DALLAS, June 25, 2008 – MRG Document Technologies (MRG), a provider of compliance and documentation services for the financial industry, announced that Bank of New England, a Salem, N.H.- based bank providing financial and lending services throughout central and southern New Hampshire, the Merrimack Valley and the greater Boston area, has selected MRG for its document preparation services.
The lender selected MRG in May 2008 for its strength in compliance systems and for its access to compliance attorneys for legal services. MRG also provides Bank of New England with warranties and representations on all closing document packages, which are fully backed by errors and omissions coverage.
“Bank of New England is entering the mortgage business at a time when many other lenders are getting out, and we wanted to have the most efficient processes and technologies in place in order to capitalize on the changing mortgage landscape,” said Michael Gillis, vice president of Bank of New England. “ We highly value MRG’s guaranteed state compliance for origination disclosures and closing packages because while we currently lend in multiple states, we intend to grow into new ones in the future.”
"We encourage lenders to speak with MRG’s existing clients to find out how our document preparation services are a good fit for their organizations,” said Terry King, group chairman of MRG. “After speaking with another area lender, Bank of New England decided that using MRG’s products to simplify and improve the lending process can help it secure a prominent place in today’s residential mortgage industry.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages for mortgage lenders nationwide. The specific needs of the individual lenders are met through customized document packages, designed by in-house legal professionals and IT specialists. MRG also offers a variety of delivery options for document packages using e-mail and Web site delivery.
About Bank of New England
Headquartered in Salem, N.H., Bank of New England, formerly known as Southern New Hampshire Bank and Trust, operates five bank branches in New Hampshire and three additional bank branches in Massachusetts. Established in 1995 by its Chairman Emeritus Bill DeLuca Jr. and Chairman of the Board Bill DeLuca III, the bank has focused primarily on commercial lending and has a loan portfolio comprised primarily of commercial real estate investment and construction mortgages. For more information about Bank of New England visit, www.snhb.com
About MRG Document Technologies
Founded in 1980, Dallas-based MRG Document Technologies (MRG) is the mortgage document practice group within Middleberg Riddle & Gianna, a mortgage regulatory law firm. MRG designs, maintains and warrants as compliant more than 3,000 lender-specific electronic disclosure and closing documents for approximately 350 mortgage lenders, banks and other financial institutions throughout the United States. The company’s loan documents are guaranteed to be in compliance with the most recent legislative and regulatory changes. For more information about MRG, visit www.mrgdocs.com.
Wednesday, June 25, 2008
Tuesday, June 24, 2008
Media Coverage: "Change Leaves Lenders Longing for an End-to-End System" byline article in Mortgage Technology
Change Leaves Lenders Longing for an End-to-End System
By Terry King, Group Director, MRG Document Technologies
Change. Politicians spout it. Songwriters romanticize it. The mortgage industry struggles with it.
Recent months have ushered in big changes in the mortgage industry: lowered loan-to-value ratios, more stringent underwriting requirements, tougher fraud prevention, increased focus on the FHA market, a return to fixed rate products and the demise of formerly popular exotic products such as I/O ARMs and HELOCs.
To read the entire article, visit Mortgage Technology's Web site.
By Terry King, Group Director, MRG Document Technologies
Change. Politicians spout it. Songwriters romanticize it. The mortgage industry struggles with it.
Recent months have ushered in big changes in the mortgage industry: lowered loan-to-value ratios, more stringent underwriting requirements, tougher fraud prevention, increased focus on the FHA market, a return to fixed rate products and the demise of formerly popular exotic products such as I/O ARMs and HELOCs.
To read the entire article, visit Mortgage Technology's Web site.
Sunday, June 15, 2008
Media Coverage: "Top 50 Servicer Provider" in Mortgage Technology
Top 50 Service Providers
By Anthony Garritano
Presenting this year's best and brightest mortgage technology providers.
This list has gone through several changes over the past few years. For example, we originally honored 100 providers, but have recently sliced that down to just 50 in order to reflect the deep industry consolidation. As lenders look increasingly for one end-to-end solution, technology providers have merged or acquired niche players to offer a variety of services or technology applications under one company name.
To read the entire article, visit Mortgage Technology's Web site.
By Anthony Garritano
Presenting this year's best and brightest mortgage technology providers.
