MERS Compliance
Optimal Mortgage Services is an external third-party review organization with demonstrable expertise in performing MERS quality assurance audits and data reconciliation. We have completed the MERSCORP’s Annual Report Reviewer training, attended and sponsored MERS events and are well versed in their policies and rules of membership.
Our Services
Annual Report
The Annual Report covers activity under a Member’s ORG ID and any Affiliate ORG IDs it may have. The Annual Report is due by December 31st each year. The MERS General Member’s Executive Sponsor and its reviewer submits the Annual Report to MERSCORP Holdings, Inc. Those General Members who service 1,000 or more active MERS loans on March 31st are required to use an external reviewer.
Document Reviews
Our document reviews conform with MERSCORP guidelines. Optimal Mortgage Services performs these reviews and incorporates our findings when completing the Annual Report. Our review includes State specific document requirements, timing of registration and post registration milestones, and data accuracy.
Reconciliation
General members are required to perform data reconciliations, either monthly or quarterly. An Optimal Mortgage Services representative will assist you in identifying patterns to remedy future mismatched data. Our reconciliation process is performed on your behalf using the MERS Monthly Reconciliation Extract Reports (MRE) and data files from your system(s) of record. We provide a detailed mismatch report to assist in the correction process, summary with a scorecard, our assessment, and ongoing guidance with clearing mismatched data.
eRegistry Reconciliation
Our monthly eNote reconciliation service provides the same service and product as above using the MERS Reconciliation Adhoc file in comparison to data from your system(s) of record.
Data Review and eRegistry Data Review
The MERS System Data Review is a system-to system comparison of active MIN record data from the MERS System and a Member’s system of record. Optimal Mortgage Services offers our service, which includes the preparation of the test, initial submission and final submission files in accordance with Appendix F standards. We also offer guidance throughout the process to ensure correction of mismatched data.
The eRegistry Data Review is a quality assurance process designed to help ensure that the data on the MERS eRegistry aligns with data in a Participant’s internal records. Our service includes the preparation of data files in accordance with Appendix B standards. We assist our clients with guidance from the Master Servicer or Controller Baseline Review to the Remediation Review.