. The deed of trust is recorded in the county land records. If Acme later
assigns its beneficial interest in the deed of trust to Better Mortgage Company (Better), which is
a member of MERS, Acme will endorse and deliver the promissory note to Better and record an
assignment of beneficial interest in the county land records. The assignment of deed of trust will
appoint MERS as nominee for the beneficiary, as follows:
ASSIGNMENT OF DEED OF TRUST

MIN: 123456712345671234
For Value Received, the undersigned Acme Mortgage Company, Inc. as Beneficiary,
hereby grants, conveys, assigns and transfers to Mortgage Electronic Registration
Systems, Inc., its successors and assigns, as nominee for Better Mortgage
Company, its successors and assigns, whose address is P.O. Box 2026, Flint,
Michigan 48501-2026, and whose phone number is 1-888-679-6377, all beneficial
interest under that certain Deed of Trust, dated…
As in the example shown, the new lender's (Better Mortgage Company's) address should not be
disclosed on the recorded assignment of deed of trust, because MERS as nominee should
receive all mail and service of process. Attached is a sample form assignment of deed of trust
to MERS, as nominee for the lender. Please note that the Mortgage Identification Number (the
MIN), which identifies the MERS loan, is placed to the right of or below the form title but not
within the top or side recording margins. Every MERS-related recorded document will show the
MIN.
If MERS becomes the nominee beneficiary by assignment immediately after the execution and
recording of the original deed of trust, the lender's title policy will disclose the named insured as
shown on Schedule A of the sample policy.
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Transfer Within MERS

When a MERS member transfers its interest in a deed of trust to another MERS member, the
process is streamlined. Using the above example, assume that Acme Loan Company (Acme)
has transferred its note and deed of trust to Better Mortgage Company (Better), a MERS
member. Later, Better decides to transfer its beneficial interest in the deed of trust to Capable
Mortgage Company (Capable), another MERS member. Better endorses and delivers the
promissory note to Capable, Better notifies MERS of the transfer by entering the transfer
information into the MERS automated system, and Capable confirms the transfer via an
"electronic handshake". No assignment of deed of trust is recorded in the county land records,
because MERS remains the record beneficiary (but now, as nominee for Capable). Instead, the
transfer between Better and Capable is tracked electronically on the MERS system.
MOM - MERS as Original Mortgagee

In early 1998, Fannie Mae and Freddie Mac authorized changes to their uniform deed of trust to
accommodate the addition of MERS as nominee for the lender, and the Mortgage Electronic
Registration System is now being shown as the original beneficiary on Deeds of Trust executed
in favor of lenders that are MERS' members. When MERS acts as the original
beneficiary/mortgagee, MERS calls it a MOM loan. Under the 1998 authorized changes to the
uniform deed of trust, the beneficiary, MERS, is shown on the deed of trust as:
The beneficiary of this deed of trust is "MERS", the Mortgage Electronic Registration
System, Inc. (acting solely as nominee for Lender and Lender's successors and
assigns) and the successors and assigns of MERS. MERS is organized and existing
under the laws of Delaware and has an address of PO Box 2026, Flint, MI 48501-2026
and a telephone number of (888) 679-MERS. The Lender is National Bank, Inc., a
California Corporation, which has an address of 123 Banker's Road, San Francisco, CA
99999.
Refer to the sample form deed of trust showing MERS as the original beneficiary.
More recently, Fannie Mae and Freddie Mac have revised their uniform instruments, including
slight revisions to the 1998 MOM language. Attached is the revised Washington Deed of Trust-
Single Family-Fannie Mae/Freddie Mac Uniform Instrument, MERS Modified Form 3048, dated
03/99. Now, under the Transfer of Rights in the Property section of the revised uniform
instrument, the beneficiary is shown as:
The beneficiary of this Security Instrument is MERS (solely as nominee for Lender and
Lender's successors and assigns) and the successors and assigns of MERS. This
Security Instrument secures to Lender: (i) the repayment of the Loan…[.]
Washington Uniform Instrument, MERS Modified Form 3048, 03/99, pg. 3 of 14. Under the
Definitions section of the revised uniform instrument, the Lender is identified by name and
address but is no longer identified as the beneficiary under the deed of trust. Washington
Uniform Instrument, MERS Modified Form 3048, 03/99, para. (C), pg. 1 of 14. In addition,
MERS is defined as:
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"MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate

