New MERS Reconciliation Feature Allows Instant Updates
For too many servicers, reconciling mortgage data for MERS eQA requirements is a job they have come to dread.
With so much information to be reconciled across a thicket of often mismatched fields, it can be tempting to put off those monthly or quarterly tasks and assume you’ll get to it by the end of the year. But even for servicers with fewer than 1,000 loans a month to process, timely and consistent reconciliation is essential for avoiding trouble when it’s time to file the MERS e-annual report – which can be a challenging effort even when you’re well prepared.
At MetaSource, we never stop thinking about ways to make this process easier for our clients, which is why our mintrak®2™ reconciliation platform has become a leading solution among MERS members. But our product development team is never satisfied. They’re constantly soliciting feedback on where the process can be tweaked for additional time savings or ease of use.
Introducing mintrak®2™ Incremental Updates
The latest update to our MERS reconciliation platform is a perfect example: mintrak2® now allows incremental updates, a feature that allows servicers to send multiple batches of smaller updates and make changes to their data whenever they wish before the reconciliation period ends.
Instead of having to input data into the MERS® system and correct it all at once, mintrak2® keeps mortgage data updated in real time, so clients can track their progress at any point. When members select the “Update MERS® Now” option, mintrak2 sends a flat file to the MERS® system with any new or corrected data.
mintrak2® reporting also provides at-a-glance insight into where additional corrections are needed. Tracking is located on the “Remediation Overview” page under “MERS® Update History” and each flat file is documented with:
- The name of the user who sent the flat file
- The date and time the flat file was sent
- A download button to generate the flat file that was sent to MERS®
- The status of the update to MERS®
A Better User Experience with mintrak2®
mintrak2® was designed to do more than streamline MERS® data. We also created a streamlined user experience, with cross-browser compatibility and easy navigation.
mintrak2®’s secure, web-based platform can be accessed from anywhere and run by 1-2 people rather than an entire IT team.
Other features include:
- Monthly reconciliation and remediation
- Incredibly quick data implementation
- Custom value mapping and data normalization
- Multiple reports that track and monitor compliance efforts
- Biannual Review file preparation
- Enhanced aging reporting to analyze comparison history
Need Help Wrangling Your MERS Data into Shape?
MetaSource Mortgage streamlines the mortgage lending and servicing process so clients can focus on their core business. We provide mortgage workflow automation and a wide array of compliance solutions, along with cutting-edge technologies like mintrak2®.
With technology and services built on the promise of intuitive navigation and reliable customer support – including 90-day assisted implementation – MetaSource Mortgage can help you cut through the process clogs and and face deadlines with confidence. Call us or click on the link below to learn about what we can do for you.