eRAMP - Using Automated reconciliation process for confirmation

Using Automated reconciliation process for confirmation

Before using the automated reconciliation process the OD/Consolidation Transaction report must be activated. See article How to setup automated reconciliation process for setup instructions.

A critical step to keep data current with MERS is to run the automated reconciliation process daily. The reconciliation process confirms loans have been accepted by MERS, rejected by MERS, accepted by investors or rejected by investors.  In addition loans purchased or re-purchased are sent to you via the reconciliation process.


To run the reconciliation process select the <File> menu option. Next select the <Confirmation> menu option. At the top left of the screen there is a button labeled Retrieve Report, select this button. A dialogue box will open where you can enter your password and make a date selection. Enter your password and select the previous business date, the last date you submitted loans to MERS.eRAMP will connect to MERS, download the Consolidated Transaction/OD report and perform the reconciliation process.


It is recommended to run the reconciliation process every day after registrations have been sent to MERS and before transfer of rights have been sent to MERS. When registered loans are confirmed the loan will move from the confirmation screen to the transfer of rights screen ready for transfer. An option to running reconciliation daily is to run once a week. In this case run reconciliation for each business day to cover the entire time since the previous reconciliation was run. At the bottom of the eRAMP main screen there is a warning date to show you when the last time the Consolidation Transaction/OD report was run.


Note: MERS only retains Consolidation Transaction/OD reports for reconciliation for 30 days. If you do not run the reconciliation process within the thirty day period the report data may not be available.  When report data is not available process all registrations and transfers using the Reject or Succeed buttons located at the bottom of the Confirmation screen. NOTE: ONLY USE THE MANUAL REJECT OR SUCCEED BUTTONS TO MANUALLY PROCESS LOANS BASED ON YOUR LOAN STATUS AS CONFIRMED WITH MERS. IF YOU MANUALLY PROCESS LOANS INTO THE INCORRECT STATUS YOU WILL RECEIVE REJECT NOTICES FROM MERS.

XML ONLINE REGISTRATION USERS: If you are using the XML Online Registration channel loans will be confirmed at time of registration, however update, transfer of rights, transfer confirmation and deactivations must still be confirmed using the automated reconciliation process. This is very important and should be run daily, including Saturday.


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