MetaSource Mortgage Blog

Top 5 Ways Loan Servicers Get into Trouble on MERS Annual Report

Thursday, July 19, 2018

Top 5 Ways Loan Servicers Get Into Trouble on MERS Annual Report

We know how annoying it can be when retailers start reminding you to get a head start on your holiday shopping in the middle of October. But December does have a way of sneaking up on you.

That was part of the message MetaSource Manager for MERS Operations Kelly Jensen shared with the audience at his panel on MERS reconciliation at last month's MERS User Conference in Virginia.

Jensen doesn't really care when you start your holiday shopping. But as an expert on the requirements of the MERS® system, he has seen too many loan servicers wait until the last minute to start planning for the annual report.

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MERS Reconciliation: Beyond the Basics

Thursday, June 14, 2018

MERS Reconciliation Beyond the Basics

With 15 years of experience in the mortgage field, MetaSource Manager for MERS Operations Kelly Jensen has a lot of tips to share on the subject of reconciling mortgage documents with the MERS® system.

His advice: work hard and learn to "speak geek."

That's shorthand for finding someone on your IT team who understands the meticulous requirements of a system that has to match up the nearly three-dozen mortgage document fields with the corresponding fields in the MERS system. Get it wrong and MERS will kick it back to you for corrections. For servicers handling thousands of mortgages a year, that adds up to a lot of time spent rehashing the details.

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Top 8 MERS QA Findings

Tuesday, September 19, 2017

MERS QA: Top 10 Findings for 2017 | MetaSource Mortgage

In the spring of 2011, the Office of the Comptroller of the Currency issued consent orders outlining a quality assurance mission for MERSCORP Holdings, Inc. and the nation's largest servicers. The mission was designed to ensure the data accuracy within the MERS® System could effectively support its role in securitization.

As a result, MERS consolidated the Consent Order to reflect new Member requirements. Today, MERS requires an annual scope of review for MERS General Members. It encompasses a review of the 6 conditions listed on the MERS Annual Report. The core objectives of the 6 conditions listed are answering how a Member supports MERS data integrity requirements and operational procedures.

MetaSource performs MERS Annual Report reviews as the Third Party. We perform a thorough review of a Member's data integrity and operational policies and procedures for the production and execution of a MERS Annual Report. Now with more than half of 2017 in the books and servicers are eyeing that end of year deadline for the MERS Annual Report, here's a look back on the top 8 MERS quality assurance (QA) issues based on our client work over the last six years:

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How to Ease MERS QA & Other Servicing Headaches: Join MetaSource at the MERS 2017 User Conference

Tuesday, May 30, 2017

How to Ease MERS QA & Other Servicing Headaches: Join MetaSource at the MERS 2017 User Conference 

Join us at the Reston Hyatt from June 8-9 to learn the latest about MERS QA and mortgage QC outsourcing services and technology. You will learn about our full suite of MERS quality assurance (QA) auditing services, the latest in servicing quality control (QC) as well as our new lien release service.

Be MERS Audit-Ready All Year Long

MERS QA compliance changes create significant challenges to servicing and sub-servicing members. That is why we've developed a full suite of MERS QA services and technology. These solutions are designed to help every MERS Member become "MERS audit-ready all year long" with impeccable data standards and industry best practices related to the assignment of residential real estate mortgages.

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New MERS Penalties for Mortgage Registration & Transfers

Tuesday, July 14, 2015

Mortgage Electronic Registration System (MERS) Logo

While many mortgage loan originators are focused on upcoming TRID rules that go into effect in October 2015, many are unaware of important changes to the Mortgage Electronic Registration System (MERS) rules of membership that include penalties for not adhering to their mortgage registration and transfer requirements.

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