Without automation, monthly MERS reconciliation is an operational headache for servicers. Compliance teams are left to manually cull through thousands of MINs (Mortgage Identification Numbers), as well as format and process exceptions line by line. The result is compounding inefficiency and inaccuracy each and every month. By letting automation take the heavy lifting out of MERS compliance, Servicers can experience…
It’s that time of year again when Servicers should begin working with their independent third-party reviewer to complete their mandatory annual MERS quality assurance attestation. Waiting until the end of the year does not allow time for a comprehensive assessment or time to set a remediation plan in place, which jeopardizes a servicer’s compliance position. As an experienced reviewer, LoanLogics…
For MERS members, April brings the notification from MERS identifying the number of your MINS on the MERS® System, when the member is named as servicer as of March 31st. Here are some of the important numbers to remember. If your organization was identified as the servicer on less than 1000 MINS as of March 31st, you are required to…
Over the past three years, the first-time homebuyer market has increased 40% or 588,000 loans. Now, that’s a lotta loans! In 2017, first-time buyers bought 2.07 million new or existing homes, an increase of 129,000, or 7%, from 2016. During that same period, the number of first-time buyers using PMI increased by 93,000 loans. In the fourth quarter of 2017…
Here’s more information from a slightly different report on mortgages and housing. This report was done by search engine giant, Google, in connection with lending giant, Chase Home Lending. Two giants using big data to get some really good background data on what consumers are searching for when it comes to home buying and financing. The report is the result…
It’s one of those things that bug me. I see all these ads on TV by big pharmaceutical companies advertising drugs you can only get by prescription. Why advertise directly to consumers for something they cannot buy? There must be a reason. Do they believe, or does market research show, that this information will lead to the consumer to request…
