ServiceLink has made available a multipurpose tool designed to ensure the mortgage loan data lenders and servicers report and record electronically is accurately transferred and in compliance with regulators.
The MERS Reconciliation and Resolution program initially introduced at the MERS 2013 User Conference earlier this year, monitors that loan data recording through the Mortgage Electronic Registration Systems is accurate and complies with the latest
This reconciliation solution fully meets that definition, said Virginia Earley, director of client solutions at the ServiceLink LoanCare servicing division, because it is not limited to “comparing datasets and providing convenient lists of regulatory and other compliance discrepancies.”
It goes beyond compliance assessments after which lenders and servicers “still have to research and correct all of the resulting discrepancies” in order to comply with MERS regulations at all times, she explained.
The program enables users to review daily reports for exceptions, confirm updates through the loan Mortgage Identification Number status, and take corrective action if and when necessary.
For example, “to identify variances and resolve any discrepancies,” the MERS Reconciliation and Resolution program manages all monthly portfolio analyses and reconciliation by comparing data and MIN status provided in the MERS database to the data and loan status in the system of record.
Through the program ServiceLink provides a three-way review on newly registered loans, reviews registration data, loan documentation and the data in the system of record “to ensure data integrity across all platforms.” Plus, it conducts root-cause analyses to help prevent future discrepancies and audit support, such as documentation preparation, execution and recording.
In order to complete the reconciliation process, lenders and servicers must perform loan-level research and apply corrections according to MERS' guidelines starting from daily reporting to final review, said ServiceLink's LoanCare servicing division president, Gene Ross. The program eliminates roadblocks, by proactively identifying and resolving data reporting issues.