This list has gone through several changes over the past few years. For example, we originally honored 100 providers, but have recently sliced that down to just 50 in order to reflect the deep industry consolidation. As lenders look increasingly for one end-to-end solution, technology providers have merged or acquired niche players to offer a variety of services or technology applications under one company name.
To read the entire article, visit Mortgage Technology's Web site.
Thursday, June 5, 2008
1-800 East West Mortgage Selects MRG For Document Preparation Services
DALLAS, June 5, 2008 – MRG Document Technologies (MRG), a provider of compliance and documentation services for the financial industry, announced that 1-800 East West Mortgage, a Marlborough, Mass.-based lender that originates loans for borrowers throughout New England and Florida, recently selected MRG for its document preparation services.
1-800 East West Mortgage uses disclosure documents and compliance packages through MRG’s Miracle Online browser-based system for its array of loan products including mortgages, refinances and its expedited 14-day mortgage closing.
“MRG alleviates the headaches related to document compliance for us. They handle compliance responsibilities for us so that we no longer have to go through the time or expense of purchasing our own document licensing for each closing package we put together,” said David Bernotas, president and CEO of 1-800 East West Mortgage. “I have worked with MRG for about five years, and I selected the company for 1-800 East West Mortgage because of its representations and warranties and its compatibility with our origination system.”
“We are pleased to provide 1-800 East West Mortgage with documentation and compliance support that has been customized to facilitate and enhance its origination process,” said Terry King, group chairman of MRG.
MRG offers a browser-based system for the preparation and delivery of compliant document packages for mortgage lenders nationwide. The specific needs of the individual lenders are met through customized document packages, designed by in-house legal professionals and IT specialists. MRG also provides a variety of delivery options for document packages using e-mail and Web site delivery.
About 1-800 East West Mortgage
Founded in 1988 and based in Marlborough, Mass., 1-800 East West Mortgage is wholly owned by Worcester, Mass.-based Commerce Bank. The company offers various programs and products to meet the needs of its borrowers throughout New England and Florida. For more information, visit www.eastwestmortgage.com.
About MRG Document Technologies
Founded in 1980, Dallas-based MRG Document Technologies (MRG) is the mortgage document practice group within Middleberg Riddle & Gianna, a mortgage regulatory law firm. MRG designs, maintains and warrants as compliant more than 3,000 lender-specific electronic disclosure and closing documents for approximately 350 mortgage lenders, banks and other financial institutions throughout the United States. The company’s loan documents are guaranteed to be in compliance with the most recent legislative and regulatory changes. For more information about MRG, visit www.mrgdocs.com.
1-800 East West Mortgage uses disclosure documents and compliance packages through MRG’s Miracle Online browser-based system for its array of loan products including mortgages, refinances and its expedited 14-day mortgage closing.
“MRG alleviates the headaches related to document compliance for us. They handle compliance responsibilities for us so that we no longer have to go through the time or expense of purchasing our own document licensing for each closing package we put together,” said David Bernotas, president and CEO of 1-800 East West Mortgage. “I have worked with MRG for about five years, and I selected the company for 1-800 East West Mortgage because of its representations and warranties and its compatibility with our origination system.”
“We are pleased to provide 1-800 East West Mortgage with documentation and compliance support that has been customized to facilitate and enhance its origination process,” said Terry King, group chairman of MRG.
MRG offers a browser-based system for the preparation and delivery of compliant document packages for mortgage lenders nationwide. The specific needs of the individual lenders are met through customized document packages, designed by in-house legal professionals and IT specialists. MRG also provides a variety of delivery options for document packages using e-mail and Web site delivery.
About 1-800 East West Mortgage
Founded in 1988 and based in Marlborough, Mass., 1-800 East West Mortgage is wholly owned by Worcester, Mass.-based Commerce Bank. The company offers various programs and products to meet the needs of its borrowers throughout New England and Florida. For more information, visit www.eastwestmortgage.com.
About MRG Document Technologies
Founded in 1980, Dallas-based MRG Document Technologies (MRG) is the mortgage document practice group within Middleberg Riddle & Gianna, a mortgage regulatory law firm. MRG designs, maintains and warrants as compliant more than 3,000 lender-specific electronic disclosure and closing documents for approximately 350 mortgage lenders, banks and other financial institutions throughout the United States. The company’s loan documents are guaranteed to be in compliance with the most recent legislative and regulatory changes. For more information about MRG, visit www.mrgdocs.com.
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