VA
VA Offers 40-Year Loan Modification Option
VA issued Circular 26-24-08 to offer a 40-Year Loan Modification option to assist borrowers in reaching an affordable payment in the current environment of rising
April 26, 2024
MERS Annual Review & e-annual report
Every MERS member is required to complete an annual review, and if your firm has 1,000 or more active MINs, an independent third party must perform your MERS Annual Review by December 31st each year.
It is best to complete this process as early as possible in the year. Not only does it allow more time for a comprehensive review, but servicers who submit required files early will receive a large discount on their MERS Annual Review from TENA.
MERS System Quality Assurance Program
The intent of the MERS System Quality Assurance (QA) Program is to assure that each Member has processes in place to ensure compliance with the requirements set forth in the Membership Agreement.
Key components of the MERS System QA Program include:
• QA Plan: Confirms that a Member is in compliance with the requirements set forth in the Membership Agreement as of a given date.
• Annual Report: Confirms that a Servicing Member has processes and controls in place to ensure compliance with the requirements set forth in the Membership Agreement and has integrated these requirements into its daily business practices.
• Data Reconciliation: Members reconcile all required and conditionally-required fields on the MERS® System with their System of Record.
• QA Reviews: Allows MERSCORP Holdings to monitor Member compliance with the requirements set forth in the Membership Agreement.
MERS Document Reviews
A MERS Document is any document that creates or affects an interest held by MERS or that makes a representation by or about MERS; this includes, but is not limited to: Security Instruments, Lien Releases, Assignments to/from MERS, and Modifications Agreements.
TENA performs an assessment on the MERS Documents related to a Member’s MERS Loans and a review of the data on the Member’s System of Record related to these loans using a random sample of its loans when self-auditing its performance against its QA Plan with the results meeting or exceeding the requirements in the Membership Agreement.
MERS® Life of Loan Reviews
- Validation that the information in the applicable land records and on the MERS® system is consistent.
- Ensure the MERS® language is correct on security instruments, assignments, and lien releases.
- Reviews performed on newly originated and acquired loans, paid-in-full, bankruptcy, foreclosure and loss mitigation (deed-in-lieu and short sale).
Ready to get started on your MERS Reviews?
Explore All Our Mortgage Audit Services
TENA covers every step in the mortgage review process, from Pre-Funding to Post-Closing to Servicing, and more!
Pre-Funding QC
Pre-Funding Audits
Credit, collateral, capacity & compliance are reviewed to identify issues prior to funding the loan, all with standard turnaround times of 48 hours or less.
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SECONDLOOK Audit Software
Bring Your Audits In-House
For nearly 4 decades, TENA's SECONDLOOK Software has been the preferred choice for lenders performing their own audit processes.
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Post-Closing Audits
TENA's Audit Solutions cover the guidelines of all applicable agencies and types of mortgages, from Fannie Mae, Freddie Mac, FHA, VA, RHS and more.
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TENA Web Services (TWS)
TENA Web Services (TWS)
TENA Web Services (TWS) is a cloud-based platform to manage the remediation process and reporting of audit findings.
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Servicing QC
Servicing Audits
File based and procedural reviews are conducted to address all aspects of the loan servicing process.
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QC Plans & Specialized Audit Services
QC Plans & MERS Reviews
Customized QC plans, MERS reviews, and more to meet the specific needs of any lender or servicer.
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