QMS to Begin Offering Third-Party MERS Audits
Quality Mortgage Services LLC (QMS) has announced that the company is now offering third-party Mortgage Electronic Registration Systems Inc. (MERS) audits as required by MERS Training Bulletin No. 2011-03, dated July 1, 2011. The bulletin requires Independent Annual Attestation by Dec. 31, 2011, which may be performed by an independent control function within the organization. It must be provided by an independent auditor outside of the company after 2011. The rule impacts all servicers and subservicers. MERS tracks servicing rights for loans registered on the MERS System. MERS acts as the mortgagee of record in the public land records and as nominee for the lender and its successors and assigns. “MERS is taking steps to make it easier for the industry to operate in a manner that has worked well in the past,” said Tommy A. Duncan, CMT, president of QMS. “In order to comply with upcoming requirements, independent third-party auditors will be needed to provide audit services to support annual attestations for servicers and subservicers. The QMS audit compares the information contained in MERS to the servicing system. In addition to the system comparison, QMS will review the note and security instrument and if applicable, the assignment, release of mortgage, modification or subordination agreement to ensure that the document has been prepared correctly and that the information reported to MERS is accurate. Quality Mortgage Services is proud to offer the industry our services in this area."