There are two main components to MERS® eRegistry QA requirements.
First is the QA plan. If you're already a MERS® System Member, you're probably familiar with the online submission of the QA plan. When you're an eRegistry participant, that eRegistry QA plan is submitted in the same year. It happens once a year, but it’s an additional plan, separate from your MERS® System plan. When you submit your MERS® System plan through the EQA process, you’ll be asked if you're an eRegistry participant.
The second part of the QA policy is data reconciliation. If you're a MERS® System Member, you may already be familiar with the requirements for that process. The eRegistry is a bit different because the field data that gets populated, like the borrower's name and the address, is coming from the Smart Doc eNote. We don't ask you to reconcile those individual fields but to make sure you’re named where appropriate. You will be using a reconciliation report retrieved from the MERS® eRegistry user interface. MERS® eRegistry records will not be included on your Monthly Reconciliation Extract (MRE).
The eRegistry report must be compared to your internal records, which is typically your LOS or servicing system. Although we don't require it and it's not included as part of our QA plan, we do think it's best practice to include your eVault in your reconciliation process. The eRegistry, your internal records, LOS or servicing system and your eVault should all be compared.
There is one more component that applies to Controllers only. Our QA team completes data reviews for parties named as the controller. This process requires a data file to be provided to the QA team by the controller identifying all active eNotes from the Controller's internal records and must identify the eRegistry participants their internal records reflect the Servicing Agent and the Location. Our QA team then compares this data file to data from the MERS® eRegistry.
If you have questions or you want more information regarding the MERS® eRegistry QA requirements, review the MERS® eRegistry Procedures Manual. We also have a tutorial available about this topic in the MERS® Learning Center.