What Is MERS®?
Mortgage Compliance Advisors, LLC offers our clients annual and monthly MERS® audit reviews. Our annual audit satisfies the MERS® requirement, which targets information reported within the Mortgage Electronic Registration System (MERS). The MERS® system is a national electronic registry, which tracks beneficial ownership interests and servicing rights in mortgage loans registered by their members.
Is The MERS® Audit Required?
All members listed in the MERS® System as servicing 1,000 or more Mortgage Identification Numbers (MINs) must use an external independent auditor or consultant for their annual review/report attestation. All members listed as servicing less than 1,000 MINs have the option of using an independent internal or external review party. Institutions registered with MERS® as “lite members” are not required to submit an annual report.
What Does The MERS® Audit Process Entail?
A comparative review of information contained in the servicing/origination system(s) and information in MERS® System will be performed to ensure that data entered into the MERS® System is accurate. The MERS® System, origination/servicing system(s) and closing documents are reviewed by our compliance auditors. Variances in data, exceptions to registration/process deadlines, and inaccurate data contained in the closing documents are reviewed. Results of the MERS® compliance audit are compiled and made available to you in the form of a report.
Are There Any Benefits From Performing MERS® Audit?
Yes, there is added value and benefit in performing such a review. Ultimately, our MERS® audit review will provide lenders an assurance of quality and comfort knowing servicing information has been documented accurately and in a timely manner.
How To Get Started…
Contact MCA Sales today at (888) 556-0796 or email@example.com.