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MERS Integration

ReversePilot integrates with the Mortgage Electronic Registration System (MERS) to manage the electronic registration of mortgage loans. This integration allows for efficient tracking of loan ownership and servicing rights, ensuring compliance with industry standards.

The MERS integration is designed to allow users to: * Quickly obtain a MIN (Mortgage Identification Number) for each loan * Register loans with MERS in one click

Settings to Enable MERS Integration

To enable the MERS integration:

Loading MERS Credentials

  1. Navigate to the Settings section of ReversePilot.
  2. Under "Third Party Integrations", find the MERS integration option.
  3. Provide the necessary credentials, including your MERS user ID and password.
  4. Save the settings.

Loading MERS Organization ID

  1. Navigate to the Settings section of ReversePilot.
  2. Go to the Company Settings page and ensure that the MERS organization ID is valid and saved for your company.
  3. Save the settings.

Using the MERS Integration

The MERS integration must be set up via the Settings section of ReversePilot under "Third Part Integrations". Once the third party integration has been enabled, users can access MERS functionality directly from the loan application interface.

Obtaining a MIN

The MIN can be obtained by following these steps: 1. Open the Loan Application: Navigate to the loan application for which you need a MIN. 2. Access Closing Section: In the loan application, find the Closing section. 3. Obtain MIN: Click the "Obtain MIN" button. This will initiate a request to MERS to generate a Mortgage Identification Number for the loan. mers-obtain-min-step-1.png 4. Review MIN: Once the request is processed, the generated MIN will be displayed in the MERS section of the loan application. mers-obtain-min-step-2.png

Note: When a MIN is generated, it will be automatically saved in the loan application under the MERS section. No notification is sent to MERS when a MIN is generated.

Registering a MIN

The MIN can be registered with MERS by following these steps: 1. Open the Loan Application: Navigate to the loan application for which you want to register the MIN. 2. Access Closing Section: In the loan application, find the Closing section. 3. Register MIN: Click the "Register MIN" button. This will send the necessary information to MERS to register the loan.

The information sent to MERS is based on the data on the loan application within ReversePilot. The following information is will be included:

  • Borrower names and addresses
  • Property address
  • Loan amount
  • Note date
  • Servicer MIN (this will be the MERS organization ID you provided in the settings)
  • Originator MIN (this will be the MERS organization ID you provided in the settings)

In a future release, we will look to include the ability to register MINs with various servicers.