corporation that is acting solely as a nominee for Lender and
Lender's successors and assigns. MERS is the beneficiary under this Security
Instrument. MERS is organized and existing under the laws of Delaware, and has an
address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-
MERS.
Washington Uniform Instrument, MERS Modified Form 3048, 03/99, para. (E), pg. 2 of 14.
Some lenders may still be using the old MOM document, but lenders must use the Washington
Uniform Instrument, MERS Modified Form 3048, 03/99 after December 31, 2000.
Refer to Schedule A of a sample form lender's policy showing MERS as original mortgagee.
Assignment from MERS

When a MERS member assigns its beneficial interest in a deed of trust to a non-MERS
member, the MERS member will need to record the assignment from MERS to the new
beneficiary in the county land records. Here, designated employees of the assignor lender are
authorized by MERS' corporate resolution to execute and record the assignment, by signing the
assignment of deed of trust as follows:
Signed on the 23rd day of March, 2000.
Mortgage Electronic Registration Systems, Inc. ("MERS")
By___________________________________________
George L. Hunter, Assistant Secretary
A sample form assignment from MERS is shown in the exhibits.
Satisfaction of Note and Reconveyance of Deed of Trust

When MERS is shown as the beneficiary of record, the escrow closer obtains the name and
phone number of the current lender by contacting the MERS Voice Response Unit (VRU) at its
toll free number, (888) 679-MERS. The escrow closer does not have to pay a fee to obtain the
name and phone number of the current lender. Then, the escrow closer contacts the lender for
the correct payoff amount. The payoff check should be made payable to the current lender and
sent directly to the lender, not to MERS. However, if the payoff check is inadvertently made
payable to MERS, the lender's employees (as officers of MERS) will endorse the check over to
the lender.
After a note has been fully satisfied, the beneficiary of the deed of trust executes a request for
reconveyance. The same procedure is followed when MERS is the beneficiary. For example,
assume that Amanda Borrower borrows $10,000 from Affable Bank (Affable), a MERS member.
Amanda executes and delivers a promissory note to Affable and grants a deed of trust to
MERS, as nominee for Affable, the lender. When Amanda Borrower pays off the note held by
Affable, Affable's employee, acting as an officer of MERS, will request the reconveyance of the
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deed of trust. A sample form MERS request for reconveyance is shown in the exhibits. If the
trustee is satisfied that the request for reconveyance is valid, the trustee executes the
reconveyance of deed of trust and records it in the county land records.
Non-judicial Foreclosures - Trustee's Sale Guarantee

