Sec. 225. Electronic registration of eligible mortgages
107 words·~1 min read·
/bill/113/s/1217/rs/section-225·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Corporation shall establish, operate, and maintain an electronic registry system for eligible mortgages that collateralize a covered security insured under this Act in order to automate, centralize, standardize, and improve the process of tracking changes in servicing rights and beneficial ownership interests in such eligible mortgages. In establishing the electronic registry system required under subsection (a), the Corporation shall take into consideration, build upon, and adopt to the extent the Corporation determines appropriate, any existing efforts of the Federal Housing Finance Agency or expertise among the private sector to develop a sound, efficient system for document custody and electronic registration of mortgages, notes, titles, and liens.