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MERS® QA Audit - This Weeks' Panic Avoided

6/10/2016

 
Secondary Market Investors, Regulators Requesting Mortgage Electronic Record System® Quality Assurance Plan

MERS® has been functioning in place for many years, eliminating many cumbersome, expensive and ineffective procedures to effect and track the transfer of individual mortgages in the secondary market. It drew much unwanted attention during the foreclosure crisis, as legal challenges resulting from the inferred opacity of the system - because you can't ascertain the holder of the mortgage/note from county recorders offices - seemed to threaten the very basis of the business model. Having survived, for now, many of the issues which arose during the crisis are now filtering their way to the front lines. Market participants who once did very little more than assign a MERS® ID now find themselves having to fulfill other obligations. 

First among these is Quality Assurance. While adding another series of checks and balances to our quality control process seems like another burdensome cost of doing business, a rational approach allows us to understand that we actually conduct this audit as a regular part of our business. We just need to prove we do it. This involves two steps:

1.) Recording our MERS® steps
2.) Having a plan that identifies the person who keeps the records and submits the information

As a MortgageManuals.com Customer, you can download for free here or if the link is broken, here:
​https://mortgagemanuals.sharefile.com/d-sa058d7258194ff3a

HUD 4000.1 Quality Control Plan Integration

2/4/2016

0 Comments

 

Relax - it's in there...

If you are a mortgagemanuals,com customer, all of the procedural requirements correctly reflect HUD's requirements. The concern many are voicing reflect references to the 4060, which were removed in most places, but still persisted in others. 

In addition, there are examiners asking for 4000.1 References, instead of the old 4060 references, and things have changed their name a little. But you should be able to perform a Word Search function and find these references within your plans.

Here is the updated 1-19 Guidance on 4000.1 References

In addition, please read the newsletter for clarification of the Pre-Closing/In-Process functions and Sampling Requirements.
0 Comments

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  • Home
    • Search our site
    • The CFPB and You
    • What Does a QC Plan Do?
    • Choosing the Right One
    • Free Sample Request Form
    • Request Discount Code
    • About Us >
      • About Us
      • FAQs
      • 100% Guarantee
      • Client List
    • Industry Blog
  • Single Policies
    • Single Policies
    • Free Sample Policies >
      • TIL-RESPA Integrated Disclosure (TRID)
      • HPML Appraisal Policy
      • Social Media
      • Ability to Repay
      • SAFE Act Policy
      • E-Sign Policy
      • Loan Originator Comp
      • Complaint Resolution
    • Disaster Recovery/Business Continuity Plan
    • Anti-Money Laundering (AML/BSA/SAR) >
      • Annual AML/BSA Audit
      • Annual AML Training
      • Free AML/BSA SAR Evaluation
    • Fair Lending/Fair Housing
    • Secondary Marketing-Loss Mitigation
    • Appraiser Independence - Appraisal Management
    • Anti-Predatory Lending (UDAAP)
    • Vendor Management
    • Business Plan
    • MERS QA Plan
  • Modules
    • Module System
    • Mortgage Compliance Manual
    • Quality Control Options >
      • Quality Control Options
      • Lender Quality Control Plan >
        • HUD-FHA Quality Control Plan
      • Broker QC Plan
    • Origination/Production Module
    • Processing Module
    • Underwriting/Credit Policy
    • Closing/Funding/Warehouse
    • Mortgage Ops & Employee
    • Information Security - FACTA/Red Flags & ID Theft
    • Wholesale/Third Party Origination
    • Mortgage Servicing Module >
      • Mortgage Servicing
      • Mortgage Sub-Servicing
      • MERS Quality Assurance (QA)
  • Packages
    • Packages
    • Mortgage Banker Package
    • Correspondent Broker Pack
    • Lender Compliance Pack
    • State Examination Packages
    • Broker-Corr Compliance Pack >
      • Broker-Corr Compliance Pack
      • State Audit/Exam Prep
      • Specific Lenders Requirements
    • Supervisory Plan
  • Services
    • Services
    • Training Services >
      • Annual AML Training
      • Fair Lending Training
      • ID Theft Training FACTA
      • Cybersecurity Training GLB Safeguarding
      • Fraud Red Flag and QC Training
      • Privacy Act - GLB Training
      • Advertising Compliance Training
      • New Employee Training
    • My Compliance VP - Manager >
      • My Compliance VP - Manager
      • Document Management Systems >
        • Document Management Systems
        • Access Document Managment
      • Warehouse Lender/Agency Approval
    • Comergence Upload Service
    • State Audit Preparation >
      • New York Lender Broker
      • North Carolina Lender Broker
      • Ohio Mortgage Lender Broker
    • Annual Audit Preparation
    • Updates and Downloads >
      • Updates and Downloads
      • Updates and Downloads (members)
    • Request Review
    • How to: Customization Services >
      • How to: Downloading Documents
      • How to: Customize Your Manual
      • Free "Generic" Customization Offer