Are you prepared for the Mortgage Electronic Registration Systems (MERS) annual reporting? MERS is a critical component of the mortgage industry, facilitating the tracking and transfer of mortgage loans. As part of their quality assurance (QA) requirements, mortgage companies must submit an annual report to MERS.
All the information you need to prepare for MERS annual reporting, in one checklist.
- All MERS general and Patron Members named as the servicer on one or more active MERS Identification Numbers (MINs) as of March 31 must submit an annual report by Dec. 31 of the same year.
- Members with fewer than 1,000 MINs may choose either an internal or an external party to complete the annual report review. However, those with more than 1,000 MINs must use an external reviewer.
- Client has a process in place designed to provide reasonable assurance of compliance with the requirements specified in the MERS® System Rules of Membership and MERS® System Procedures Manual applicable to member Information and organizational changes.
- MERS® System data has been reconciled in accordance with the requirements of the MERS® System Procedures Manual.
- Policies and procedures are in place to ensure compliance with the requirements set forth in the MERS® System Rules of Membership and MERS® System Procedures Manual regarding Corporate Resolution Management System (“CRMS”) and Mortgage Electronic Registration Systems, Inc. (“MERS”) Signing Officers.
- A process is put in place to ensure that all MERS® System transactions and updates are accurate and timely in accordance with the applicable requirements set forth.
- MERS Documents are prepared, executed and recorded in accordance with the applicable requirements.
- A process is in place designed to review MERS® system reports and take necessary action.
- Having robust policies and procedures streamlines MERS-related processes.
- Regular monitoring of MERS users and GAL ensures efficient communication.
- Timely signing officer certifications and CRMS attestations prevent disruptions.
- External reviewers assess the annual report. Being prepared minimizes the likelihood of findings.
- Data reviews, reconciliation processes and adherence to QA plans are scrutinized.
