Planning on ringing in the 2012 New Year in style?
If you are a servicer, think again. This year, December 31, falls on a Saturday and is also the deadline regulators have set for the completion of your MERS data reconciliation, your Annual Report and your MERSCORP Quality Assurance plan.
In April, the Office of the Comptroller of the Currency issued consent orders to MERSCORP and to the top servicers requiring that they refine and implement Quality Assurance procedures designed to achieve the following.
- To ensure that all data is accurate in a “three-way” reconciliation between the MERS System, their internal data and the originating documents;
- To ensure that the servicers MERS Signing Officers have met all the MERSCORP rules and procedures related to the performance of their duties;
- To ensure that a Quality Assurance Plan is in place to monitor the servicer’s performance of these goals and uses an independent auditor, either internal or external, to review that performance and
- To submit an Annual Report confirming that these and other goals, have been met by December.
It is amazing how these 4 directives can elicit such concern. But throughout the United States there are thousands of companies that are having to address these issues and are finding that they don’t have the technology to easily accomplish the reconsolidation goals; no rules based software that can create a accurate discrepancy report; and no direct upload interface with MERSCORP to correct identified records needing changed.
Even the parts that sound simple are creating stumbling blocks for many. How do they submit a Quality Assurance Plan that is accurate? So many companies are not currently following the MERS procedures to the tee, but are working on putting in place what is required.
The fact is this doesn’t have to be hard. Just like Fulfillment services, we say focus on what you know and let the industry experts help you with what you don’t. There is a solution, there is the technology and there is a identified process for assisting companies with their MERS requirements.
Titan Lenders Corp MERS Member Services
MBA Newslink: “The MERSCORP Quality Assurance Deadline & Ghosts of Originations Past”
And if you have passed on the 2011 Annual Report, make sure you contact us about our monthly maintenance plan which will keep you MERS audit ready all through 2012.
