MIDEX FAQs
MARI has compiled a list of frequently asked questions regarding the company and its Mortgage Industry Data Exchange (MIDEX) database service. Hopefully, your questions will be addressed. If not, contact us for additional information.
What is MARI?
Mortgage Asset Research Institute, Inc. (MARI), established in 1990, is an information service provider to the mortgage and financial services industries. MARI develops and maintains a database service called the Mortgage Industry Data Exchange (MIDEX).
What is MIDEX?
The Mortgage Industry Data Exchange (MIDEX) is a cooperative commercial (not consumer) database service. MIDEX contains:
- Public disciplinary, enforcement and legal actions in the mortgage and financial services industries; and
- Non-public information about incidents of alleged fraud, material misrepresentation or serious misconduct in the mortgage industry.
What is MIDEX used for?
MIDEX is primarily used by mortgage lenders, investors and insurers (subscribers) as part of their due diligence on new or existing business relationships, such as those with mortgage brokers, correspondent lenders, appraisers, warehouse lenders, etc.
For example, a wholesale lender may search a prospective third-party originator (company and key individuals) through the MIDEX database as part of its due diligence process.
What kind of public information does MARI have?
The MIDEX database public reports contain information from over 200 regulatory agencies and other public sources in the mortgage, real estate, appraisal, commercial banking and securities industries. This information primarily includes records of disciplinary, enforcement and legal actions.
What kind of non-public information does MARI have?
The MIDEX database non-public reports are provided by subscribers and include incidents of alleged fraud, material misrepresentation and/or serious misconduct. Non-public database reports:
- Provide a factual narrative describing the incident;
- Identify the originator of record (the individual and company that took the application from the borrower); and
- Identify other parties, as appropriate, who were involved with the transaction.
MIDEX does not contain general business information, employment histories, etc.
Can I obtain a copy of a report on me?
Yes, if you follow a set of standard procedures, MARI will provide individuals and/or companies mentioned in a MIDEX report with a copy of that report. These procedures are designed to protect all parties in the process from unauthorized access to or use of reports about you or your company.
Why do I need to provide MARI with the information on the "Request for Information" form?
MARI will use the information to search its MIDEX database to access the reports that may refer to you and/or your company. For your protection, we need to make sure that each database report is only provided to an individual or company listed on the report. The information that you provide will be used solely for identification purposes and will not be resold or redistributed.
Can I respond to a report?
Yes, you can provide MARI with an emailed response that will be added to the report.
How can I correct the public information in the MIDEX database?
MARI collects and puts into MIDEX public information received directly from regulatory agencies and other public sources. It is important that you are aware that MARI does not create any public record or publicly available information. We collect the information and sell it to legitimate business, consumer and government customers.
If there is an error in our public record information, it is most often because the original source has provided the information with the inaccuracy. MARI can provide you with information on the agency or entity that provided the inaccurate information. Also, if you provide MARI with official documentation that you feel proves the inaccuracy, MARI will contact the source requesting that they correct the information. However, we alone cannot correct inaccurate source information. You must also contact these agencies and follow up with them to make sure the changes are made. If MARI incorrectly transcribed the data, this information will be immediately corrected once you identify the error.
How can I correct the non-public information in the MIDEX database?
Since MARI does not create the non-public information, we cannot correct the information that is reported; however, MARI has a resolution process that allows you to respond to data contained in a non-public MIDEX report. MARI will send your emailed response to the company (submitting subscriber) that sent MARI the non-public report. After reviewing your emailed response, the submitting subscriber can remove, modify or make no change to the non-public report. MARI will then add your emailed response to the MIDEX report. MARI will also send a copy of the updated report (or a deletion notice) to each subscriber who received a copy in the last two years.
What is the purpose of being referred to MARI?
You were probably asked to contact MARI by a MIDEX subscriber so that you can obtain a copy of a MIDEX report that references you and/or your company. Subscribers typically want to receive an explanation or clarification from you regarding the information contained in the MIDEX report.
Does MARI identify the sources of its information?
MARI identifies the source of the public data in its MIDEX database. MARI does not name the source of non-public information in MIDEX. MARI will, however, serve as a conduit through which you may forward reasonable questions, statements, etc. to the submitting subscriber. This process is necessitated by the legal requirement that MIDEX be a "blind" exchange of information.
How does MARI know its sources are reliable?
The publicly available information in the MIDEX database is obtained directly by MARI (not suppliers) from regulatory agencies and other public sources. The sources of non-public information are MARI's MIDEX subscribers (mortgage lenders, investors and insurers). Under a contractual agreement, subscribers provide factual information based on their own audits and investigations.
MARI only serves as an information conduit for the mortgage industry; therefore, MARI does not re-verify or re-investigate the information provided to MIDEX by public or non-public sources. MARI will, however, take great care in approving MIDEX subscribers to assure that information is only received from and sent to responsible entities.
What is a "MARI File Number"?
Each MIDEX report has a unique file number. The subscriber that referred you to MARI probably gave you one or more MARI File (or reference) Numbers. If you did not receive this information, we recommend that you contact the subscriber to obtain the MARI File Number since requests submitted without these numbers usually require additional time to process.
Can I opt-out of MARI's MIDEX database?
No. MIDEX is a commercial (not consumer) database that is used by companies and government agencies that have a legitimate need for the information it contains.
How long does MARI retain information?
Public information in MARI's MIDEX database remains in the database in perpetuity; information received from any non-public source is removed from MIDEX 10 years after the date of the reported incident.
Does MARI have a "notification" process?
No, MARI does not notify individuals or companies when information regarding them is received by MARI and included in its MIDEX database; however, you may contact MARI from time to time to determine if any new information referring to you has been added to MIDEX. Each request will be processed for a nominal fee of $50 per request.
Who regulates MARI?
MARI operates under State (Virginia) and Federal laws. MARI operates a commercial (not consumer) database called MIDEX, which is not subject to the requirements of the Fair Credit Reporting Act (FCRA); however, MARI voluntarily follows many FCRA guidelines.
The public information in MIDEX is obtained by MARI through various means such as Freedom of Information Act requests. The non-public reporting mechanism and policies were established, after extensive legal reviews, by a mortgage industry task force consisting of secondary market agencies, mortgage insurers and major lenders. In addition, MIDEX polices and procedures are reviewed by an industry oversight board consisting of representatives from major lenders and mortgage insurers.
Can my company subscribe to MARI's database services?
MARI provides its MIDEX database service to responsible and legitimate businesses in the financial services industries. MARI's Web page (www.mari-inc.com) contains information concerning MARI's products and services.
How do I contact MARI?
You may contact MARI by:
- Sending an e-mail to infoservices@marisolutions.com
- Writing to:
MARI, Information Services Department
11654 Plaza America Drive
Box 553
Reston, VA 20190