A deed of trust can be foreclosed in the name of MERS. By MERS' corporate resolution, a
lender's employee becomes an officer of MERS, with the capacity and authority to sign
necessary documents, such as the notice of default or the appointment of successor trustee.
Notice of Default and Appointment of Successor Trustee
If a borrower stops making payments on her note, at least 30 days before the notice of trustee's
sale is recorded the beneficiary or the trustee must send the borrower a notice of default. RCW
61.24.030(7). If the beneficiary/lender sends the notice of default, the lender's employee will
sign the notice of default as an officer of MERS. If the beneficiary/lender wants the trustee to
send the notice of default, the lender's employee, acting as an officer of MERS, will sign and
record an appointment of successor trustee, to empower a new trustee to conduct the
foreclosure. RCW 61.24.010(2).
For example, assume that Amanda Borrower has given a promissory note and deed of trust to
Affable Bank (Affable), which is a MERS member. When Affable becomes aware that Amanda
Borrower is in default, an Affable employee mails a Notice of Default, signed by the Affable
employee in his or her capacity as a MERS officer. If Amanda Borrower fails to bring her
payments current, Affable executes (again as an officer of MERS) and records an appointment
of successor trustee, appointing Reliable Trustee Service (RTS) as successor trustee. Refer to
the sample appointment of successor trustee.
Notice of Trustee's Sale
Following the above example, if Amanda Borrower remains in default, the successor trustee,
RTS, obtains a title report, called a trustee's sale guarantee, which discloses the identities of
parties with liens against Amanda Borrower's real property. Refer to Schedule A of a sample
form Trustee's Sale Guarantee.
Thereafter, the trustee will foreclose the Affable/MERS deed of trust following the same
procedures normally used in nonjudicial foreclosures, see RCW 61.24.010 et seq., except that
the trustee will act as trustee of the deed of trust granted to the Mortgage Electronic
Registration System, Inc. (MERS), solely as nominee for lender, it's successors and assigns. In
other words, RTS will foreclose in the name of MERS, as nominee for the beneficiary/lender.
Trustee's Deed
After the trustee's sale, the foreclosing trustee, records a trustee's deed to convey title to the
real property to the successful bidder at the trustee's sale. If MERS, as nominee for the lender,
was the successful bidder, the trustee's deed will name the lender as the grantee and will state
that MERS, as nominee for the lender, successfully bid for the property at the trustee's sale.
CONCLUSION
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Currently, over 1.4 million residential mortgages are registered on the MERS electronic
registration system, and MERS anticipates that over 2.5 million residential mortgages will be
registered before January, 2001. In the county land records within Washington State, MERS
related deeds of trust and assignments of deeds of trust are appearing more frequently. This
article provides a basic outline for handling MERS related transactions, and additional
information on MERS can be found at the MERS web site, located at http://www.mersinc.org.
The web site provides state-by-state procedures for working with MERS, allows members and
non-members to download MERS manuals, forms and publications, provides information on
MERS pricing/fees, and includes a member directory.
GLOSSARY
MIN Mortgage Identification Number - an individual number is assigned to each loan

entered into the MERS system; the number will remain constant, even if interests
in the loan are transferred among members in the MERS system.
MOM MERS as Original Mortgagee - a MERS loan is called a MOM, when MERS is
shown as the nominee for the beneficiary on the original deed of trust.
VRU Voice Response Unit - an automated response system that is accessed by using
the MERS 800 number, 1-888-679-6377.
EXHIBITS
Assignment of Deed of Trust to MERS

AFTER RECORDING MAIL TO:
Name George L. Hunter, Asst. Sec., MERS, Inc.

Address c/o Better Mortgage Company, 12345 Money Avenue
City, State, Zip Seattle, WA 98001
Filed for Record at Request of: Acme Mortgage Company
MIN: 123456712345671234
For Value Received, the undersigned, Acme Mortgage Company, Inc., as Beneficiary, hereby
grants, conveys, assigns and transfers to Mortgage Electronic Registration Systems, Inc., its
successors and assigns, as nominee for Better Mortgage Company, Lender, and Lender's
successors and assigns,
whose address is P.O. Box 2026, Flint, Michigan 48501-2026, and whose phone number is 1-
888-679-6377, all beneficial interest under that certain Deed of Trust, dated March 21, 2000,
executed by Alec Borrower, Grantor(s), to Transnation Title Insurance Company, Trustee, and
recorded on March 22, 2000, in Volume 2410 of Mortgages, at page 215 under Auditor's File
No. 200003221234, Records of King County, Washington, describing land therein as:
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Lot 1, Block 4, Denny's First Addition, City of Seattle, Situate in the Count of King, State
of Washington.
Assessor's Property Tax Parcel/Account Number: V 2315-24-1231353
Together with note or notes therein described or referred to, the money due and to become due
thereon, with interest, and all rights accrued or to accrue under said Deed of Trust.
Dated: March 23, 2000
Acme Mortgage Company, Inc.
By ____________________________________________
Mary A. Jones, Secretary
Add appropriate corporate notary acknowledgement
Schedule A of Lender's Policy Showing Assignment to MERS

SCHEDULE A
Amount of Insurance: $151,900.00 Policy No. MERS A
Premium: $ 363.00 MIN: 10004720000192160

Date of Policy: JANUARY 31, 2000 at 10:04 a.m.
1. Name of Insured:
U.S. LIBERTY BELL SAVINGS BANK, a Delaware Savings Bank, appearing of record
as MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., ("MERS"), solely as
nominee for Lender and Lender's successors and assigns
2. The estate or interest in the land described in this Schedule and which is encumbered
by the insured mortgage is:
FEE SIMPLE
3. The estate or interest referred to herein is at Date of Policy vested in:

