Archive for May 9th, 2011

New President for Mortgage Electronic Registrations Systems Merscorp

Reston-based Merscorp tapped a former executive of Citigroup to head its parent company. This company maintains a clearinghouse of electronic mortgage that is faced with a series of lawsuits regarding foreclosure documentation.

The new president and chief executive of Mortgage Electronic Registrations Systems Inc and its subsidiary is Bill Beckmann. He comes in to replace R.K. Arnold, a recently resigned veteran associate of the company. It was Paul Bognanno, interim chief of the company, who organized and searched for the person to fill the position. Beckmann became the top candidate who eventually got the position. Aside from being president and chief executive, he will function as consultant during the transition period.

Merscorp publicized the expertise of Beckmann in the mortgage industry. Before leaving the company in 2008, Beckmann worked for Citigroup for about 2 decades as chairman and chief executive. Recently, he had been running his own consulting firm.

Beckmann is joining a company that is important in the operations of the mortgage industry. However, the company is also bombarded by critics for its errors and gaps in the private electronic database that caused a mortgage mess.

The database registers around 68 million of mortgages or 60 percent of the loans of residents. This database helps brokers collect mortgages to sell to investors without the need to deal with slow processing of documents in the courthouses of many counties. Aside from mortgage tracking, MERS functions as proxy for mortgage owners in foreclosures.

According to Mersorp chairman Kurt Pfotenhauer, the knowledge of Beckmann and his experience will greatly help in the implementation of the company’s initiatives for the improvement and strengthening of the MERS brand. As a response, Beckmann said that he is enthusiastic to provide a one of a kind and important service to the housing finance system of the nation.

During his stint at CitiMortgage, Beckmann was in charge of strategy, sales, capital markets, operations and regulatory issues. The company during that time had around 4 million residential mortgage customers. Beckmann has an M.S. in management from Stanford Sloan Program and a Mathematical Economics Bachelor’s Degree from Brown University.