DALLAS, Dec. 7, 2009 – MRG Document Technologies (MRG) (www.mrgdocs.com), a provider of mortgage document technologies to banks, credit unions and other lenders, announced it has entered a partnership with RTE Financial Services (RTEfs), a reseller of Web-based software to the financial industry, that enables MRG’s MIRACLE electronic document preparation and compliance system to be marketed and promoted to RTEfs credit union clients.
RTEfs’ knowledge of the credit union industry, coupled with MRG’s MIRACLE mortgage loan products ensures that credit unions are provided with the most up-to-date document compliance measures for their needs, including access to document design, preparation, real-time compliance and electronic delivery, as well as legal expertise regarding federal and state regulations such as RESPA, TILA, HAMP and HVCC from MRG’s team of mortgage banking attorneys. This is especially important to credit unions and other lenders, which face a changing regulatory landscape.
“RTE Financial Services understands the complexity of mortgage transactions for financial institutions, including continuous compliance, document selection and integration demands,” said Gary Hess, president of RTE Financial Services. “MRG’s MIRACLE online products provide our clients with secure and efficient ways to navigate these significant issues, keeping them ahead of the curve in the changing financial industry.”
“Credit unions have unique mortgage document needs and remaining current on regulations demands constant research and monitoring,” said Mike O’Leary, senior mortgage consultant at MRG. “We look forward to working with RTEfs to ensure that its credit union clients are able to put mortgage document preparation in the control of an experienced team of mortgage experts and attorneys, focusing more time on member service and training staff.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About RTE Financial Services
Minnesota-based RTE Financial Services is a value added reseller of software to the financial services industry, including Web-based solutions for account opening, lending, marketing and document preparation. RTEfs focuses on providing turnkey products to handle complex tasks. For more information, visit the RTEfs Web site at www.rtefs.com.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products and compliance solutions including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Monday, December 7, 2009
Wednesday, December 2, 2009
Media Coverage: "Sifting Through Reg Z Changes" by Marsha Williams in Mortgage Technology
Sifting Through Reg Z Changes
By Marsha Williams, Attorney, MRG
Lenders need to understand the recent legislative and regulatory changes affecting the disclosure process in order to avoid potential delayed closings and loss of originations.
The Mortgage Disclosure Information Act expands the requirements for early disclosures. The most notable requirement of MDIA is that if the annual percentage rate provided in the early good-faith estimate disclosures changes beyond the specified TILA tolerance for accuracy under Regulation Z (one-eighth of one percent for a regular transaction or one-fourth of one percent for an irregular transaction), lenders must provide revised disclosures, which the consumer must receive on or before the third business day before consummation of the transaction.
To read the entire article, visit Mortgage Technology’s Web site.
By Marsha Williams, Attorney, MRG
Lenders need to understand the recent legislative and regulatory changes affecting the disclosure process in order to avoid potential delayed closings and loss of originations.
The Mortgage Disclosure Information Act expands the requirements for early disclosures. The most notable requirement of MDIA is that if the annual percentage rate provided in the early good-faith estimate disclosures changes beyond the specified TILA tolerance for accuracy under Regulation Z (one-eighth of one percent for a regular transaction or one-fourth of one percent for an irregular transaction), lenders must provide revised disclosures, which the consumer must receive on or before the third business day before consummation of the transaction.
To read the entire article, visit Mortgage Technology’s Web site.
Monday, November 23, 2009
MRG Document Technologies is Ready for RESPA Changes Taking Place Jan. 1, 2010
DALLAS, Nov. 23, 2009 – MRG Document Technologies (MRG) (www.mrgdocs.com), a provider of mortgage technologies to banks, credit unions and other lenders, announced that it has completed the drafting of new Good Faith Estimate (GFE) and Settlement Statement (HUD-1) forms required by the upcoming Real Estate Settlement Procedures ACT (RESPA) changes and is prepared to have institutions in compliance by the Jan. 1, 2010 deadline.
The RESPA changes were enacted by the Department of Housing and Urban Development (HUD) to ensure consumers receive more accurate estimates of closing costs, as well as a clearer comparison of the GFE and HUD-1 forms. The GFE will display the estimated total settlement costs on the first page, and lay out the terms of the loan in an easy to understand manner. These steps enable consumers to better comparison shop among loan originators and match up the estimated costs to the actual costs at closing, creating a more transparent, and better overall lending experience.
“Although these changes represent a good deal of preparation for lenders, we expect to see increased consumer confidence in the lending process as a result,” said Laura LaRaia, an attorney and director of customer service at MRG. “As lenders prepare for the January 1 deadline, implementing the forms developed by MRG will drastically improve the efficiency and accuracy of their compliance program in this time of transition. By outsourcing the production of the forms, financial institutions can focus on other aspects of the changes, such as training for the procedural adjustments.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products and compliance solutions including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
The RESPA changes were enacted by the Department of Housing and Urban Development (HUD) to ensure consumers receive more accurate estimates of closing costs, as well as a clearer comparison of the GFE and HUD-1 forms. The GFE will display the estimated total settlement costs on the first page, and lay out the terms of the loan in an easy to understand manner. These steps enable consumers to better comparison shop among loan originators and match up the estimated costs to the actual costs at closing, creating a more transparent, and better overall lending experience.
“Although these changes represent a good deal of preparation for lenders, we expect to see increased consumer confidence in the lending process as a result,” said Laura LaRaia, an attorney and director of customer service at MRG. “As lenders prepare for the January 1 deadline, implementing the forms developed by MRG will drastically improve the efficiency and accuracy of their compliance program in this time of transition. By outsourcing the production of the forms, financial institutions can focus on other aspects of the changes, such as training for the procedural adjustments.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products and compliance solutions including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Monday, November 9, 2009
MRG Integrates with ISGN’s Diamond™ Loan Origination Software
DALLAS, Nov. 9, 2009 – MRG Document Technologies (MRG) (www.mrgdocs.com), a provider of mortgage technologies to banks, credit unions and other lenders, announced that it has integrated its CompliancePlus data and document compliance process with ISGN’s Diamond™ enterprise-wide mortgage loan origination software.
Mortgage lenders using Diamond now have enhanced access to compliant loan closing document packages and electronic delivery solutions developed by MRG’s team of lawyers and mortgage industry specialists. The partnership streamlines the lending process by automating each step and ensuring that every document is accurate and compliant using the most up-to-date standards.
“ISGN focuses on providing our customers with technology that will truly enhance their businesses processes and by integrating with MRG, those customers are guaranteed the most streamlined, automated approach to ordering and delivering fully compliant loan closing documents,“ said Niraj Patel, president of products and services at ISGN.