JOHN DOE AND MARY JANE DOE, HUSBAND AND WIFE
4. The mortgage, herein referred to as the insured mortgage, and the assignments thereof,
if any, are described as follows:
DEED OF TRUST AND THE TERMS AND CONDITIONS THEREOF:
GRANTOR: John Doe and Mary Jane Doe, husband and wife
TRUSTEE: Commonwealth Land Title Insurance Company
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BENEFICIARY: U.S. Liberty Bell Savings Bank

ADDRESS: 5621 NE 45th Street, Redmond, OR 97540
LOAN NO.: DOE11267
ORIGINAL AMOUNT: $151,900.00
DATED: January 25, 2000
RECORDED: January 31, 2000
RECORDING NO.: 20000131000120
ASSIGNMENT OF DEED OF TRUST:
ASSIGNEE: Mortgage Electronic Registration Systems, Inc.
(MERS"), solely as Nominee for Lender and
Lender's successors and assigns; Lender is U.S.
Liberty Bell Savings Bank
ADDRESS: P.O. Box 2026, Flint, MI 48501-2026
Telephone (888) 679-MERS
RECORDING NO.: 200000131000121
MIN NO.: 100047200001921609
5. The land referred to in this policy is described as follows:
See "LEGAL DESCRIPTION:"
Countersigned: __________________________________________
Authorized Officer or Agent
Deed of Trust - MOM Loan - 1998 Authorized Changes

Name Susan L. Richards, Asst. Sec., MERS, Inc.
Address c/o National Bank, Inc., 123 Banker's Road

City, State, Zip Los Angeles, California 99999
Filed for Record at Request of: Amanda Borrower
Short Form
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DEED OF TRUST
MIN: 123456712345671234
THIS DEED OF TRUST, made this 23rd day of March, 2000, between Amanda Borrower, as
GRANTOR,
whose address is 1234 Wood Road, Shelton, WA 98104, and Transnation Title Insurance
Company, as TRUSTEE, whose address is 1200 Sixth Avenue, Suite 100, Seattle, WA 98101,
and "MERS" the Mortgage Electronic Registration System, Inc., (acting solely as nominee for
Lender and Lender's successors and assigns) and the successors and assigns of MERS, as
BENEFICIARY. MERS is a Delaware Corporation, whose address is PO Box 2026, Flint,
Michigan 48501-2026 and whose telephone number is 888-679-MERS, The Lender is National
Bank, Inc., a California Corporation, which has an address of 123 Banker's Road, Los Angeles,
California 99999.
Grantor hereby irrevocably grants, bargains, sells, and conveys to Trustee in trust, with power
of sale, the following described property in King County, Washington:
Lot 1, Block 4, Denny's First Addition, City of Seattle,
Situated in the County of King, State of Washington
TOGETHER WITH all the tenements hereditaments and appurtenances, now or hereafter
thereunto belonging or in anywise appertaining, and the rents, issues, and profits thereof and all
other property or rights of any kind or nature whatsoever further set forth in the Master Form
Deed of Trust hereinafter referred to, SUBJECT, HOWEVER, to the right, power and authority
hereinafter given to and conferred upon Beneficiary to collect and apply such rents, issues and
profits.
--THE REMAINDER OF THIS INSTRUMENT HAS BEEN OMITTED--
Deed of Trust - MOM Loan - Form 3048, 03/99 Revisions

