Here’s what one trial judge had to say on the matter:
4 Registration Systems does not keep and hold notes.
15 They don’t have authority to transfer notes. All
16 they do really is act as an intermediary to hold
17 possession of the mortgage. They don’t have
18 possession of the notes. They don’t have
19 authority to transfer a note from one servicer to
20 another or from one owner to the next.
21 THE COURT: They’re just set up to avoid the
22 local documentary stamps.