“As the regulatory environment continues to grow more complex, ISGN’s Diamond users now have real-time regulatory updates accessible through their LOS. With ‘Compliance Plus’ ISGN’s Diamond users have fully integrated data and document compliance from initial disclosures through closing documents,” said Mike O’Leary, senior mortgage consultant at MRG. “Initial disclosures and loan closing packages ordered through ISGN’s Diamond™ mortgage loan origination software do not require the ISGN user to make legal decisions about their content.”
ISGN’s Diamond enterprise-wide mortgage loan origination software manages all aspects of loan production and completes all necessary documentation for the processing of a loan. The system automates the loan process, including calculations and submissions, as well as pricing and decisioning, using a single, real-time database.
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About ISGN
ISGN serves the mortgage lending space by providing an end-to-end spectrum of technology products, services and on-demand solutions. With a customer base of more than 600 lenders across the United States, including some of the world’s leading banks, ISGN provides complete technology and technology-enabled solutions that deliver value, improve customer satisfaction and have a measurable bottom-line impact. For more information, please visit www.ISGN.com.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products and compliance solutions including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Mortgage lenders using Diamond now have enhanced access to compliant loan closing document packages and electronic delivery solutions developed by MRG’s team of lawyers and mortgage industry specialists. The partnership streamlines the lending process by automating each step and ensuring that every document is accurate and compliant using the most up-to-date standards.
“ISGN focuses on providing our customers with technology that will truly enhance their businesses processes and by integrating with MRG, those customers are guaranteed the most streamlined, automated approach to ordering and delivering fully compliant loan closing documents,“ said Niraj Patel, president of products and services at ISGN.
“As the regulatory environment continues to grow more complex, ISGN’s Diamond users now have real-time regulatory updates accessible through their LOS. With ‘Compliance Plus’ ISGN’s Diamond users have fully integrated data and document compliance from initial disclosures through closing documents,” said Mike O’Leary, senior mortgage consultant at MRG. “Initial disclosures and loan closing packages ordered through ISGN’s Diamond™ mortgage loan origination software do not require the ISGN user to make legal decisions about their content.”
ISGN’s Diamond enterprise-wide mortgage loan origination software manages all aspects of loan production and completes all necessary documentation for the processing of a loan. The system automates the loan process, including calculations and submissions, as well as pricing and decisioning, using a single, real-time database.
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About ISGN
ISGN serves the mortgage lending space by providing an end-to-end spectrum of technology products, services and on-demand solutions. With a customer base of more than 600 lenders across the United States, including some of the world’s leading banks, ISGN provides complete technology and technology-enabled solutions that deliver value, improve customer satisfaction and have a measurable bottom-line impact. For more information, please visit www.ISGN.com.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products and compliance solutions including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Monday, October 12, 2009
MRG Launches Dashboard for Mortgage Originators and Servicers
SAN DIEGO, Oct. 12, 2009 – MRG Document Technologies (MRG) (www.mrgdocs.com), a provider of mortgage technologies to banks, credit unions and other lenders, announced at MBA’s 96th Annual Convention and Expo the launch of a dashboard feature to MIRACLE Online, its electronic document preparation and compliance software, so that mortgage originators and servicers can have detailed visibility into the process workflow of their loan originations, refinances and modifications.
Based on workflow criteria provided by the lender or servicer, the dashboard provides real-time visibility to the flow of document creation or the forward movement of multiple events affecting the status of loans. The dashboard and workflow concept gives lenders control of a situation and the ability to automate certain steps that are otherwise handled manually by an individual or team of people.
“We created the dashboard feature so lenders can find out exactly at what stage their loans are within the workflow at any given point in time and can share this information with their staff or technology partners,” said Laura LaRaia, an attorney and director of customer service at MRG. “For example, the dashboard reports let the lender or servicer know if loans are flowing at an optimal speed through the process or the reports may show that there is a backlog of loans that needs to be addressed by adding more staff to an area to handle the slowdown.”
The process workflow is a fully customizable, rules-driven engine with automatic notifications, conditional data analysis, reporting and historical audit tracking. Users can configure the visibility of individual windows of information, known as portlets, in the dashboard and can retain each user's preferences as to the location and order of these portlets to provide a personal dashboard for each user based on his or her role within the organization.
Dashboard features include drill-down functionality, role-based security, user-level filtering and private labeling. Workflow features include parallel processing, automated events created with lender or service definitions, data collection screens for manual events and customizable event duration thresholds with notifications. For example, a servicer working on loan modifications may define that a Home Affordable Modification Program (HAMP) Step 1 package is created for each loan that does not have existing liens attached to it. As loans pass through the workflow, the system automatically orders these document packages once it knows that there are no existing liens.
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG’s products are guaranteed to be in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products and compliance solutions including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Monday, October 5, 2009
MRG Integrates with OpenClose’s LenderAssist Loan Origination System
DALLAS, Oct. 5, 2009 – MRG Document Technologies (MRG) (www.mrgdocs.com), a provider of mortgage technologies to banks, credit unions and other lenders, announced that its MIRACLE Online electronic document preparation and compliance software has been fully integrated with West Palm Beach, Fla.-based OpenClose’s Web-based, end-to-end loan origination software, LenderAssist™.
Mortgage originators using LenderAssist can now access compliant document packages and electronic delivery solutions from MRG through a single sign-on built into the LOS. The partnership streamlines the loan origination process by integrating data exchange between the two systems to eliminate the need to rekey data.
“Mortgage lenders are facing a number of hurdles these days and need a loan origination system they can rely on to be compliant no matter what legislation or regulation was just passed or what state they operate in," said J.P. Kelly, president of Operations for OpenClose. “Through partners like MRG, we can offer our customers all the tools necessary to confidently close more loans and serve more borrowers in every possible market.”
“OpenClose users now have easier access to compliant mortgage closing documents that have been thoroughly vetted by MRG’s staff attorneys,” said Laura LaRaia, an attorney and director of customer service at MRG. “OpenClose users also have the ability to offer their borrowers electronic disclosure delivery options in order to both maintain compliance and shorten the disclosure and closing timeline.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About OpenClose
West Palm Beach, Fla.-based OpenClose Mortgage Software is a pioneer of on-demand mortgage solutions since its inception in 1999. The company offers mortgage banking software solutions, all delivered in a Web-based end-to-end mortgage-banking platform. LenderAssist is the company’s flagship mortgage banking software, DecisionAssist provides product pricing and eligibility, ConsumerAssist provides lenders with consumer-facing Web sites and BrokerAssist provides brokers with an origination system that tie into the other platforms. Each installation is customized to the lender’s workflow, business model and terminology. For more information, visit the company’s Web site at www.openclose.com.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products and compliance solutions including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Mortgage originators using LenderAssist can now access compliant document packages and electronic delivery solutions from MRG through a single sign-on built into the LOS. The partnership streamlines the loan origination process by integrating data exchange between the two systems to eliminate the need to rekey data.