After recording please return to:
[Company Name]
[Name of Natural Person]
[Street Address]
[City, State Zip Code]
______________ [Space Above This Line For Recording Data] _____________
DEED OF TRUST
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MIN __________________
DEFINITIONS
Words used in multiple sections of this document are defined below and other words are
defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in
this document are also provided in Section 16.
(A) "Security Instrument" means this document, which is dated __________, together with
all Riders to this document.
(B) "Borrower" is ________________________. Borrower is the trustor under this Security
Instrument.
(C) "Lender" is ________________________. Lender is organized and existing under the
laws of ________________________. Lender's address is
________________________.
(D) "Trustee" is ________________________.
(E) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate
corporation that is acting solely as a nominee for Lender and Lender's successors and
assigns. MERS is the beneficiary under this Security Instrument. MERS is organized
and existing under the laws of Delaware, and has an address and telephone number of
P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS.
(F) "Note" means the promissory note signed by Borrower and dated __________. The
Note states that Borrower owes Lender ________________________ Dollars (U.S.
$__________) plus interest. Borrower has promised to pay this debt in regular Periodic
Payments and to pay the debt in full not later than ________________________.
(G) "Property" means the property that is described below under the heading "Transfer of
Rights in the Property."
(H) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges
and late charges due under the Note, and all sums due under this Security Instrument,
plus interest.
(I) "Riders" means all riders to this Security Instrument that are executed by Borrower.
The following riders are to be executed by Borrower [check box as applicable]:
 Adjustable Rate  Condominium  Second Home Rider
Rider Rider
 Balloon Rider  Planned Unit  Biweekly Payment Rider
Development
Rider
 1-4 Family Rider  Revocable Trust
Rider
 Other(s) [specify]
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(J) "Applicable Law" means all controlling applicable federal, state and local statutes,
regulations, ordinances and administrative rules and orders (that have the effect of law)
as well as all applicable final, non-appealable judicial opinions.
(K) "Community Association Dues, Fees, and Assessments" means all dues, fees,
assessments and other charges that are imposed on Borrower or the Property by a
condominium association, homeowners association or similar organization.
(L) "Electronic Funds Transfer" means any transfer of funds, other than a transaction
originated by check, draft, or similar paper instrument, which is initiated through an
electronic terminal, telephonic instrument, computer, or magnetic tape so as to order,
instruct, or authorize a financial institution to debit or credit an account. Such term
includes, but is not limited to, point-of-sale transfers, automated teller machine
transactions, transfers initiated by telephone, wire transfers, and automated
clearinghouse transfers.
(M) "Escrow Items" means those items that are described in Section 3.
(N) "Miscellaneous Proceeds" means any compensation, settlement, award of damages,
or proceeds paid by any third party (other than insurance proceeds paid under the
coverages described in Section 5) for: (i) damage to, or destruction of, the Property;
(ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in
lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or
condition of the Property.
(O) "Mortgage Insurance" means insurance protecting Lender against the nonpayment
of, or default on, the Loan.
(P) "Periodic Payment" means the regularly scheduled amount due for (i) principal and
interest under the Note, plus (ii) any amounts under Section 3 of this Security
Instrument.
(Q) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.)
and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be
amended from time to time, or any additional or successor legislation or regulation that
governs the same subject matter. As used in this Security Instrument, "RESPA" refers
to all requirements and restrictions that are imposed in regard to a "federally related
mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan"
under RESPA.
(R) "Successor in Interest of Borrower" means any party that has taken title to the
Property, whether or not that party has assumed Borrower's obligations under the Note
and/or this Security Instrument.
TRANSFER OF RIGHTS IN THE PROPERTY
The beneficiary of this Security Instrument is MERS (solely as nominee for Lender and Lender's
successors and assigns) and the successors and assigns of MERS. This Security Instrument
secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and
modifications of the Note; and (ii) the performance of Borrower's covenants and agreements
under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and
conveys to Trustee, in trust, with power of sale, the following described property located in the
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________________________ [Type of Recording Jurisdiction] of ________________________

[Name of Recording Jurisdiction] which currently has the address of
________________________ [Street], ________________________ [City] Washington
__________ [Zip Code] ("Property Address").
TOGETHER WITH all the improvements now or hereafter erected on the property, and all
easements, appurtenances, and fixtures now or hereafter a part of the property. All
replacements and additions shall also be covered by this Security Instrument. All of the
foregoing is referred to in this Security Instrument as the "Property." Borrower understands and
agrees that MERS holds only legal title to the interests granted by Borrower in this Security
Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and
Lender's successors and assigns) has the right: to exercise any or all of those interests,
including, but not limited to, the right to foreclose and sell the Property; and to take any action
required of Lender including, but not limited to, releasing and canceling this Security Instrument.
BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and
has the right to grant and convey the Property and that the Property is unencumbered, except
for encumbrances of record. Borrower warrants and will defend generally the title to the
Property against all claims and demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument
covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late

