What Is Included in a MERS QC Audit?
Our MERS QC Audit includes a loan-level review based on a random sampling of loans from client’s total YTD production volume (# of units) and also looks at the company’s compliance of six main items:
- Client has in place procedures designed to provide reasonable assurance that is has submitted to MERSCORP Holding data for all MERS System required and conditional reporting fields.
- Client has conducted system-to-system reconciliations for all MERS System required and conditional reporting fields at the required frequency.
- Required and conditional fields entered into the MERS System on behalf of Client match those fields in the client’s internal system, and discrepancies and remediation activities necessary to align the two systems are tracked and monitored on aging reports until cleared.
- Client has in place procedures designed to provide reasonable assurance that it has conducted daily capture of all reject/warning reports associated with registrations, transfers, and status updates on open item aging reports.
- Client has in place procedures that are designed to provide reasonable assurance of compliance with the MERS System rules and Procedures to the MERS Signing Officers.
- Client has monitored its performance against Member’s most recent Quality Assurance Plan and has reviewed the plan at least annually for effectiveness and has revised the plan as necessary.
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