“Mortgage lenders are facing a number of hurdles these days and need a loan origination system they can rely on to be compliant no matter what legislation or regulation was just passed or what state they operate in," said J.P. Kelly, president of Operations for OpenClose. “Through partners like MRG, we can offer our customers all the tools necessary to confidently close more loans and serve more borrowers in every possible market.”
“OpenClose users now have easier access to compliant mortgage closing documents that have been thoroughly vetted by MRG’s staff attorneys,” said Laura LaRaia, an attorney and director of customer service at MRG. “OpenClose users also have the ability to offer their borrowers electronic disclosure delivery options in order to both maintain compliance and shorten the disclosure and closing timeline.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About OpenClose
West Palm Beach, Fla.-based OpenClose Mortgage Software is a pioneer of on-demand mortgage solutions since its inception in 1999. The company offers mortgage banking software solutions, all delivered in a Web-based end-to-end mortgage-banking platform. LenderAssist is the company’s flagship mortgage banking software, DecisionAssist provides product pricing and eligibility, ConsumerAssist provides lenders with consumer-facing Web sites and BrokerAssist provides brokers with an origination system that tie into the other platforms. Each installation is customized to the lender’s workflow, business model and terminology. For more information, visit the company’s Web site at www.openclose.com.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products and compliance solutions including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Monday, September 28, 2009
MRG Co-Hosts Demonstration Suite at MBA’s 96th Annual Convention
DALLAS, Sept. 28, 2009 – MRG Document Technologies (MRG) (www.mrgdocs.com), a provider of mortgage technologies to banks, credit unions and other lenders, announced that it will co-host a demonstration suite with Guardian Resolution Services LLC (GRS) during MBA's 96th Annual Convention and Expo at the Manchester Grand Hyatt, San Diego, Oct. 12-13.
MRG and GRS will demonstrate to mortgage originators and servicers an outsourced solution for creating compliant loan documents and processing loan modifications, short sales and other foreclosure prevention options.
MRG can demonstrate to lenders how its eConsent electronic disclosure delivery system streamlines the process of handling initial disclosures by making it completely electronic and in full compliance with all existing and new Truth in Lending legislative changes. MRG also provides its clients with access to Kroll Factual Data’s risk assessment tests so lenders can identify potential fraudulent activity and use the tests as part of their “Red Flags Rule” plans, the federally mandated identity theft prevention plans that lenders must implement.
GRS can demonstrate its Web-based portal for efficient transaction management and control and its scalable, configurable mortgage resolution application to solve efficiency and quality challenges for services.
For more information or to set up an appointment, contact MRG’s Mike O’Leary at 214-220-6514 or GRS’s John Holloran at 972-652-3406.
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About Guardian Resolution Services
Guardian Resolution Services was formed in 2009 to help the mortgage industry process an unprecedented volume of mortgage loan modifications, short sales and facilitate other foreclosure prevention options. For more information about GRS, visit www.guardianresolution.com.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products and compliance solutions including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
MRG and GRS will demonstrate to mortgage originators and servicers an outsourced solution for creating compliant loan documents and processing loan modifications, short sales and other foreclosure prevention options.
MRG can demonstrate to lenders how its eConsent electronic disclosure delivery system streamlines the process of handling initial disclosures by making it completely electronic and in full compliance with all existing and new Truth in Lending legislative changes. MRG also provides its clients with access to Kroll Factual Data’s risk assessment tests so lenders can identify potential fraudulent activity and use the tests as part of their “Red Flags Rule” plans, the federally mandated identity theft prevention plans that lenders must implement.
GRS can demonstrate its Web-based portal for efficient transaction management and control and its scalable, configurable mortgage resolution application to solve efficiency and quality challenges for services.
For more information or to set up an appointment, contact MRG’s Mike O’Leary at 214-220-6514 or GRS’s John Holloran at 972-652-3406.
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About Guardian Resolution Services
Guardian Resolution Services was formed in 2009 to help the mortgage industry process an unprecedented volume of mortgage loan modifications, short sales and facilitate other foreclosure prevention options. For more information about GRS, visit www.guardianresolution.com.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products and compliance solutions including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Wednesday, September 16, 2009
Media Coverage: Interview with Laura LaRaia in Mortgage Technology
Keeping Lenders Honest
By Anthony Garritano
Was dishonesty a root cause of the current mortgage crisis? Washington thinks so. And to stop it from happening again new regulation is coming fast and furious. While this may seem like a recent development, actually the onslaught on new regulation around Truth-in-Lending started with the prior administration, when Title V of the omnibus Housing and Economic Recovery Act legislations was passed by Congress and signed into law by President Bush in July 2008.
To read the entire article, visit Mortgage Technology's Web site.
By Anthony Garritano
Was dishonesty a root cause of the current mortgage crisis? Washington thinks so. And to stop it from happening again new regulation is coming fast and furious. While this may seem like a recent development, actually the onslaught on new regulation around Truth-in-Lending started with the prior administration, when Title V of the omnibus Housing and Economic Recovery Act legislations was passed by Congress and signed into law by President Bush in July 2008.
To read the entire article, visit Mortgage Technology's Web site.
Tuesday, September 15, 2009
MRG Helps Lenders Prepare for Oct. 1 Deadline for Higher-Priced Mortgage Loan Rule
DALLAS, Sept. 15, 2009 – MRG Document Technologies (MRG) (www.mrgdocs.com), a provider of mortgage technologies to banks, credit unions and other lenders, provides higher-priced mortgage loan tests that enable lenders to comply with the pending higher-priced mortgage loan rule that takes effect Oct. 1.
MRG’s higher-priced mortgage loan tests provide accurate, real-time compliance testing of individual loan data to make sure they comply with the predatory lending restrictions. Higher-priced mortgage loans are closed-end loans secured by a consumer's principal dwelling with an annual percentage rate (APR) that exceeds the average prime offer rate for a comparable transaction by at least 1.5 percentage points for first mortgages or 3.5 percentage points for subordinate liens.
“Mortgage lenders need to put processes or systems in place to make sure all of the loans they originate meet the parameters set forth by the Federal Reserve Board’s higher-priced mortgage loan rule by the Oct. 1 deadline,” said Laura LaRaia, an attorney and director of customer service at MRG. “Since the average prime rate changes on a weekly basis, this is a process that needs continuous attention and maintenance to remain accurate. If lenders are unable to tackle the issue by themselves, third-party technology providers such as MRG can help them maintain compliance.”
