Mortgage servicers have no shortage of challenges this summer as the coronavirus continues to impact borrowers’ abilities to make timely payments.
To potentially make matters worse, summertime is also “MERS season.” Around this time every year, servicers get a gentle nudge from MERSCORP, reminding them that it’s time to start getting their data in order for the MERS QA reporting deadline on Dec. 31. That can feel like a long way off in the middle of summer. But those experienced in the process know that the detailed reporting and reconciliation required by the agency can make short work of a six-month window.
Luckily, the MetaSource team has your back. Our MERS solutions have been making short work of MERS compliance for years, with support for every aspect of the process. MetaSource’s powerhouse behind ensuring MERS compliance is our industry-leading software, mintrak®2™. This solution was designed to solve one of the primary challenges of meeting MERS eQA requirements: data reconciliation and remediation.
Industry-Leading Platform for Automating MERS Compliance
Since mintrak2 was first introduced in 2011, MetaSource has added several time-saving features. The platform has transformed a once tedious process into an automated, easy-to-use workflow that reduces errors and shrinks the amount of time required to stay compliant.
Our product development director says it best: “mortgage is complicated enough.” If you’re still trying to manage MERS reconciliation and remediation with a spreadsheet and other error-prone manual processes, we encourage you to take a look at the mintrak2 platform. It’s worth asking yourself if there are better things you could be doing with all that time. Chances are, the answer is yes.
Here’s a snapshot of mintrak2:
- User-friendly interface
- Rapid data remediation
- A fully compliant and scalable platform
- Audit trail that tracks and monitors data for compliance with eQA requirements
- Electronic submission of data and data corrections directly to MERS or to your servicing platform
For more information on how mintrak2 works, watch this brief explanatory video.