Aklero Risk Analytics Inc. has announced the release of DQx for MERS Data and Document Validation Module. The module is part of Q-Close, Aklero's Loan Quality Management Platform, and provides an automated method to validate the accuracy of data resident in the MERS Electronic Registry.
“We developed this offering in response to the requirements outlined in the MERS Quality Assurance Procedures issued in September requiring servicers to validate the accuracy of the data held on the MERS’ system against source documents,” said Richard J. Downing, executive vice president of sales for Aklero.
As a result, lenders are required to attest that they have performed a three-way document to data validation, including comparing the data on the MERS system against the bank’s data and against the “true data,” or original documents, a process that ensures a high degree of accuracy. That approach enables Aklero to review the documents and identify discrepancies. For servicers, the benefit of using this module is that Aklero can validate thousands of loans overnight, while in the same amount of time, servicers that cling to expensive manual processes complete far fewer loans files.