DALLAS, August 15, 2006 – MRG Document Technologies (MRG), a provider of document preparation services for the financial industry, announced its Miracle Online, an ASP-based software package that provides automated data entry, document selection and electronic delivery of loan documents for mortgage lenders, is now available to users through a direct interface with MERS® 1-2-3.
The new interface between MERS 1-2-3 and MRG provides correspondent lenders and brokers the option to select Miracle Online when generating a Mortgage Identification Number (MIN) and MERS as Original Mortgagee (MOM) documents.
“Incorporating MRG’s Miracle Online solution into the family of MERS 1-2-3 document providers gives our users another practical solution for creating fully customizable loan closing documents,” said Dan McLaughlin, executive vice president of MERS. “This initiative offers additional options that can help our members more efficiently move their loans through the closing process.”
MERS® 1-2-3 is a system used by both MERS members and non-members alike to develop closing packages and valid assignments to MERS for loans that do not designate MERS as the original mortgagee. The system also helps MERS members convert correspondents and brokers into MERS Ready trading partners.
“This interface enables us to provide an enhanced level of document preparation services to the MERS community,” said Terry King, group chairman of MRG. “By combining MERS 1-2-3 with our own Miracle Online, correspondent lenders and brokers now have a single source for generating MINs, registering loans on MERS and ordering fully compliant loan closing documents.”
MRG provides document preparation services throughout the country with a variety of secure delivery options. MRG’s forms and documents offer fully customizable interfaced systems and real-time automated compliance testing. Lenders benefit from the increased flexibility because the documents are designed by MRG’s staff of legal professionals and IT specialists and allow quick, cost-effective customization to meet each lender’s specific mortgage documentation needs. MRG document preparation services are also available through Byte Classic, Byte Software’s previous LOS system.
About MERS
MERS is an electronic loan registry created by the real estate finance industry to eliminate assignments when trading mortgage loans. Borrowers name MERS as mortgagee and nominee for the lender on deeds of trust and mortgages that are recorded in the county land records. Lenders then register the loans on the MERS® System and electronically track changes in servicing and beneficial ownership rights over the life of the loan.
Loans registered with MERS are inoculated against future assignments because MERS remains the mortgagee of record no matter how often servicing is traded between MERS members. Fannie Mae, Freddie Mac, VA, FHA, Ginnie Mae, the Federal Home Loan Bank MPF®, California and New York housing authorities, and all major Wall Street rating agencies have approved MERS.
About MRG Document Technologies
Dallas-based MRG Document Technologies designs, maintains and warrants as compliant, electronic documents for the mortgage industry. Founded in 1980, the company has more than 400 customers including lenders of all sizes, located nationwide. With more than 150 employees, MRG is dedicated to bringing more than 3,000 lender-specific forms and documents, guaranteed to be in compliance with the most recent legislative and regulatory changes. For more information about MRG, visit www.mrgdocs.com.
