MERS® Internal Controls Compliance Policy and Procedures

Description

The Mortgage Electronic Registration System (MERS®) is a proprietary owned database that records and tracks the ownership and servicing rights of mortgage loans. As a MERS® member, a mortgage company must implement internal procedures and control mechanisms to ensure the accuracy and timeliness of information submitted to the MERS® system.

A participating mortgage company also requires the submission of an annual report. This policy outlines all compliance requirements set forth by MERS®, as detailed in the MERS® System Procedures Manual 40.00. It includes the requirement to establish a Quality Assurance (QA) Plan, identify deficiencies, and take corrective action to prevent future errors or inconsistencies.