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…
Back in July, MERS sent a reminder notification to its customers about their upcoming 2019 eQA Plan responsibilities. During that same time, I penned a blog to help servicers begin those preparations in a timely and well-executed manner with their 3rd party provider. Part of that guidance recommended starting the process three to four months out from the time of…
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…
