Subsequent Transferable Record

MERS Registry Update Subsequent

Payment Intangible Controller/Authoritative Copy Purchaser 3
Purchase Successor/Assign
Transferable Record Trustee

Digitized
Copy
Investor Certificate

Purchase
SWAP
“Security” Purchase
Authoritative
Copy Transferable
Record
The Authoritative Copy

y
ti v d a te
op
eC
Subsequent

or U p
lacks supporting laws. Purchaser 2

u th tr y
ita
/A i s
Successor/Assign

er eg
SCAN

o ll R
Paper Note
Depositor

n tr R S
Tr d a te
Into an ry Up

Co ME
Cu sfer y
Electronic sto ab S Regist ative Cop
dia le R MER r/Authorit
Authoritative Copy rolle
Rig l/Co ecor C ont
hts ntr d
ol
MERS
Registry
Security MERS Registry Update Subsequent
Controller/Authoritative Copy Purchaser 1
Note
Note Successor/Assign
Securitizer
Custodian/Vault

Obligor
Homeowner Contractual Execution (Closing)
Lender
n
ica
er m
Title Property Am rea
D

START

Purhase
Property Financing
. $$$ Purchase Money $$$ .
Seller Source

Warehouse Lender
Contractural

$
Gestation Lender
Private Money Lender
Lender
Mortgagee (Lender) of Record Public
Records Funding
Source
Purchase Money
MERS as Nominee for Lender If “Legal,” The Investors would own the Certificates, and these Certificates in turn would be secured by the Transferable Records
Lender’s Successors and Assigns
MERS (Payment Intangible) which would be the owner of the Authoritative Copy and would be the proper party to receive the payment
(Subsequent Purchasers)
Nominee stream on the underlying Note. If as, the diagram reveals had been legal, the Trustee of the Investment Certificates would be the
real party in interest to the Homeowner/Obligor.
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