Mortgage Electronic Registry System (MERS) Annual Review
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MERS annual reporting checklist
Mortgage Electronic Registry System (MERS) Annual Review
Custom compliance review
Baker Tilly’s mortgage compliance team conducts a review of your policies, procedures, controls and practices in place to validate compliance with the MERS Membership Agreement requirements, including data standards. We create the final summaries of findings, and relay best practices, as well as changes that may need to be implemented.
Baker Tilly’s MERS annual review can be either on-site or remotely managed from our offices. Clients may decide how the review will proceed and our team can easily accommodate these requests.
Baker Tilly’s annual review process
Get prepared
- We request all documentation several weeks prior to in-person or virtual meetings.
- We review all information received to provide a comprehensive approach to the reporting process.
Baker Tilly review
The 6 standards for the MERS annual report review should be the following:
- 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
Post-review remediation
- In the post-review period, missing documents or additional information may be provided or updated.
- The results of the review are provided by Baker Tilly’s mortgage compliance group and reviewed with the member stakeholders. This includes:
– A post-review call
– Written report (draft)
– Discussion time and rebuttal to clean up any missing information
– Action planning to review the MERS standard not being met
Final report
The final report is provided to the member for review.
Once signed off, Baker Tilly will fulfill its part in the e-filing process of the annual report on behalf of the client.
Preparation and assessment practices from across the industry
Baker Tilly’s mortgage compliance team has built best practice assessments for its platform from other reviews and provide advisement on interpretations from MERSCORP Holdings. Your team benefits from exceptional insight and experience that will assist you in complying with your membership agreement.
Key leaders
