Salt Lake City, Utah, United States, 2023-Jul-06 — /EPR FINANCIAL NEWS/ — MetaSource, LLC, a leading MERS compliance services partner, released its annual MERS QA findings report.
The report shows that mortgage industry layoffs cut deep into quality assurance talent for many Members this past year. The analysis connects the fact that compliance functions were relegated to less experienced personnel with several challenges, including those related to documentation and data reconciliation.
Documentation & Reconciliation Defects
MetaSource Director of MERS Services Rachel Pylant said, “A lot of the people we are working with are newer to the process.”
Pylant and her team believe that this is why data reconciliation was a major issue in 2022 – even for Members who used advanced reconciliation software, like MetaSource’s mintrak2®.
Documentation errors were also prevalent this past year. As the findings report explains, many of these errors came to light as a result of an update to MetaSource’s processes. New recommendations were added to the MERS review guide that called for a review of document samples in addition to processes. Due to this change, MetaSource now requires Members to provide samples for audit.
While reviewing these document samples, the MetaSource Team discovered that Members were failing to meet several MERS requirements, including state-specific ones related to address listings. A lack of employees familiar with state standards was likely a main reason for this finding.
MetaSource Top MERS QA Audit Findings for 2022
Here are the top findings identified by MetaSource’s annual analysis of third-party MERS QA reviews:
- Member did not reconcile MERS system data in accordance with the requirements of the MERS System Procedures Manual
- Document samples submitted for review were not compliant with state-specific requirements or with requirements for identifying MERS as the nominee
- Member did not have adequate quality assurance processes in place to satisfy Member requirements
Visit the MetaSource Mortgage Blog for the full 2022 MERS QA Findings Report, which includes more details around last year’s top challenges as well as best practices for avoiding findings in 2023.
About MetaSource, LLC
MetaSource is a Digital Transformation Solutions provider, focused on Business Process Outsourcing (BPO) / Business Process Management (BPM) services integrated with Enterprise Content Management (ECM), workflow solutions, compliance services and customer experience processes. MetaSource helps its clients manage risk, improve quality, increase efficiency and realize their most important goals – with special expertise serving the mortgage industry. MetaSource’s mortgage services include quality control (QC) audits (pre-fund, post-close, servicing, MERS), lien release, whole loan purchase reviews, and cutting-edge technology. MetaSource’s solutions enable its clients to focus on their core business while MetaSource does the rest. For more information, visit: https://mortgage.metasource.com