In order to ensure the accuracy of MERS data on behalf of its lender and servicer clients, ServiceLink has introduced a MERS Reconciliation and Resolution program that will be offered through its LoanCare servicing division.
The new program monitors and manages MERS data in order to ensure compliancy with the latest industry standards. However, ServiceLink claims it does much more than simply ‘flag’ errors and anomalies – it proactively reconciles problems to make it simpler for lenders and servicers to stay in compliance.
Daily activity-based reports are reviewed for exceptions and Mortgage Identification Number (MIN) status updates are confirmed. In addition, data and MIN status provided in MERS can be readily compared to the data and loan status in the system of record to identify variances and resolve discrepancies.
What's more, the new program provides a three-way review on newly registered loans, reviewing registration data, loan documentation and the data in the system of record to ensure data integrity across all platforms.
ServiceLink's MERS Reconciliation and Resolution program also conducts root-cause analyses to help prevent future discrepancies. In addition, it provides audit support, including documentation preparation, execution and recordation.