Loans registered on the Mers system have been included for the first time in rated securities.
Mortgage Electronic Registration Systems Inc. announced the milestone Thursday at its annual meeting. The securities, issued Feb. 26 by Structured Asset Securities Corp., an affiliate of Lehman Brothers, were rated by three of the four major rating agencies.
Mers, an electronic registration system owned by a group of mortgage companies, tracks ownership of loans and the servicing rights on them.
President R.K. Arnold said the system's members have registered more than 104,000 loans this year. Since October, more than 17,000 loans have been originated with the company as the first owner of record.