""Aklero Risk Analytics Inc."":http://www.Aklero.com, based out of Fort Washington, Pennsylvania, provides mortgage quality control software and services to the industry via its automated data and document assurance platform. The company recently announced the release of a new DQx module for MERS data and document validation.
The module is part of ""Q-Close"":http://www.aklero.com/technology/q-close, Aklero's loan quality management platform, and provides an automated method to validate the accuracy of data resident in the MERS electronic registry.[IMAGE] [COLUMN_BREAK]
""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,"" explained Richard J. Downing, EVP of sales for Aklero.
Per MERS guidelines, 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. According to Aklero, this three-way process 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 the servicers and MERS maintain,"" commented Julia Hernandez, SVP 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.""
This approach enables Aklero to review the documents and identify discrepancies. For servicers, the company explained, the benefit of using the new DQx 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.