Mortgage Electronic Registration Systems Inc. has received final approval to be original mortgagee on loans that will be sold to Fannie Mae and Freddie Mac.

The company, which operates Mers, an electronic system that tracks ownership of servicing rights, said this change will save lenders an average of $22 per loan. Lenders that are members of Mortgage Electronic Registration Systems will no longer need to record assignments once servicing rights are sold or transferred.

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