The rule that takes effect Oct. 1 adds four protections for the category of higher-priced mortgage loans secured by consumers’ primary residences. For loans in this category, these protections prohibit lenders from extending credit without regard to a consumer's ability to repay from sources other than the collateral itself; require lenders to verify income and assets they rely upon to determine repayment ability; prohibit prepayment penalties except under certain conditions; and require lenders to establish escrow accounts for taxes and insurance, but permit lenders to allow borrowers to cancel escrows 12 months after loan consummation effective after April 1, 2010.
Additional protections included in the Federal Reserve Board’s revision of the Truth in Lending Act’s Regulation Z for loans secured by a consumer’s principal dwelling include a prohibition on abusive servicing practices and a mandate that advertisements must clearly and conspicuously provide accurate information about rates, monthly payments and other loan features.
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
MRG’s higher-priced mortgage loan tests provide accurate, real-time compliance testing of individual loan data to make sure they comply with the predatory lending restrictions. Higher-priced mortgage loans are closed-end loans secured by a consumer's principal dwelling with an annual percentage rate (APR) that exceeds the average prime offer rate for a comparable transaction by at least 1.5 percentage points for first mortgages or 3.5 percentage points for subordinate liens.
“Mortgage lenders need to put processes or systems in place to make sure all of the loans they originate meet the parameters set forth by the Federal Reserve Board’s higher-priced mortgage loan rule by the Oct. 1 deadline,” said Laura LaRaia, an attorney and director of customer service at MRG. “Since the average prime rate changes on a weekly basis, this is a process that needs continuous attention and maintenance to remain accurate. If lenders are unable to tackle the issue by themselves, third-party technology providers such as MRG can help them maintain compliance.”
The rule that takes effect Oct. 1 adds four protections for the category of higher-priced mortgage loans secured by consumers’ primary residences. For loans in this category, these protections prohibit lenders from extending credit without regard to a consumer's ability to repay from sources other than the collateral itself; require lenders to verify income and assets they rely upon to determine repayment ability; prohibit prepayment penalties except under certain conditions; and require lenders to establish escrow accounts for taxes and insurance, but permit lenders to allow borrowers to cancel escrows 12 months after loan consummation effective after April 1, 2010.
Additional protections included in the Federal Reserve Board’s revision of the Truth in Lending Act’s Regulation Z for loans secured by a consumer’s principal dwelling include a prohibition on abusive servicing practices and a mandate that advertisements must clearly and conspicuously provide accurate information about rates, monthly payments and other loan features.
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Tuesday, September 1, 2009
Media Coverage: "Class Dismissed" by Laura LaRaia in Mortgage Banking
Class Dismissed
By Laura LaRaia, Attorney and Director of Customer Service, MRG
In January 2008, I was asked by the managing partner of my law firm to review a brochure about the Mortgage Bankers Association’s (MBA’s) Future Leaders Program. The letter and brochure described an executive leadership development program that promised to deliver a comprehensive curriculum for selected middle- and senior-level executives who have shown leadership interests and abilities. I was asked if I might want to apply. It was clear the program would take a significant commitment--but I was intrigued nonetheless.
To read the entire article, visit Mortgage Banking's Web site to become a subscriber.
By Laura LaRaia, Attorney and Director of Customer Service, MRG
In January 2008, I was asked by the managing partner of my law firm to review a brochure about the Mortgage Bankers Association’s (MBA’s) Future Leaders Program. The letter and brochure described an executive leadership development program that promised to deliver a comprehensive curriculum for selected middle- and senior-level executives who have shown leadership interests and abilities. I was asked if I might want to apply. It was clear the program would take a significant commitment--but I was intrigued nonetheless.
To read the entire article, visit Mortgage Banking's Web site to become a subscriber.
Tuesday, August 11, 2009
Media Coverage: Interview with Mike O'Leary in MBA NewsLink
Current Environment Drives Use of ASP Models
By Michael Murray
Mortgage originators, seeing fewer originations and less available capital, are driving the Application Service Provider model, software-as-a-service, to save money.
“People don't have the capital to write big checks for these upfront systems, so you are seeing a not-so-subtle shift to the ASP models,” said Michael O'Leary, senior mortgage consultant at MRG Document Technologies, Dallas. “They have always been there, but now there is more and more of a shift, and a really hard look at a hosted system as opposed to one that [a company] invests in and maintains.”
To read the entire article, visit MBA NewsLink's Web site.
By Michael Murray
Mortgage originators, seeing fewer originations and less available capital, are driving the Application Service Provider model, software-as-a-service, to save money.
“People don't have the capital to write big checks for these upfront systems, so you are seeing a not-so-subtle shift to the ASP models,” said Michael O'Leary, senior mortgage consultant at MRG Document Technologies, Dallas. “They have always been there, but now there is more and more of a shift, and a really hard look at a hosted system as opposed to one that [a company] invests in and maintains.”
To read the entire article, visit MBA NewsLink's Web site.
Tuesday, August 4, 2009
MRG Announces 10th Anniversary of Compliance Update Memoranda for Clients
DALLAS, Aug. 4, 2009 – MRG Document Technologies (MRG) (www.mrgdocs.com), a provider of mortgage technologies to banks, credit unions and other lenders, announced the 10th anniversary of the distribution of its compliance update memoranda to clients and the second anniversary of providing them electronically.
These updates keep lenders informed about the ever-changing regulatory environment in the mortgage industry. The documents, delivered free of charge to all MRG clients, discuss issues such as when a new disclosure will begin printing in a particular loan closing package and whether clients will need to send additional or different data to complete a specific form. Recent court cases that impact the mortgage industry, such as Cuomo, Attorney General of New York v. Clearing House Association LLC et. al., are also included.
“MRG’s compliance updates are valuable to our organization because they keep us informed of statutory changes in each of the multiple states where we operate,” said Bill Fowler, vice president of Atlanta-based Crescent Mortgage. “The memos offer vital information that provide our account representatives with the latest changes to mortgage lending regulations so they can proactively share the information with other staff members and consumers.”
“Our origination and servicing clients use this information to make business decisions and to inform their departments about changes that are occurring in the mortgage industry,” said Laura LaRaia, an attorney and director of customer service at MRG. “We distribute the updates as the various federal and state laws become effective. Our goal is to release them about 30 days before the legislation goes into effect.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG’s products are guaranteed to be in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
These updates keep lenders informed about the ever-changing regulatory environment in the mortgage industry. The documents, delivered free of charge to all MRG clients, discuss issues such as when a new disclosure will begin printing in a particular loan closing package and whether clients will need to send additional or different data to complete a specific form. Recent court cases that impact the mortgage industry, such as Cuomo, Attorney General of New York v. Clearing House Association LLC et. al., are also included.
