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Ohio files suit against MERS, also names Chase and CoreLogic

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Last month Dallas, this month Ohio

Last month in Dallas County, the District Attorney sued Mortgage Electronic Registration Systems (MERS) claiming they owe the county anywhere from $58 million to $100 million in recording fees that they did not pay, alleging the company was set up as a means for lenders to avoid local mortgage filing fees.

Now, Geauga County in Ohio has filed suit against MERS, lodging the same complaint as Dallas County, claiming MERS owes them over a decade of filing fees.

“The MERS business model and practices comply with the recording statutes and regulations of Ohio,” says a MERS statement. “This position has been upheld in numerous cases in Ohio courts and countless cases across the country on the state and Federal level. We are confident that MERS’ business practices will be upheld in court as complying with Ohio law.”

According to court documents, Geauga County alleges that MERS broke the law and that they “systematically broke chains of land title throughout Ohio counties’ public land records by creating gaps due to missing mortgage assignments they failed to record, or by recording patently false or misleading mortgage assignments.”

This is bigger than just MERS

It appears that the domino effect has begun and MERS looks to be in a tight spot if just one of the various suits is lost, but more troubling for the company is that Ohio’s suit takes it a step further by naming various banks as defendants ranging from Bank of America to CoreLogic- this is bigger than just MERS. Counties are now going to be looking for millions in skipped filing fees by going after MERS, banks, servicers and more.

All defendants named in Ohio lawsuit:

  1. MERSCORP INC.

  2. MORTGAGE ELECTRONIC SYSTEM INC.

  3. HOME SAVINGS & LOAN COMPANY OF YOUNGSTOWN

  4. BANK OF AMERICA CORPORATION

  5. CCO MORTGAGE CORPORATION

  6. CHASE HOME MORTGAGE CORPORATION

  7. CITIMORTGAGE INC.

  8. CORELOGIC REAL ESTATE SOLUTIONS, LLC

  9. CORINTHIAN MORTGAGE CORPORATION

  10. EVERHOME MORTGAGE COMPANY

  11. GMAC RESIDENTIAL FUNDING CORPORATION

  12. GUARANTY BANK SSB

  13. HSBC BANK USA

  14. MGIC INVESTORS SERVICES CORPORATION

  15. NATIONWIDE ADVANTAGE MORTGAGE COMPANY

  16. PMI MORTGAGE SERVICES COMPANY

  17. SUNTRUST MORTGAGE INC

  18. UNITED GUARANTY CORPORATION

  19. WELLS FARGO BANK

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

Austin

Austin tops the list of best places to buy a home

When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?

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Looking at the bigger picture

(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).

That said, SelfStorage.com dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).

They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.

“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”

Click here to continue reading the list of the 12 best places to buy a home…

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Housing News

Average age of houses on the rise, so is it now better or worse to buy new?

With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.

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aging housing inventory

aging housing inventory

The average home age is higher than ever

(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.

With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.

Prices of new homes on the rise

Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.

Click here to continue reading this story…

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Housing News

Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?

The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.

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zillow move

zillow move

Why Realtors are vulnerable to these rapid changes

(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.

Note: We’ll let you decide which company plays which role in the image above.

So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.

1. Zillow poaches top talent, Move/NAR sues

It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.

Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.

2. Two major media brands emerge

Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.

…Click here to continue reading this story…

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