Charges. Borrower shall pay when due the principal of, and interest on, the debt
evidenced by the Note and any prepayment charges and late charges due under the
Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments
due under the Note and this Security Instrument shall be made in U.S. currency.
However, if any check or other instrument received by Lender as payment under the
Note or this Security Instrument is returned to Lender unpaid, Lender may require that
any or all subsequent payments due under the Note and this Security Instrument be
made in one or more of the following forms, as selected by Lender: (a) cash; (b) money
order; (c) certified check, bank check, treasurer's check or cashier's check, provided any
such check is drawn upon an institution whose deposits are insured by a federal
agency, instrumentality, or entity; or (d) Electronic Funds Transfer.
Payments are deemed received by Lender when received at the location designated in
the Note or at such other location as may be designated by Lender in accordance with
the notice provisions in Section 15. Lender may return any payment or partial payment if
the payment or partial payments are insufficient to bring the Loan current. Lender may
accept any payment or partial payment insufficient to bring the Loan current, without
waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial
payments in the future, but Lender is not obligated to apply such payments at the time
such payments are accepted. If each Periodic Payment is applied as of its scheduled
due date, then Lender need not pay interest on unapplied funds. Lender may hold such
unapplied funds until Borrower makes payment to bring the Loan current. If Borrower
does not do so within a reasonable period of time, Lender shall either apply such funds
MERS Page 14 of 18
or return them to Borrower. If not applied earlier, such funds will be applied to the
outstanding principal balance under the Note immediately prior to foreclosure. No offset
or claim which Borrower might have now or in the future against Lender shall relieve
Borrower from making payments due under the Note and this Security Instrument or
performing the covenants and agreements secured by this Security Instrument.
2. Application of Payments or Proceeds. Except as otherwise described in this
Section 2, all payments accepted and applied by Lender shall be applied in the following
order of priority: (a) interest due under the Note; (b) principal due under the Note;
(c) amounts due under Section 3. Such payments shall be applied to each Periodic
Payment in the order in which it became due. Any remaining amounts shall be applied
first to late charges, second to any other amounts due under this Security Instrument,
and then to reduce the principal balance of the Note.
--THE REMAINDER OF THIS INSTRUMENT HAS BEEN OMITTED--
Washington Deed of Trust-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT MERS Modified Form 3048 03/99
The Compliance Source, Inc.
To Order Call: (972) 980-2178•Fax (972) 392-2891 (1 pages)
www.compliancesource.com 14301WA 01/2000
© 2000, The Compliance Source, Inc.
Lender's Policy Showing MERS as Original Mortgagee

Lender's Extended Policy
SCHEDULE A
Amount of Insurance: $151,900.00 Policy No. MERS A

Premium: $ 363.00 MIN: 10004720000192160
Date of Policy: JANUARY 31, 2000 at 10:04 a.m.
1. Name of Insured:
U.S. LIBERTY BELL SAVINGS BANK, a Delaware Savings Bank, appearing of record
as MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., ("MERS"), solely as
nominee for Lender and Lender's successors and assigns
2. The estate or interest in the land described in this Schedule and which is encumbered
by the insured mortgage is:
FEE SIMPLE
3. The estate or interest referred to herein is at Date of Policy vested in:

4. The mortgage, herein referred to as the insured mortgage, and the assignments thereof,
if any, are described as follows:
MERS Page 15 of 18
DEED OF TRUST AND THE TERMS AND CONDITIONS THEREOF:

GRANTOR: John Doe and Mary Jane Doe, husband and wife
TRUSTEE: Commonwealth Land Title Insurance Company
BENEFICIARY: Mortgage Electronic Registration Systems, Inc.
LOAN NO.: MIN: 100047200001921609
ORIGINAL AMOUNT: $151,900.00
DATED: January 25, 2000
RECORDING NO.: 20000131000120
ASSIGNMENT OF DEED OF TRUST:
ASSIGNEE: Mortgage Electronic Registration Systems, Inc.
RECORDING NO.: 200000131000121
MIN NO.: 100047200001921609
5. The land referred to in this policy is described as follows:
LOT 1, HOME IN THE WOODS, ACCORDING TO THE PLAT THEREOF RECORDED
IN VOLUME 156 OF PLATS, PAGES 3 THROUGH 7, INCLUSIVE, RECORDS OF
KING COUNTY, WASHINGTON.
Countersigned: __________________________________________
Authorized Officer or Agent
Assignment from MERS

MERS Page 16 of 18
Name Mary A. Jones, Acme Mortgage Company, Inc.

