MetaSource Mortgage Blog

It's MERS Audit Season: Are You Ready?

Monday, November 07, 2016

Mortgage Electronic Registration System (MERS) Logo

It's that time of year again: time to complete your annual MERS audit, which has to be complete by December 31.

We know that its a low priority for loan servicers throughout the year but, if you want to avoid completing your MERS audit over the holidays, we recommend that you get started now.

And if you have less than 1,000 MINs and don't want to do it yourself, consider our MERS third-party review service.

What's Needed in the Annual MERS Audit?

Once known as the "MERS independent attestation" and formally known as the MERS Attestation Report, the annual MERS audit is required to certify that your internal team or an independent review organization (IRO), such as MetaSource Mortgage, has monitored your MERS quality assurance (QA) performance against your QA Plan.

MetaSource is MERS Patron Member® and the extensive experience of our MERS QA Team ensures that your annual MERS audit is conducted quickly, cost-effectively and so it reduces the burden of you and your team. Unlike others that offer MERS-related services as one of many things they offer, we have a dedicated team that only conduct annual MERS audits and the other MERS services mentioned below.

MERS QA Plan Review

How Strong Is Your MERS QA Plan? The recently released update to the MERS compliance procedures requires an annual QA plan review so we offer a one-time MERS QA plan review to address this and all other MERS requirements.

We also can manage updates to your QA plan on an ongoing basis so you are "MERS audit-ready all year long." This service frees your team from spreadsheet misery and includes alerting you of significant changes as well as providing training and consulting on the implementation of these changes.

mintrak MERS QA Software

Our production software – mintrak2 – manages the documentation and tracking of all aspects of compliance to ensure your annual reporting is simple, consistent and compliant. mintrak also streamlines monthly MERS reconciliations so they take a fraction of the time by your internal staff, though you can also outsource this to us as part of our MERS third-party QA service.

MERS Professional Services

Whether you need someone to help you with your annual MERS audit, monthly reconciliation or you just need an answer on how to handle a MERS QA related issue, our MERS QA Team is here to give you timely and experienced professional services. Outside of MERSCORP, no one knows MERS requirements better than we do and how to ensure MERS QA compliance with the lease headache and cost.

Get Started Today

Don't wait: We need time to conduct your annual MERS audit and we won't be able to help you last minute. Let's get started today so you can enjoy the holidays and new year without worrying about your MERS annual report.

Contact us to learn more about annual MERS audits, QA plan reviews and professional services

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