Quality Mortgage Services offers servicers a specialized audit that targets information reported to the Mortgage Electronic Registration System (MERS®).
MERS® Compliance Review – QMS provides servicers a specialized audit that targets information reported to the Mortgage Electronic Registration System (MERS®.) Ensure compliant registration, payee designation, mortgagee data, tracking and reporting of Mortgage Identification Number (MIN) and other required data for mortgages with MERS as nominee for mortgagee.
The QMS MERS® Audit Software (MAS), powered by MARS technology, performs data compare and contrast functions from servicing/origination software against the MERS® data to ensure data integrity. Additionally, the MAS quality assurance report provides servicers the ability to target data inconsistencies and offers a tool to assist in data correction. Areas not addressed in the data reconciliation are subject to an in-depth review, yielding a thorough end product..
As the mortgage banking industry expands its capacity to leverage data, systems such as QMS and MERS® will continue to play a vital role in the future of regulatory compliance and technical innovation.
QMS MERS® audit solutions offer the following services:
MERS® as Original Mortgagee (MOM) & Non-MOM Loan Registration
Data Integrity Checks for Promissory Note/Security Instrument
Transfers of Servicing and/or Beneficial Rights
Paid-offs, Foreclosures, Bankruptcies
Data Review Support
MERS® QC Plans and Audits
MIN Tracking and Reporting
Mortgage Servicing Quality Control
Simplify your Servicing due diligence and audit functions with solutions securing compliance with Consumer Financial Protection Bureau (CFPB) mortgage servicing rules, new Federal Housing Administration (FHA) Handbook guidelines, Fannie Mae and Freddie Mac guides and updates, as well as other ongoing regulatory requirements for Servicers. QMS offers data reconciliation, annual reports, document reviews and other types of servicing audits through MAS, a proprietary software powered by MARS technology.
QMS services for and Servicing Audits includes Servicing QC Audits, FHA QC and Sponsor QC Plans.