Safeguard Properties - MERS Initiative

MERS Initiative

Monday, 05 January 2009

Safeguard through the Mortgage Bankers Association (MBA) and its lender/servicer members created the MBA Vacant Property Registration (VPR) MERS Initiative to address the increasing number of vacant property ordinances being enacted throughout the country, primarily as a result of the foreclosure crisis and vacant properties impacting local communities. Attempts by the servicing industry to comply with the multitude of ordinances resulted in extreme logistical difficulties. Several initiatives were developed by MBA VPR Committee, none more prominent than the "MERS Initiative".

The "MERS Initiative" entails:

the enhancement of the current MERS system to provide direct points of contacts for the actual servicer (as opposed to title holder which may be a Trustee) and field service provider (property preservation company).
Cost effective option to the servicer to provide an incentive to ensure all their properties are loaded onto the MERS system.
No cost access and training to municipalities.

The MERS Initiative is currently being tested in 5 cities (Chula Vista, CA, Boston MA, St Paul MN, Stockton, CA and Sacramento CA). Several cities have stated that they intend to include the MERS Initiative in any Vacant Property Registration ordinances they draft by allowing for an "exemption" for any property included on the enhanced MERS system.
**Please note: The MBA VPR Committee understands the need for a vacant property registration ordinance to address non-foreclosure related vacancies etc. and have agreed that any loan (property) not on the MERS system should be bound by the "hard-copy" registration requirements.

To view a PowerPoint Presentation of the Initiative, please click here.

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 500 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.