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Lenders who are members of the Mortgage Electronic Registration Systems, or MERS, need to ensure a third-party compliance provider signs off on the member's 2012 MERS Annual Report.
In addition, MERS is requiring all members to submit updated quality assurance plans for the year 2012. This rule applies to both servicers and subservicers.
Quality Mortgage Services, a company that focuses on MERS compliance and quality assurance, warned that MERS will begin accepting updated plans on June 5. The submission deadline expires on Dec. 31, 2012.
However, with parent company MERSCORP Holdings requiring the use of third-party compliance auditors, MERS members must certify their annual reports by having both the member and the third-party auditor sign off on the final report, Quality Mortgage Services said.
"MERS members have many priorities competing for the attention and some may underestimate the importance of this one," said Tommy Duncan, president of Quality Mortgage Services. "That will be a serious mistake. Meeting the quality assurance beyond the reconciliation can be simple with MERS quality control experts that are part of validation of the QA program. Lenders are urged to take this seriously and reach out for competent help soon."
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