MERS Annual Compliance Requirements
Special Announcement
MERS Annual Quality Assurance Standards Compliance Report
Summary of Requirements
1. All residential mortgage lenders who are registered MERS Members are required to comply with the MERS Quality Assurance Requirements.
2. Each Member must submit a Quality Assurance Plan by December 31, 2012 utilizing the proper template provided by MERSCORP Holdings.
3. Some of the key procedures that are requried for Quality Assurance include:
- System-to-system reconciliation of data fields between the lender’s internal LOS system and MERS system
- Timely MERS system updates and remediation activities
- Proper MERS language on documents
- Data integrity checks
4. If a member acts as a servicer on any loans registered in the MERS system, or utilizes a sub-servicer for for any MERS loans, the member must complete an Annual Report of Quality Assurance Standards Compliance which has replaced the previous “Annual Independent Attestation” procedure.
- If a Member services 1,000 or greater MINS, an independent third-party reviewer must be utilized to confirm that all quality assurance provisions have been completed and sign the Annual Compliance Report
- If a member services less than 1,000 MINS an internal reviewer not affiliated with MERS-system function or an external third-party reviewer may optionally be utilized
- If a member utilizes a sub-servicer the Annual Report is also required and must identify sub-servicers utilized
5. Annual Reports must be submitted by December 31, 2012. The report is not required for MERS Lite Members.
Bankers Advisory is an Authorized MERS Patron (vendor)
Please contact our office to discuss a range of service options to help your organization complete its compliance obligation for MERS Quality Assurance. Services include annual compliance assessment and certification,
and optional assistance with end-to-end system data integrity, reconciliation and corrections.
Call 617-489-2008 or e-mail Marissa Blundell or Anna DeSimone
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