ServiceLink announced from the Mortgage Electronic Registration Systems (MERS) 2013 User Conference the availability of its MERS Reconciliation and Resolution program. Offered through LoanCare, ServiceLink's servicing division, the program monitors and manages MERS data in order to ensure accuracy on behalf of its lender and servicer clients, ensuring that this information remains compliant with the latest industry standards by:
►Reviewing daily activity based reports for exceptions, confirming Mortgage Identification Number (MIN) status updates and taking corrective action when necessary;
►Managing all monthly portfolio analyses and reconciliation, comparing data and MIN status provided in MERS to the data and loan status in the system of record to identify variances and resolve any discrepancies;
►Providing 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;
►Conducting root-cause analyses to help prevent future discrepancies and Providing audit support, including documentation preparation, execution and recordation.
"Many providers tout reconciliation solutions, however the services they provide don't fully meet the definition of 'reconciliation,'" said Virginia Earley, director of client solutions with ServiceLink's LoanCare servicing division. "While these offerings are great at comparing datasets and providing convenient lists of discrepancies, lenders and servicers still have to research and correct all of the resulting discrepancies in order to be in, and remain in, compliance with MERS regulations."
In order to complete the reconciliation process, lenders and servicers must have the resources and expertise needed to perform loan-level research and apply corrections according to MERS' guidelines. While other solutions simply identify issues for MERS members, ServiceLink's MERS Reconciliation and Resolution offering provides loan-level research throughout the entire process – from daily reporting to final review – and resolves any variances and discrepancies, removing the burden of data validation from the client. This results in error-free data and documentation, significantly improving loan file quality and potentially netting servicers higher returns at the time of loan sale.
"The ability to proactively identify and resolve issues within mortgage documents and public records is critical to enhancing portfolio compliance," said Gene Ross, president, ServiceLink's LoanCare servicing division. "MERS Reconciliation and Resolution is a result of our steadfast commitment to providing uniquely powerful programs that eliminate roadblocks to the industry's overall growth and return valuable resources back into lenders' and servicers' organizations."