In the spring of 2011, the Office of the Comptroller of the Currency issued consent orders outlining a quality assurance mission for MERSCORP Holdings, Inc. and the nation's largest servicers. The mission was designed to ensure the data accuracy within the MERS® System could effectively support its role in securitization.
As a result, MERS consolidated the Consent Order to reflect new Member requirements. Today, MERS requires an annual scope of review for MERS General Members. It encompasses a review of the 6 conditions listed on the MERS Annual Report. The core objectives of the 6 conditions listed are answering how a Member supports MERS data integrity requirements and operational procedures.
MetaSource performs MERS Annual Report reviews as the Third Party. We perform a thorough review of a Member's data integrity and operational policies and procedures for the production and execution of a MERS Annual Report. Now with more than half of 2017 in the books and servicers are eyeing that end of year deadline for the MERS Annual Report, here's a look back on the top 8 MERS quality assurance (QA) issues based on our client work over the last six years:text