“MRG’s compliance updates are valuable to our organization because they keep us informed of statutory changes in each of the multiple states where we operate,” said Bill Fowler, vice president of Atlanta-based Crescent Mortgage. “The memos offer vital information that provide our account representatives with the latest changes to mortgage lending regulations so they can proactively share the information with other staff members and consumers.”
“Our origination and servicing clients use this information to make business decisions and to inform their departments about changes that are occurring in the mortgage industry,” said Laura LaRaia, an attorney and director of customer service at MRG. “We distribute the updates as the various federal and state laws become effective. Our goal is to release them about 30 days before the legislation goes into effect.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG’s products are guaranteed to be in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Tuesday, July 28, 2009
Media Coverage: "Abandoned and Vacant Property Registration" by Melanie Finkelstein in Managing REO
Abandoned and Vacant Property Registration
By Melanie Finkelstein, Attorney, MRG
With the growing number of foreclosures throughout the county, many cities, both large and small, have enacted ordinances to combat the problem of abandoned, distressed and vacant property. The ordinances are designed to protect residential neighborhoods from becoming blighted through the absence of adequate maintenance and security and to prevent crime and vandalism.
To read the entire article, visit Managing REO's Web site.
By Melanie Finkelstein, Attorney, MRG
With the growing number of foreclosures throughout the county, many cities, both large and small, have enacted ordinances to combat the problem of abandoned, distressed and vacant property. The ordinances are designed to protect residential neighborhoods from becoming blighted through the absence of adequate maintenance and security and to prevent crime and vandalism.
To read the entire article, visit Managing REO's Web site.
Thursday, July 23, 2009
Media Coverage: "Complying with Disclosure Changes by July 30 Deadline" by Marsha Williams in Mortgage Technology
Complying with Disclosure Changes by July 30 Deadline
By Marsha Williams, Attorney, MRG
Regulation Z changes scheduled to take effect at the end of this month require disclosures for additional types of mortgage transactions and require waiting periods for a transaction to close. Since the deadline is quickly approaching, lenders must prepare for these changes now.
Regulation Z changes to implement the Mortgage Disclosure Improvement Act of 2008 (MDIA) become effective July 30, 2009, one year after MDIA was enacted. These regulatory changes expand provision of Truth in Lending (TIL) disclosures for mortgage transactions.
To read the entire article, visit Mortgage Technology's Web site.
By Marsha Williams, Attorney, MRG
Regulation Z changes scheduled to take effect at the end of this month require disclosures for additional types of mortgage transactions and require waiting periods for a transaction to close. Since the deadline is quickly approaching, lenders must prepare for these changes now.
Regulation Z changes to implement the Mortgage Disclosure Improvement Act of 2008 (MDIA) become effective July 30, 2009, one year after MDIA was enacted. These regulatory changes expand provision of Truth in Lending (TIL) disclosures for mortgage transactions.
To read the entire article, visit Mortgage Technology's Web site.
Monday, July 20, 2009
Media Coverage: MRG's eConsent featured in Housing Wire
MRG’s Electronic Disclosure Software Anticipates Truth-in-Lending Expansion
By Austin Kilgore
Dallas-based software developer MRG Document Technologies announced it upgraded its Web-based eConsent electronic disclosure delivery system to comply with the upcoming expansion of the federally mandated truth-in-lending disclosures.
The new regulations, which take effect July 30, require additional disclosures for refinanced mortgages and loans on dwellings other than a borrower’s primary residence.
To read the entire article, visit Housing Wire's Web site.
By Austin Kilgore
Dallas-based software developer MRG Document Technologies announced it upgraded its Web-based eConsent electronic disclosure delivery system to comply with the upcoming expansion of the federally mandated truth-in-lending disclosures.
The new regulations, which take effect July 30, require additional disclosures for refinanced mortgages and loans on dwellings other than a borrower’s primary residence.
To read the entire article, visit Housing Wire's Web site.
MRG’s eConsent Helps Lenders Quickly Comply with Regulation Z of Mortgage Disclosure Improvement Act
DALLAS, July 20, 2009 – MRG Document Technologies (MRG) (www.mrgdocs.com), a provider of mortgage technologies to banks, credit unions and other lenders, announced that its eConsent electronic disclosure delivery system is now available to help lenders comply with changes to Regulation Z that take effect July 30 to implement the Mortgage Disclosure Improvement Act of 2008 resulting in an expansion of the Truth in Lending (TIL) disclosures.
The new changes expand the scope of TIL disclosures for mortgage transactions to include the need for disclosures for refinances and for mortgage loans on dwellings other than borrower’s primary residence, in addition to the disclosures already required for purchase and initial construction loans.
Revised disclosures are required if the annual percentage rate (APR) changes to outside of the tolerance during the loan process. As a result of re-disclosure, lenders must delay closings for three additional days, for a total of six days, while they wait for borrowers to receive the revised disclosures. By using MRG’s eConsent, lenders have verifiable proof that borrowers received re-disclosures on the day they were delivered if the borrowers consent to the re-disclosure. MRG supplies the lenders with verifiable reports of when the borrower actually consented; this can shorten the disclosure delivery time, with closings occurring three days after delivery date instead of six.
“Speeding up the closing process is a benefit to both lenders and borrowers. For lenders, it locks in interest rates, prevents borrowers from switching to another lender and generates interest sooner,” said Marsha Williams, an attorney at MRG. “By delivering the revised disclosures electronically, borrowers close their loans sooner.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
The new changes expand the scope of TIL disclosures for mortgage transactions to include the need for disclosures for refinances and for mortgage loans on dwellings other than borrower’s primary residence, in addition to the disclosures already required for purchase and initial construction loans.
Revised disclosures are required if the annual percentage rate (APR) changes to outside of the tolerance during the loan process. As a result of re-disclosure, lenders must delay closings for three additional days, for a total of six days, while they wait for borrowers to receive the revised disclosures. By using MRG’s eConsent, lenders have verifiable proof that borrowers received re-disclosures on the day they were delivered if the borrowers consent to the re-disclosure. MRG supplies the lenders with verifiable reports of when the borrower actually consented; this can shorten the disclosure delivery time, with closings occurring three days after delivery date instead of six.
“Speeding up the closing process is a benefit to both lenders and borrowers. For lenders, it locks in interest rates, prevents borrowers from switching to another lender and generates interest sooner,” said Marsha Williams, an attorney at MRG. “By delivering the revised disclosures electronically, borrowers close their loans sooner.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Wednesday, July 8, 2009
Media Coverage: MRG's HAMP Document Packages Featured in Housing Wire
MRG Releases Loan Modification Packages
By Jon Prior
MRG Document Technologies, a technology vendor to mortgage originators, released document packages for lenders that comply with the Home Affordable Modification Program (HAMP) launched March 4.
