For MERS members with fewer than 1000 active MINS before March 31st of the current year (CY), an internal reviewer must be assigned. A key member and role on the MERS compliance internal control team, as discussed in the prior post, he or she is responsible for completing and signing the eAnnual Report on behalf of the organization. To…
Spring brings a fresh perspective on many things. Some find time to grow a vegetable garden, others organize their garages or begin an outdoor fitness routine. Many of my annual audit clients are taking this time to button up internal controls around MERS compliance. In my summary of the 2021 key audit findings, I noted a general lack of…
In my last post, I discussed how resource staffing issues and business model changes likely played a role in some of the compliance missteps I observed during my 2021 MERS annual compliance reviews. I encourage you to read it, if you haven’t already, to understand some of the top pervasive issues and compare them against your organizations own controls. …
In my 2021 summary of audit findings, it was evident the broader challenges of the past two years have not circumvented MERS compliance. Human resource hurdles of collaborating though remote work, illness, and increasing attrition remain. Changes in their business model also left many mortgage servicers’ facing the unexpected requirement to engage an independent 3rd party auditor. For some, the…
Welcome back to another installment of my MERS Compliance Health Monitor blog series, which I began back in April. As a MERS certified independent reviewer, I would be remiss if I did not make mention of the significance of performing a system-to-system reconciliation on all required and conditionally required fields in the MERS® System with the system of record. The…
Last week, I discussed in great detail the significance of recordable documents in MERS® compliance. I thought it prudent in this follow-up piece to share some additional insights on common errors LoanLogics found in 2020 with regards to recordable document errors. The top document categories found with the most errors included Lien Releases/Substitution of Trustee, Assignments and Modification Agreements. As…
