NDNB offers comprehensive MERS consulting, compliance, and audit services. MERS, which stands for Mortgage Electronic Registration Systems, was developed by a number of notable entities within the mortgage banking industry (Government Sponsored Enterprises [GSE], along with notable originators and loan servicers) for helping create a more transparent and efficient mortgage process by heavily relying on technology and many of today's emerging automated tasks. Specifically, the actual MERS® system tracks critical mortgage loan information via a unique 18-digit Mortgage Identification Number, known as a MIN, that is essentially registered on the MERS system itself.
MERS Registry and Notable Entities that Must Be Compliant
Additionally, MERS is a privately held entity that runs the registry responsible for tracking critical aspects of a mortgage, such as who owns and services them. Additionally, MERS is actually owned by holding company MERSCORP, Inc. Currently, the MERS system is the only true nationwide database that provides free information on the tracking and servicing of mortgages, along with other essential information.
Thus, because the adoption of MERS has been and continues to be widespread - within the mortgage banking industry - the following entities must ensure that a number of policies, procedures and processes are in place with regards to the MERS guidelines:
- Mortgage originators
- Warehouse lenders
- Wholesale lenders
- Retail lenders
- Document custodians
- Settlement agents
- Title companies
- County recorders
Thus, according to MERS, "...it acts as a mortgagee in the county land records for the lender and servicer. Therefore, any loan, for where MERS is the mortgagee and registered on the MERS® System, is inoculated against future assignments because MERS remains the mortgagee no matter how many times servicing is traded.”
If need of MERS compliance, then talk to NDNB, a nationally recognized PCAOB CPA firm specializing in regulatory compliance, with specialty services for the real estate finance | mortgage industry. Along with providing services such as Regulation AB, USAP, and others, NDNB also specializes in MERS compliance. Our MERS audits and auditor services have been built upon years of experience in one of the most regulated industries in the country.
North America’s MERS Experts