Aklero Risk Analytics Inc., a provider of mortgage quality control software and services unveiled DQx for MERS Data and Document Validation Module. The module is part of Q-Close, their loan quality management platform, and provides an automated method to validate the accuracy of data resident in the controversial MERS Electronic Registry.
“We developed this offering in response to the requirements outlined in the MERS Quality Assurance Procedures issued in September requiring servicers to validate the accuracy of the data held on the MERS system against source documents,” said Richard Downing, executive vice president of sales for Aklero.
As a result, lenders are required to attest that they have performed a three-way document-to-data validation, including comparing the data on the MERS system against the bank’s data and against the “true data,” or original documents, a process that ensures a high degree of accuracy.
“Aklero is the only firm in the mortgage industry that has automated the process of comparing the data that populates original documents to the records maintained by the servicers and MERS,” said Julia Hernandez, senior vice president of professional services for Aklero. “People make mistakes but, by relying on the original documents, especially those from the closing, our solution provides a more accurate and comprehensive audit.”
That approach enables Aklero to review the documents and identify discrepancies. For servicers, the benefit of using this module is that Aklero can validate thousands of loans overnight, while in the same amount of time, servicers that cling to expensive manual processes complete far fewer loans files.