Mortgage Electronic Registration Systems (MERS) Quality Assurance & Compliance
To support both the MERS processing standards and the quality assurance responsibilities of MERS members, MetaSource has developed a full suite of MERS QA services and technology, designed to help every MERS Member meet the data standards and industry best practices related to satisfying MERS QA Requirements with minimal headaches.
Depending on what you need, MetaSource can provide a custom solution for your audit requirements, big or small, and we can also provide document solutions for your assignments or satisfactions.
MERS Monthly/Quarterly Data Reconciliation Platform: mintrak2®
Data Reconciliation is difficult at best, and requires technology, IT support, and is time-consuming and error prone. Developed by MetaSource, mintrak2 makes the process easy. The MetaSource MERS team will custom map your data, and walk you through the process to upload your data and the MERS Member Reconciliation Extract (MRE) files to the mintrak2 system which will compare the data and provide the discrepancies for correction.
Utilizing mintrak2, you will be able to reconcile the data by determining which data is correct. You can make corrections to your servicing system, and MetaSource will send the properly formatted flat file to MERS for correction of the MERS system.
As a result, you get to cut out the IT support and the technology requirements and the headaches you have felt completing reconciliation in the past. The MetaSource MERS team will provide support where and when you need it.
MERS Data Reviews & Appendix F Formatting
Were you selected for a data review by MERS? If so, we can help you getting your information into the MERS Appendix F Format.
mintrak2 is capable of receiving your data file and splitting the file into the proper Appendix F format. You download the files and send them to MERS through your SFTP on the day your file is needed, or we can help prepare the file for you.
MERS Document Review
If you need to complete a MERS document review, MetaSource can check a sample of your MERS documents against MERS Document and QA requirements, then identify and help you correct any gaps.
MERS QA Plan Review
The recently released update to the MERS Quality Control Procedures requires an annual QA Plan Review. We will manage updates to our annual Maintenance Plan customer's QA Plan and alert them of significant changes and provide both training and consulting on the implementation of said changes.
We can also offer "one-time" review, plan updates, and training services on implementation and best practices.
MERS Third Party Review & eAnnual Report
Our MERS Review Team will work with you to collect the documents needed for your review, review the documents and interview your team. When our review is complete, MetaSource will provide best practice recommendations, and will complete the Third Party Review portion of the eAnnual Report. Then, your Executive Sponsor can complete the report and submit it to MERS by the December 31 deadline.
If you need help pulling together your annual report, we can support you in the following ways:
- Verification that Member has in place procedures designed to provide reasonable assurance that it has submitted to MERSCORP data for all MERS System required and conditional reporting fields
- Verification that Member has conducted system-to-system reconciliation for all MERS System required and conditional reporting fields monthly
- Documentation, tracking and reporting of data discrepancies and remediation of errors between the Member's System of Record (MSOR) and the MERS System
- Documentation and verification of required capture and monitoring of all reject/warning reports associated with registrations, transfers and status updates on open item aging reports
- Validation of appropriate compliance procedures related to MERS Signing Officers
- Maintenance and monitoring of QA Plan compliance and performance
Other MERS Support
- Policies & Procedures: MetaSource can provide review assistance to help you ensure you have the best possible policies and procedures in place
- System Administration, Reports & CRMS Requirements: MetaSource can provide custom solutions or help in any of these areas
Your MERS Partner
As a MERS Patron Member, the MetaSource team is knowledgeable and here to help. When you need an answer on how to handle a Quality Assurance related issue, MetaSource is prepared to offer you timely and cost-effective professional consultative services. MetaSource excels in best practices, process flow enhancements, technology and operational compliance.