Another Southern Illinois county is suing national banks and mortgage companies for using an electronic mortgage registry that they say side-steps recording fees that the county should have been collecting.
Union County State’s Attorney Tyler Edmonds’ lawsuit involves the use of a database system called the “Mortgage Electronic Registration Systems, Inc.
The system tracks the transfers of loans from one lender to another and Wall Street securities entities – thereby eliminating the public’s ability to see the purchase and sale of properties through the traditional public records systems.
Union County’s clerk says their county has lost more than $35,000 in unpaid fees.
Josh Langfelder, Sangamon County Recorder of Deeds says Sangamon County State’s Attorney John Milheiser is checking into the situation in Sangamon County.
Sangamon County has lost unpaid fees due to the database, as well.
