Run the three MERS Biennial Data Review Exports as part of the MERS Biennial Data Review process. If you have been scheduled for this review, MERS will notify you and assign you a snapshot date – a date to complete the initial review. You will be assigned a final snapshot date approximately 45 days later.

1. Complete the initial review on the assigned snapshot date at the close of business

•  Run the following 3 exports (in event manager under system administration, Imports/Exports):
  • MERS Biennial Data Review Export 1 - Min (Mortgage Identification Number): Run this event to create a file that contains single occurring data fields associated with the MIN. The export filename must include your MERS Org ID and the snapshot date in the following format: mmddccyy. For example, _01_01012013_.txt
  • MERS Biennial Data Review Export 2 - Borrower: Run this event to create a file that contains relevant borrower details and may include multi-occurring records if multiple borrowers are associated with a MIN. For each MIN, all current borrower(s) information is included. To designate a borrower be included in this export, you must select the On Security Instrument check box on the New/Edit Borrower screen. Verify this check box is selected for all borrowers that should be included in this export. For all new loans, this check box is selected by default. The export filename must include your MERS Org ID and snapshot date in the following format: mmddccyy. For example, _02_ 01012013_.txt
  • MERS Biennial Data Review Export 3 - Legal Description: Run this event to create a file that contains a legal description and values of county or FIPS codes and may include multi-occurring records if multiple county or FIPS code values are associated with the MIN. This filename must include your MERS Org ID and snapshot date in the following format: mmddccyy. For example, __03_01012013_.txt
• These exports include data for all active serviced MERS and Registration loans in servicing director. Each export creates a tab-delimited file with a header and trailer
• Send the 3 export files to MERS

2. Obtain a copy of your MERS system data and reconcile with MERS related data in servicing director as needed
3. MERS will provide you with a text file that includes select MINs. Do the following:

• Run the MERS Biennial Review Re-compare Import (in Event Manager under System Administration, Imports/Export) to import the MERS text file
• Run the MERS Biennial Review Re-compare Rpt (in Event Manager under System Administration, Reports) to view a list of all loans (loan IDs, MINs, and Primary Status) that have a match in the MERS Biennial Review Re-compare Import and also a list of MINs that could not be matched to a loan
• Update MERs information as needed to reconcile data. Note, if a MIN has been deactivated or transferred from your responsibility since the initial review, it will not be included in the export files

4. Complete the final review on the new snapshot date at the close of business day

• Repeat Step 1, using the new snapshot date in the export filenames
• Compare data in the export files to ensure MERS-related data in Servicing Director matches data in the MERS System. If necessary, update data in servicing   director and re-run the 3 exports   
• Send the 3 export file to MERS

ArticleNumber:

000049796