HAMP is part of the Homeowner Affordability and Stability Plan (HASP), designed to aid at-risk US homeowners in modifying or refinancing mortgages originated on or before Jan. 1, 2009.
To read the entire article, visit Housing Wire's Web page.
By Jon Prior
MRG Document Technologies, a technology vendor to mortgage originators, released document packages for lenders that comply with the Home Affordable Modification Program (HAMP) launched March 4.
HAMP is part of the Homeowner Affordability and Stability Plan (HASP), designed to aid at-risk US homeowners in modifying or refinancing mortgages originated on or before Jan. 1, 2009.
To read the entire article, visit Housing Wire's Web page.
MRG Offers Documentation Compliant with Home Affordable Modification Program (HAMP)
DALLAS, July 8, 2009 – MRG Document Technologies (MRG) (www.mrgdocs.com), a provider of mortgage technologies to banks, credit unions and other lenders, announced that it now offers mortgage servicers loan modification document packages that are compliant with the Home Affordable Modification Program (HAMP) that was created on March 4 as part of the Homeowner Affordability and Stability Plan (HASP) to help millions of distressed U.S. homeowners modify or refinance their mortgages to avoid foreclosure.
HAMP, effective March 4, 2009, to Dec. 31, 2012, for mortgages originated on or before Jan. 1, 2009, creates a modification process for loans through which borrowers who are in default, at risk of default or in foreclosure can have their loans modified to a more affordable monthly payment that is between 31 and 38 percent of their gross monthly income.
“As expected, the HAMP modification agreements are lengthy and require much more documentation than traditional modifications,” said Laura LaRaia, an attorney and director of customer service at MRG. “It has been our experience that the program has evolved over the last few months, and lenders need to continuously update their documents to maintain compliance. MRG’s staff of attorneys not only monitor the various regulatory and investor Web sites and update packages as needed, they also interpret how additional regulations affect the modification process now and going forward for our lending and servicing clients.”
Specifics of the loan modification program include:
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
HAMP, effective March 4, 2009, to Dec. 31, 2012, for mortgages originated on or before Jan. 1, 2009, creates a modification process for loans through which borrowers who are in default, at risk of default or in foreclosure can have their loans modified to a more affordable monthly payment that is between 31 and 38 percent of their gross monthly income.
“As expected, the HAMP modification agreements are lengthy and require much more documentation than traditional modifications,” said Laura LaRaia, an attorney and director of customer service at MRG. “It has been our experience that the program has evolved over the last few months, and lenders need to continuously update their documents to maintain compliance. MRG’s staff of attorneys not only monitor the various regulatory and investor Web sites and update packages as needed, they also interpret how additional regulations affect the modification process now and going forward for our lending and servicing clients.”
Specifics of the loan modification program include:
* A 90-day trial period for borrowers before the modification takes effect
* Servicers or lenders providing borrowers with a two-step document process that includes one document that outlines the terms of the trial period and another that outlines the terms of the modification itself
* Borrowers must make three monthly payments at the modified payment amount and be current on the 90th day during the trial period, during which time servicers or lenders must treat this loan during the trial period as if it were in forbearance. The form for the HAMP trial period is a FNMA/FHLMC Uniform Instrument (Form 3156).
* At the end of the trial period, the borrower must complete step two of HAMP, the Home Affordable Modification Agreement (FNMA/FHLMC Form 3157).
In addition to meeting HAMP requirements, MRG also offers an array of other loan modification packages.
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Wednesday, July 1, 2009
Media Coverage: "The Lowdown on Loan Mods" by Melanie Finkelstein in DS News
The Lowdown on Loan Mods
By Melanie Finkelstein, Attorney, MRG
With today’s economy causing a decrease in property values, loan modifications now outnumber refinances and have become the norm – whether under the Homeowner Affordability and Stability Plan or through a management program. In light of this upswing of loan mods, mortgage professionals need to keep the following tips in mind when creating loan modifications.
To read the entire article, visit DS News' Web site to become a subscriber.
By Melanie Finkelstein, Attorney, MRG
With today’s economy causing a decrease in property values, loan modifications now outnumber refinances and have become the norm – whether under the Homeowner Affordability and Stability Plan or through a management program. In light of this upswing of loan mods, mortgage professionals need to keep the following tips in mind when creating loan modifications.
To read the entire article, visit DS News' Web site to become a subscriber.
Friday, June 19, 2009
Media Coverage: Executive Spotlight Interview with Laura LaRaia in Mortgage Technology
Evaluating New Mortgage Regulation
Interview with Laura LaRaia, Attorney and Director of Customer Service, MRG
Is the new HVCC regulation working? What will RESPA Reform bring? Does the new White House really know what it’s doing in announcing its overhaul of regulating the financial sector? Laura LaRaia, an attorney for the legal team at Dallas-based MRG Document Technologies, talked to our editor Tony Garritano about these issues and others.
To read the entire article, visit Mortgage Technology's Web site.
Interview with Laura LaRaia, Attorney and Director of Customer Service, MRG
Is the new HVCC regulation working? What will RESPA Reform bring? Does the new White House really know what it’s doing in announcing its overhaul of regulating the financial sector? Laura LaRaia, an attorney for the legal team at Dallas-based MRG Document Technologies, talked to our editor Tony Garritano about these issues and others.
To read the entire article, visit Mortgage Technology's Web site.
Monday, June 15, 2009
Craig Kaley Joins MRG as Senior Technology Specialist
DALLAS, June 15, 2009 – MRG Document Technologies (MRG) (www.mrgdocs.com), a provider of mortgage technologies to banks, credit unions and other lenders, announced that Craig Kaley joins MRG as a senior technology specialist where he is responsible for both sales activities as well as developing and enhancing the architecture of MRG’s systems.
Kaley served as the vice president of development for an electronic document preparation services provider based in Colorado prior to joining MRG. He has also held solutions architect positions with communication and telecommunication companies and software engineer positions with a variety of business-to-business and consumer-facing organizations ranging from data back-up facilities to online gift registries.
“Craig brings a much appreciated technology perspective to our sales process,” said Michael Riddle, chairman of MRG. “His background in systems development enables him to thoroughly describe and answer lender questions about MRG’s document preparation systems. His experience on the customer side gives him insight into what features are most needed, useful and appealing to lenders that can be used on the product development side.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit http://www.mrgdocs.com/.
Kaley served as the vice president of development for an electronic document preparation services provider based in Colorado prior to joining MRG. He has also held solutions architect positions with communication and telecommunication companies and software engineer positions with a variety of business-to-business and consumer-facing organizations ranging from data back-up facilities to online gift registries.
“Craig brings a much appreciated technology perspective to our sales process,” said Michael Riddle, chairman of MRG. “His background in systems development enables him to thoroughly describe and answer lender questions about MRG’s document preparation systems. His experience on the customer side gives him insight into what features are most needed, useful and appealing to lenders that can be used on the product development side.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit http://www.mrgdocs.com/.
