Every MERS member is required to complete an annual review, and if your firm has 1,000 or more active MINs, an independent third party must perform your MERS Annual Review by December 31st each year.
It is best to complete this process as early as possible in the year. Not only does it allow more time for a comprehensive review, but servicers who submit required files early will receive a large discount on their MERS Annual Review from TENA.
The intent of the MERS System Quality Assurance (QA) Program is to assure that each Member has processes in place to ensure compliance with the requirements set forth in the Membership Agreement.
Key components of the MERS System QA Program include:
• QA Plan: Confirms that a Member is in compliance with the requirements set forth in the Membership Agreement as of a given date.
• Annual Report: Confirms that a Servicing Member has processes and controls in place to ensure compliance with the requirements set forth in the Membership Agreement and has integrated these requirements into its daily business practices.
• Data Reconciliation: Members reconcile all required and conditionally-required fields on the MERS® System with their System of Record.
• QA Reviews: Allows MERSCORP Holdings to monitor Member compliance with the requirements set forth in the Membership Agreement.
A MERS Document is any document that creates or affects an interest held by MERS or that makes a representation by or about MERS; this includes, but is not limited to: Security Instruments, Lien Releases, Assignments to/from MERS, and Modifications Agreements.
TENA performs an assessment on the MERS Documents related to a Member’s MERS Loans and a review of the data on the Member’s System of Record related to these loans using a random sample of its loans when self-auditing its performance against its QA Plan with the results meeting or exceeding the requirements in the Membership Agreement.
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TENA covers every step in the mortgage review process, from Pre-Funding to Post-Closing to Servicing, and more!
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