Mortgage Quality Control: MERS QA Audit Service

Mortgage Electronic Registration System (MERS) Logo

As an industry leader in the production and review of residential mortgage loans, MetaSource has a wealth of experience working with MERS. MetaSource supports MERSCORP and believes that MERS will continue to be an integral part of a healthy securitization market.

MetaSource is a MERS Patron Member® that executes the registration, transfers and reconciliation of the MERS System on behalf of our clients on a daily basis. MetaSource is offering both our experience and our automated solutions for your MERS QA management and reconciliation requirements.

MERS quality assurance compliance changes create significant challenges to servicing and sub-servicing members. While much of the process isn't new, the formalization of accountability and enforcement will require all MERS Members to retool their MERSCORP QA management.

Full Suite of MERS Services

In response to Rule 8, amending both the MERS processing standards and the quality assurance responsibilities of MERS members, We have 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.

If you are a servicer or sub-servicer in need of a cost-effective, low maintenance solution to your MERS processing and quality assurance management, MetaSource offers:

  • Annual Report (formally known as Attestation Report)
  • Monthly Data Reconciliation
  • QA Plan Review
  • Professional Services

Providing Professional MERS Expertise, Services and Automation

MetaSource can provide annual maintenance plans or a la carte services for Executive Sponsors & Consent Order members seeking to "right-size" their internal MERS QA staffing and technology without compromising compliance standards. Our services and technology will focus on perfecting the requirements of your Annual Report.

  • Verification that Member has in place procedures designed to provide reasonable assurance that it has submitted to MERSCORP data for all MERS System required and conditional reporting fields
  • Verification that Member has conducted system-to-system reconciliation for all MERS System required and conditional reporting fields monthly
  • Documentation, tracking and reporting of data discrepancies and remediation of errors between the Member's System of Record (MSOR) and the MERS System
  • Documentation and verification of required capture and monitoring of all reject/warning reports associated with registrations, transfers and status updates on open item aging reports
  • Validation of appropriate compliance procedures related to MERS Signing Officers
  • Maintenance and monitoring of QA Plan compliance and performance

MERS QA Compliance

MetaSource offers a monthly maintenance plan designed to facilitate a cost-effective, consistent, worry-free solution to MERS QA compliance.

The monthly maintenance plan includes:

  • QA Workflow Solution: our mintrak2 production software will manage the timing, notification, aging and reporting functions of all aspects of your MERS QA compliance. From managing the certification requirements of your MERS Signing Officers to alerting your team about open items on your warning/reject reports, our production software will automate most of your compliance
  • Monthly Data Reconciliation: we will convert your data, audit it against the applicable MERS report(s) or system view, and provide your MERSCORP team with a final discrepancy report on your entire population of MINS
  • Data Rehabilitation: we provide a platform to manage the correction of any/all discrepancies. Using our MERS system interface, we can batch corrections and track their progress for submission in your Annual Report
  • QA Plan Review: as a part of this monthly maintenance plan, we will execute an annual review of the Member's QA Plan
  • Professional Services: we will provide quarterly updates to your standard QA Plan language as amended by MERSCORP, Inc. Additionally, we will condense your MERS System email releases into relevant alert statuses – to ensure you are aware of major process impacting changes. We will also prepare relevant training classes, webinars and materials to ensure you and your team are abreast of the latest in MERS Compliance best practices

The new QA standards require each Member to perform a monthly "3-way" reconciliation of their documents, data and the MERS system (utilizing the Interim Recon Report and/or Portfolio Analysis Report).

Without appropriate technology, this would be a time-consuming and error prone process. With our mintrak2 MERS QA auditing and production software platform, the data reconciliation can happen monthly with all discrepancy changes can be tracked, validated and transmitted through our MERS System interface.

Our production software has adopted all current MERS data changes.

MERS QA Plan Review

The recently released update to the MERS Quality Control Procedures requires an annual QA Plan Review. We will manage updates to our annual Maintenance Plan customer's QA Plan and alert them of significant changes and provide both training and consulting on the implementation of said changes.

We can also offer "one-time" review, plan updates, and training services on implementation and best practices.

MERS Annual Report

Formerly known as the "MERS independent attestation," Executive Sponsors will be required to certify that their internal team or an Independent Review Organization (IRO), such as MetaSource, has monitored their MERS QA performance against their QA Plan. Our production software will manage the documentation and tracking of all aspects of compliance to ensure your Annual Reporting is simple, consistent and compliant.

Professional Services

When you need an answer on how to handle a QA related issue, our MERS QA Team is prepared to offer you timely and cost-effective professional consultative services. We excel in best practices, process flow enhancements, technology and operational compliance.

Contact us to learn more about MERS QA audits