Monday, June 1, 2009
Media Coverage: Interview with Mike O'Leary in Mortgage Servicing News
Servicers to Get $15B for Loan Mods
By Brian Collins
Washington-The Obama administration is moving quickly to launch its $75 billion loan modification program, allotting nearly $15 billion to 14 mortgage firms to cover incentive payments for them, investors and homeowners.
However, one analyst pointed out that the funding is by no means pure profit. "They will incur a great deal of costs to do these loan mods," said the analyst, requesting anonymity.
To read the entire article, visit Mortgage Servicing News' Web site.
By Brian Collins
Washington-The Obama administration is moving quickly to launch its $75 billion loan modification program, allotting nearly $15 billion to 14 mortgage firms to cover incentive payments for them, investors and homeowners.
However, one analyst pointed out that the funding is by no means pure profit. "They will incur a great deal of costs to do these loan mods," said the analyst, requesting anonymity.
To read the entire article, visit Mortgage Servicing News' Web site.
Michael O’Leary Joins MRG as Senior Mortgage Consultant
DALLAS, June 1, 2009 – MRG Document Technologies (MRG) (www.mrgdocs.com), a provider of mortgage technologies to banks, credit unions and other lenders, announced that Michael O’Leary joins MRG as a senior mortgage consultant. In this position, O’Leary guides the sales and alliance efforts of MRG.
O’Leary has more than 30 years of leadership experience in the mortgage and real estate technology industry. Prior to joining MRG, O’Leary’s previous experience included serving as the president of a national document preparation technology provider. He is also the past president of a holding company and a title company, both in the Denver area.
“Mike’s wealth of knowledge of the mortgage industry is an invaluable asset to MRG,” said Michael Riddle, chairman of MRG. “He works with lenders ranging from small credit unions to large national lenders to make sure all of their needs for legally compliant documentation, loan modifications, additional mortgage fraud prevention and electronic disclosure delivery are being met.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
O’Leary has more than 30 years of leadership experience in the mortgage and real estate technology industry. Prior to joining MRG, O’Leary’s previous experience included serving as the president of a national document preparation technology provider. He is also the past president of a holding company and a title company, both in the Denver area.
“Mike’s wealth of knowledge of the mortgage industry is an invaluable asset to MRG,” said Michael Riddle, chairman of MRG. “He works with lenders ranging from small credit unions to large national lenders to make sure all of their needs for legally compliant documentation, loan modifications, additional mortgage fraud prevention and electronic disclosure delivery are being met.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Monday, April 27, 2009
Media Coverage: Interview with Mike O'Leary in National Mortgage News
Caution on Hiring
By Brian Collins
WASHINGTON-Big and small mortgage companies have seen huge increases in originations in the first quarter and some actually doubled their production thanks to the refinancing boom. But while Bank of America has announced a big hiring boost, other companies are being more cautious.
Bank of America and Wells Fargo reported huge increases in single-family originations as homeowners rushed to take advantage of low mortgage rates.
First-quarter originations totaled $101 billion according to Wells Fargo chief financial officer Howard Atkins. "Our mortgage originations doubled in the first quarter from the prior quarter, compared with an average increase of about half that among our large peers," Mr. Atkins told investors last week.
To read the entire article, visit National Mortgage News' Web site.
By Brian Collins
WASHINGTON-Big and small mortgage companies have seen huge increases in originations in the first quarter and some actually doubled their production thanks to the refinancing boom. But while Bank of America has announced a big hiring boost, other companies are being more cautious.
Bank of America and Wells Fargo reported huge increases in single-family originations as homeowners rushed to take advantage of low mortgage rates.
First-quarter originations totaled $101 billion according to Wells Fargo chief financial officer Howard Atkins. "Our mortgage originations doubled in the first quarter from the prior quarter, compared with an average increase of about half that among our large peers," Mr. Atkins told investors last week.
To read the entire article, visit National Mortgage News' Web site.
Monday, March 23, 2009
MRG Document Technologies Forms Alliance with Kroll Factual Data
DALLAS, March 23, 2009 – MRG Document Technologies (MRG), a provider of mortgage technologies to banks, credit unions and other lenders, announced an alliance with Kroll Factual Data, a provider of business information solutions to financial organizations, to provide MRG clients access to three of Kroll Factual Data’s risk assessment services, FactualID, FullFacts and CollateralFacts.
These services assist MRG’s lenders in not only identifying potential fraudulent activity, but also with implementing their “Red Flags Rule” plans, the federally mandated identity theft prevention programs that lenders must have in place by May 1. Kroll Factual Data’s risk assessment services are available through MRG's electronic document preparation and compliance software, MIRACLE Online. Since they can be ordered from MIRACLE Online, no additional set-up is required.
“Kroll Factual Data's risk assessment services comprehensively identify borrower, collateral, participant and transactional misrepresentation by combining advanced, knowledge-based analytics with industry leading flexibility,“ said Jeff Gentry, vice president of Kroll Factual Data.
“Compliance with federal and state lending regulations is of utmost importance in today’s mortgage industry, and lenders need technology partners who can help them meet the demands of the changing regulatory landscape,” said Mike O’Leary, senior mortgage consultant with MRG. “Creating relationships such as this one with Kroll Factual Data provides our lenders with additional mortgage fraud protection without the need to manage additional vendor relationships.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About Kroll Factual Data
Kroll Factual Data is a leading provider of business information to mortgage lenders, consumer lenders, property management firms and other businesses. For more than 20 years, Kroll Factual Data has helped businesses make prompt, accurate decisions by combining innovative solutions with cutting-edge technology and industry-leading customer service. Kroll Factual Data is a subsidiary of Kroll, the world’s leading risk consulting company. Kroll is a subsidiary of Marsh & McLennan Companies, Inc. (NYSE: MMC), the global professional services firm. For more information, visit www.krollfactualdata.com.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
These services assist MRG’s lenders in not only identifying potential fraudulent activity, but also with implementing their “Red Flags Rule” plans, the federally mandated identity theft prevention programs that lenders must have in place by May 1. Kroll Factual Data’s risk assessment services are available through MRG's electronic document preparation and compliance software, MIRACLE Online. Since they can be ordered from MIRACLE Online, no additional set-up is required.
“Kroll Factual Data's risk assessment services comprehensively identify borrower, collateral, participant and transactional misrepresentation by combining advanced, knowledge-based analytics with industry leading flexibility,“ said Jeff Gentry, vice president of Kroll Factual Data.
