sec. 24.13 Standing of Nominee or Agent

This rule deals with who is allowed to foreclose on a mortgage when a company like MERS (Mortgage Electronic Registration Systems) is involved instead of the actual lender. Many mortgages list a "nominee" or "agent" as the holder of record, even though that company isn't the one who loaned the money. This rule says that company can still legally start a foreclosure case, as long as it remains listed as the official holder of the mortgage in public records.

For a title examiner reviewing the paperwork, this means they should treat this kind of foreclosure the same way they would any other. They don't need to dig deeper or question it just because a nominee or agent, rather than the original lender, is the one bringing the case. As long as the foreclosure follows normal legal steps, it counts as valid.

In simple terms, this rule protects the foreclosure process when a nominee company handles paperwork on behalf of the real lender. It confirms that using an agent like MERS doesn't make the foreclosure improper, as long as that agent is still officially on record as holding the mortgage.