In my first post of this series, I discussed a new yearly training program offered by MERS® to certify experienced, knowledgeable independent review firms and the level of detail needed to demonstrate compliance. As promised, I’m back with an examination of recordable documents and its significance in Annual MERS Compliance Reviews. Many internal and external MERS quality assurance reviews tend…
If you completed your annual independent 3rd party MERS review in 20 minutes or less, you did it wrong and are jeopardizing your organization’s compliance health. Less thorough reviews, likely performed by vendors who have not demonstrated an aptitude for procedural and process expertise, lead to a breakdown in overall operational compliance wellness. Have you heard? MERS is instituting a…
The mere definition of the word compliance can have a negative connotation. According to Merriam-Webster compliance is defined as: 1a: the act or process of complying to a desire, demand, proposal, or regimen or to coercion 1b: conformity in fulfilling official requirements The mortgage industry has certainly had its fair share of official mandates over the years to make compliance managers and senior leadership…
Mortgage servicers and subservicers are responsible for processing servicing transactions for thousands, if not millions, of loans daily. As LoanLogics VP of Loan Servicing Consulting, helping lenders navigate MERS compliance, I am already starting to see and hear firsthand how the pandemic is impacting this segment of the industry. Business continuity, portfolio management and borrower stability are at the forefront…
As May 2020 begins to wind down, a staggering 4.7 million mortgages are in forbearance plans. With 36.5 million unemployed and more businesses finding themselves unable to sustain staffing levels they enjoyed a few short weeks ago, requests for mortgage payment relief are likely to continue to role in. As such, servicers are feverishly working around the clock to help…
Most independent annual reviews of 2019 MERS® compliance are now concluded and our attention is now locked on managing this year’s responsibilities amid a global pandemic. Last year, LoanLogics found, yet again, that inadequately documented procedures leading to misinformation and omissions remained a challenge for servicers. This was even more pervasive as staffing changes occurred within an organization. With 2020…