Address 12345 Money Avenue
City, State, Zip Seattle, WA 98001
Filed for Record at Request of: MERS, solely as nominee for lender, its successors and assigns
MIN: 123456712345671234
For Value Received, the undersigned, Mortgage Electronic Registration Systems, Inc., as
nominee for Lender, its successors and assigns, as Beneficiary, hereby grants, conveys,
assigns and transfers to Acme Mortgage Company, Inc., whose address is P.O. Box 3000,
Seattle, Washington 98101-3000, all beneficial interest under that certain Deed of Trust, dated
March 21, 1992, executed by Alec Borrower, Grantor(s), to Transnation Title Insurance
Company, Trustee, and recorded on March 22, 1992, in Volume 1432 of Mortgages, at page 15
under Auditor's File No. 9203221234, Records of King County, Washington, describing land
therein as:
Lot 1, Block 4, Denny's First Addition, City of Seattle, Situate in the Count of King, State
of Washington.
Together with note or notes therein described or referred to, the money due and to become due
thereon, with interest, and all rights accrued or to accrue under said Deed of Trust.
By____________________________________________
Beneficiary
Add appropriate corporate notary acknowledgement
Request for Reconveyance

REQUEST FOR FULL RECONVEYANCE
The undersigned beneficiary as nominee for the lender, its successors and assigns, which
holds the promissory note in the original sum of $10,000.00, secured by that certain Deed of
Trust dated January 21, 1996, in which Amanda Borrower is grantor and Transnation Title
Insurance Company is trustee, filed for record on January 22, 1996, as Auditor's File No.
MERS Page 17 of 18
9601221234, and recorded in Volume 2810 of Mortgages, at page 321 records of King County,
Washington.
The note and all other indebtedness secured by said Deed of Trust having been fully satisfied,
the note and Deed of Trust are herewith surrendered to you for cancellation and reconveyance.
You are therefore requested, upon payment of all sums owing to you, to reconvey without
warranty, to the person(s) entitled thereto, the right, title, and interest now held by you
thereunder.
Dated March 23, 2000
By____________________________________________
Beneficiary, solely as nominee for lender its successors and assigns
Appointment of Successor Trustee

After Recording Return to:
George L. Hunter, Assistant Secretary, MERS

c/o Lender
12345 Money Avenue
Seattle, WA 98001
APPOINTMENT OF SUCCESSOR TRUSTEE
MIN: 123456712345671234
KNOW ALL MEN BY THESE PRESENTS:
Amanda Borrower is the Grantor, and Transnation Title Insurance Company is the Trustee, and
The Mortgage Electronic Registration System, Inc. (MERS), as nominee for the Lender and the
Lender's successors and assigns, is the Beneficiary under that certain deed of trust dated
January 21, 1996, and recorded on January 22, 1996, in King County, Washington, under
Auditor's File Number 9601221234.
Whereas, the undersigned does hereby appoint Reliable Trustee Service (RTS), a corporation,
as Trustee in place and stead of: Transnation Title Insurance Company.
Now therefore upon recordation of this document, the undersigned does hereby discharge the
present Trustee and appoints Reliable Trustee Service (RTS), a corporation, as the new
Trustee who shall succeed to all the powers, duties and title of the former Trustee:
MERS Page 18 of 18
By___________________________________________
Attach appropriate corporate notary acknowledgement
Trustee's Sale Guarantee - MERS as Beneficiary

