Posted on Thursday, March 17, 2011
To: ALL FLORIDA OFFICES AND AGENTS OF
Chicago Title Insurance Company
Commonwealth Land Title Insurance Company
Fidelity National Title Insurance Company
From: FNTG Florida Agency Underwriting Department
Date: March 3, 2011
Re: Mortgage Electronic Registration Systems, Inc. (MERS)
It has been brought to the attention of the Company that MERS is instructing its members not to commence foreclosure actions in its name at this time. MERS is in the process of notifying its members that it would be proposing an amendment to the membership rules requiring members not to foreclose in the name of MERS.
Until further notice, all commitments prepared to insure title through a foreclosure proceeding where MERS is shown to be the record owner of the mortgage being foreclosed will contain a requirement for an assignment of that mortgage from MERS to the holder of the note or the servicer for that note.
The Company will continue to insure titles through completed or pending foreclosure proceedings in which MERS was plaintiff, subject to our underwriting requirements that were set out in Underwriting Bulletin 2010-23, as supplemented. (Underwriting Bulletin #2010-23, as supplemented, included guidelines to be followed when the insured is the purchaser of REO or the non-lender purchaser at a foreclosure sale.)
Any questions concerning this Bulletin should be discussed with the Underwriting Department.