How to Achieve a Successful MERS Season
Does the thought of MERS Season evoke a preemptive data-induced headache? If so, you’re not alone. For many MERS Members, the process is riddled with complications and time-consuming setbacks.
As reported in the National Mortgage News in May, our annual analysis of MERS QA findings for 2021 identified staffing shortages and unfamiliarity with requirements as two major challenges this past year. But, as every MERS Member knows, the struggles don’t end there. Servicers continuously struggle with data reconciliation and subservicer management as well.
The good news is that a successful MERS Season isn’t out of reach. With a few best practices in place, you can leave the headaches behind once and for all.
Start the Review Process Early
You know what they say: early bird gets the…compliance gold star!
When it comes to MERS Season, early is a crucial advantage. Waiting until the last minute can open a can of worms and result in missed deadlines, errors, and findings.
As a best practice, start the process early in the third quarter, at the very beginning of MERS Season. This will ensure that you have enough time to identify errors and make any needed corrections well in advance of the December 31st deadline for the MERS e-annual report.
Utilize Reconciliation Software
Reconciliation software is the key to easily meeting MERS QA standards. In fact, according to our annual analysis of MERS QA findings, advanced software had a lot to do with the fact that Members didn’t struggle with data reconciliation as much in 2021 as previous years.
The best software solutions streamline reconciliation and remediation with audit trails, fast and clear discrepancy identification, and a functionality to update MERS instantaneously. Top platforms also reduce error rates to less than 4% on most portfolios.
With the right software on your side, you can simplify MERS reconciliation and take the stress out of MERS Season.
Take Advantage of Educational Materials
In addition to top-notch reconciliation software, educational materials are helpful when it comes to achieving a successful MERS Season.
MERS provides on-demand training and tutorials that come in handy when ramping up new employees and ensuring policies and practices are up to date. And if you’re looking for more guidance on best practices for wrangling your MERS compliance processes into shape, check out our latest guide: Top Tips for a Successful MERS Season. This educational piece covers topics ranging from retaining trained back-up staff to buttoning down your reconciliation practices to managing your subservicers closely.
Get the Help You Need from a Trusted MERS Compliance Partner
MetaSource has unmatched experience helping servicers optimize MERS processes and achieve a headache-free MERS Season. With services backed up by state-of-the-art technology solutions, like our proprietary data reconciliation platform, we help clients identify and correct discrepancies, maintain an accessible audit trail, and improve MERS QA processes.
The MetaSource team is made up of industry veterans who understand the nuances – and difficulties – of MERS Season. We’re dedicated to navigating you to a successful review year after year.
Get started today by speaking to one of our team members or download our MERS Season guide for more information.