SCHEDULE A
Order No. MERS Liability: $ 225,000.00

Premium: $ 885.00
Customer No. MIN: 100047200001921609 Tax: $ 76.11

Total: $ 967.11
TRUSTEES SALE GUARANTEE
Dated: March 12, 2000 at 8:00 A.M.
1. Name of Assured: FORECLOSING LENDER, INC., a Wisconsin corporation,

appearing of record as Mortgage Electronic Registration
Systems, Inc. ("MERS"), solely as Nominee for Lender and
Lender's successors and assigns
2. Title to the estate or interest in the land is vested in:
3. The estate or interest in the land which is covered by this Guarantee is:
FEE SIMPLE
4. The land referred to in this Guarantee is described as follows:
See "LEGAL DESCRIPTION:"
Countersigned:
____________________________________
PHONE: (425) 555-8580 / (800) 555-8580
RANDY L. RIEMAN, ROBERT L. IVERSON, MARGARET CAMPBELL, OR SUNDEE M.
BLACK
FAX: (425) 555-0545)

MERS - The Mortgage Electronic Registration System

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MERS Page 1 of 18

MERS: The Mortgage Electronic Registration System

AUTHORS: Gretchen L. Valentine1, Vice President and Underwriting Counsel, LandAmerica

MERS: WHO, WHY AND WHAT?

What Does MERS Do?

MERS AND WASHINGTON DEED OF TRUST LAW

Who is the Beneficiary?

Why is MERS Appropriate in Washington?

PRACTICAL APPLICATIONS - DOCUMENTS AND TITLE PRODUCTS

ASSIGNMENT OF DEED OF TRUST

Transfer Within MERS

MOM - MERS as Original Mortgagee

"MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate

Assignment from MERS

Signed on the 23rd day of March, 2000.

Mortgage Electronic Registration Systems, Inc. ("MERS")

A sample form assignment from MERS is shown in the exhibits.

Satisfaction of Note and Reconveyance of Deed of Trust

Non-judicial Foreclosures - Trustee's Sale Guarantee

Notice of Default and Appointment of Successor Trustee

Notice of Trustee's Sale

MIN Mortgage Identification Number - an individual number is assigned to each loan

Assignment of Deed of Trust to MERS

AFTER RECORDING MAIL TO:

Name George L. Hunter, Asst. Sec., MERS, Inc.

Filed for Record at Request of: Acme Mortgage Company

ASSIGNMENT OF DEED OF TRUST

Assessor's Property Tax Parcel/Account Number: V 2315-24-1231353

Dated: March 23, 2000

Acme Mortgage Company, Inc.

Add appropriate corporate notary acknowledgement

Schedule A of Lender's Policy Showing Assignment to MERS

Amount of Insurance: $151,900.00 Policy No. MERS A

Premium: $ 363.00 MIN: 10004720000192160

3. The estate or interest referred to herein is at Date of Policy vested in:

BENEFICIARY: U.S. Liberty Bell Savings Bank

Deed of Trust - MOM Loan - 1998 Authorized Changes

AFTER RECORDING MAIL TO:

Name Susan L. Richards, Asst. Sec., MERS, Inc.

Address c/o National Bank, Inc., 123 Banker's Road

Filed for Record at Request of: Amanda Borrower

Lot 1, Block 4, Denny's First Addition, City of Seattle,

Situated in the County of King, State of Washington

Assessor's Property Tax Parcel/Account Number: V 2315-24-123123

--THE REMAINDER OF THIS INSTRUMENT HAS BEEN OMITTED--

Deed of Trust - MOM Loan - Form 3048, 03/99 Revisions

After recording please return to:

[Name of Natural Person]

[City, State Zip Code]

______________ [Space Above This Line For Recording Data] _____________

TRANSFER OF RIGHTS IN THE PROPERTY

________________________ [Type of Recording Jurisdiction] of ________________________

UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:

1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late

--THE REMAINDER OF THIS INSTRUMENT HAS BEEN OMITTED--

Lender's Policy Showing MERS as Original Mortgagee

Lender's Extended Policy

Amount of Insurance: $151,900.00 Policy No. MERS A

3. The estate or interest referred to herein is at Date of Policy vested in:

DEED OF TRUST AND THE TERMS AND CONDITIONS THEREOF:

Assignment from MERS

AFTER RECORDING MAIL TO:

Name Mary A. Jones, Acme Mortgage Company, Inc.

ASSIGNMENT OF DEED OF TRUST

__ [Space Above This Line For Recording Data] _

[Type of Recording Jurisdiction] of