Incremental Updates Allow Servicers to Correct Data Whenever They Wish
MetaSource, a leading provider of mortgage quality control services and technology, has added a new feature to its market-leading solution for Mortgage Electronic Registry System (MERS®) reconciliation that will give users more control over the process of sending updated data to the MERS electronic mortgage registry.
Reconciling data with the MERS registry can be a tedious process for mortgage servicers. MetaSource's platform, mintrak²®, took much of the work out of this process when it was introduced in 2011, providing servicers with the ability to easily map and align data with MERS requirements. The system identifies and prompts corrections, tracks compliance and provides the automated sending of files to MERS.
The new incremental update feature will allow mintrak² users to make corrections to their data whenever they wish by uploading data to the MERS system in multiple smaller batches – instead of having to input all of their corrections at once.
Such updates are an added convenience for servicers who prefer to track their progress in real time and reflect the MetaSource product development team’s obsession with user-friendly features.
Previous updates to the system have added an audit trail, cross-browser compatibility, enhanced reporting and more user-friendly interfaces.
"Mortgage is complicated enough," said MetaSource Product Development Director Dacia Donohue. "We wanted something that our clients can use intuitively without a lot of training."
The result is a MERS reconciliation tool popular for both its effectiveness and ease of use.
Developed in 2011 in response to an OCC mandate that left servicers still relying on manual reconciliation processes with a monumental challenge, minktrak² streamlines the reconciliation and submission of mortgage data to the Mortgage Electronic Registry System (MERS). The mintrak² platform provides both reconciliation and remediation, custom value mapping and data normalization, biannual review file preparation and enhanced aging reporting for historical analysis, among other features. It has an estimated 35% market share for MERS QA services.
MetaSource is a Digital Transformation Solutions provider, focused on Business Process Outsourcing (BPO) / Business Process Management (BPM) services integrated with Enterprise Content Management (ECM), workflow solutions, compliance services and customer experience processes. MetaSource helps its clients manage risk, improve quality, increase efficiency and realize their most important goals – with special expertise serving the mortgage industry. MetaSource’s mortgage services include quality control (QC) audits (pre-fund, post-close, servicing, MERS), lien release, whole loan purchase reviews, and cutting-edge technology. MetaSource solutions enable its clients to focus on their core business while MetaSource does the rest.