ULC

Committees

Electronic Registry for Residential Mortgage Notes

Description

The development of securitization as a common practice with regard to residential mortgage notes has created the need for a more efficient and less costly means than the current paper-based rules of UCC Article 3 to identify who is entitled to enforce a residential mortgage note and how the debt evidenced by the note is transferred. A more efficient system will benefit not only those engaged in the secondary mortgage market, but also note obligors who will have a clear, certain and easily accessible way to determine who is the person entitled to enforce their obligation, and thus the person with whom they must deal with regard to enforcement related issues such as payoff and loan modification. Given the importance of the secondary mortgage market to the availability of capital for residential mortgage loans, a more efficient system is likely to benefit home buyers seeking residential mortgage loans as well. The drafting committee will develop a uniform electronic registry for residential mortgage notes that will be national in its effect, taking into account inter alia the appropriate relationship between the registry and other law.

Committee Members

H. Kathleen Patchel Co-Chair
Carlyle C. Ring Co-Chair
Boris Auerbach Member
William R. Breetz Member
Dale G. Higer Member
Carl H. Lisman Member
Fred H. Miller Member
Neal Ossen Member
Gail Russell Member
Edwin E. Smith Member
John T. McGarvey Division E Chair Member
James Geoffrey Durham ABA Advisor
Neil B. Cohen ALI Advisor
Teresa Wilton Harmon ALI Advisor
Steven O. Weise ALI Advisor
Liza Karsai Executive Director
Katie Robinson Staff Liaison

Related Information

Drafts

No drafts for this commitee