Mers, the electronic system for tracking mortgages, has earned a place in the Smithsonian Institution's permanent research collection on information technology innovation.
Mers, which is operated by Mortgage Electronic Registration Systems Inc., is one of 442 innovative applications of technology honored since 1989 by the Computerworld Smithsonian Awards.
The award panel's 1998 roster will be presented to the Smithsonian's National Museum of American History on April 6.
Mers was cited for its "remarkable achievement in finance," the awards panel announced. The centerpiece of the system is a 24-hour toll-free telephone line that allows homeowners and mortgage companies to identify the owner of a particular mortgage, thus lowering the cost of mortgage trades.