“Compliance with federal and state lending regulations is of utmost importance in today’s mortgage industry, and lenders need technology partners who can help them meet the demands of the changing regulatory landscape,” said Mike O’Leary, senior mortgage consultant with MRG. “Creating relationships such as this one with Kroll Factual Data provides our lenders with additional mortgage fraud protection without the need to manage additional vendor relationships.”
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the most recent legislative and regulatory changes.
About Kroll Factual Data
Kroll Factual Data is a leading provider of business information to mortgage lenders, consumer lenders, property management firms and other businesses. For more than 20 years, Kroll Factual Data has helped businesses make prompt, accurate decisions by combining innovative solutions with cutting-edge technology and industry-leading customer service. Kroll Factual Data is a subsidiary of Kroll, the world’s leading risk consulting company. Kroll is a subsidiary of Marsh & McLennan Companies, Inc. (NYSE: MMC), the global professional services firm. For more information, visit www.krollfactualdata.com.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Monday, March 16, 2009
MRG Experiences Growth in 2008
LAS VEGAS, March 16, 2009 – MRG Document Technologies (MRG), a provider of mortgage technologies to banks, credit unions and other lenders, announced that its client base increased by 30 new clients in 2008. In addition to growing its client base, MRG added the following enhancements to its services:
- Enabled mortgage brokers and lending organizations to automatically upload documents to MRG for inclusion in document packages through the MIRACLE ONLINE document preparation system
- Developed the one-time close construction/permanent closing documentation for both conventional and FHA residential loans
- Launched eConsent for electronic initial disclosures
- Offered initial disclosures to mortgage brokers in all 50 states
- Enabled lenders to request modification agreements via the Internet through MIRACLE ONLINE
MRG also formed alliances with the following technology providers in 2008 to offer its clients additional benefits:
- Integration with Lydian Data Services to extend MIRACLE ONLINE to Lydian Data Services’ origination fulfillment center customers
- Integration with ComplianceEase to provide access to ComplianceEase’s automated compliance system, ComplianceAnalyzer®, through MIRACLE ONLINE
MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG’s products are guaranteed to be in compliance with the most recent legislative and regulatory changes.
About MRG Document Technologies
Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products including closing documents, loan modifications, electronic disclosures, fraud prevention and imaging integration to approximately 350 mortgage lenders, banks and credit unions throughout the United States. For more information about MRG, visit www.mrgdocs.com.
Monday, March 2, 2009
Media Coverage: Interview with Mike O'Leary in National Mortgage News
Doc Vendors Look to Differentiate
DALLAS-As the mortgage industry has returned to more conventional loan products, document preparation technology has increasingly become a commodity. Now these vendors are fighting back with new features to set themselves apart.
MRG Document Technologies here is a law practice group within Middleberg Riddle & Gianna. This law practice group was established to offer compliance and technology support for disclosure and documentation facing single-family mortgage lenders.
To read the entire article, visit National Mortgage News' Web site.
DALLAS-As the mortgage industry has returned to more conventional loan products, document preparation technology has increasingly become a commodity. Now these vendors are fighting back with new features to set themselves apart.
MRG Document Technologies here is a law practice group within Middleberg Riddle & Gianna. This law practice group was established to offer compliance and technology support for disclosure and documentation facing single-family mortgage lenders.
To read the entire article, visit National Mortgage News' Web site.
Sunday, March 1, 2009
Media Coverage: "Overcoming Legal Roadblocks" by Laura LaRaia in Mortgage Technology
Overcoming Legal Roadblocks
By Laura LaRaia, Attorney and Director of Customer Service, MRG
As mortgage fraud has grown in scope and cost - especially with the onset of technological advances - regulations have tightened and new state and federal laws have grown exponentially.
The most recent regulatory changes require all mortgage lenders to assume a greater responsibility in the fight against mortgage fraud. Lenders are forced into an unfamiliar role: one of having to police the problem.
To read the entire article, visit Mortgage Technology's Web site.
By Laura LaRaia, Attorney and Director of Customer Service, MRG
As mortgage fraud has grown in scope and cost - especially with the onset of technological advances - regulations have tightened and new state and federal laws have grown exponentially.
The most recent regulatory changes require all mortgage lenders to assume a greater responsibility in the fight against mortgage fraud. Lenders are forced into an unfamiliar role: one of having to police the problem.
To read the entire article, visit Mortgage Technology's Web site.
Tuesday, January 6, 2009
First Internet Bank of Indiana Selects MRG For Document Preparation Services
DALLAS, Jan. 6, 2009 – MRG Document Technologies (MRG), a provider of compliance and documentation services for the financial industry, announced that First Internet Bank of Indiana, the first state-chartered, FDIC-insured institution to operate solely via the Internet, has selected MRG for its document preparation services.
The lender, based in Indianapolis, selected MRG for its compliance assurances and its ability to handle customizations for both open-end products like home equity loans and closed-end products like 30-year fixed rate mortgages. For example, MRG created an open-end set of closing documents for First Internet Bank of Indiana's home equity line of credit (HELOC) program, a fully indexed, 10-year draw with a 10-year repayment period.
“It was important for us to select a technology partner that enables us to maximize our lending reach without expanding our personnel footprint,” said Kevin Quinn, vice president of First Internet Bank of Indiana. “MRG also integrates well with our loan origination system so there is very little data for us to enter manually, which speeds up and simplifies the origination process.”
“Home equity lending laws vary more widely from state to state than closed-end mortgage lending requirements so it was important for First Internet Bank of Indiana to be fully compliant in this area before offering HELOCs nationwide,” said Terry King, group chairman of MRG. “MRG’s expertise in this area enabled First Internet Bank to immediately create a large footprint in home equity lending and maintain full legal compliance.”
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 First Internet Bank of Indiana
With over $520 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First IB also offers mortgages, credit cards, and installment loans. First IB is a wholly owned subsidiary of First Internet Bancorp (OTCBB: FIBP).
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.
The lender, based in Indianapolis, selected MRG for its compliance assurances and its ability to handle customizations for both open-end products like home equity loans and closed-end products like 30-year fixed rate mortgages. For example, MRG created an open-end set of closing documents for First Internet Bank of Indiana's home equity line of credit (HELOC) program, a fully indexed, 10-year draw with a 10-year repayment period.
“It was important for us to select a technology partner that enables us to maximize our lending reach without expanding our personnel footprint,” said Kevin Quinn, vice president of First Internet Bank of Indiana. “MRG also integrates well with our loan origination system so there is very little data for us to enter manually, which speeds up and simplifies the origination process.”
“Home equity lending laws vary more widely from state to state than closed-end mortgage lending requirements so it was important for First Internet Bank of Indiana to be fully compliant in this area before offering HELOCs nationwide,” said Terry King, group chairman of MRG. “MRG’s expertise in this area enabled First Internet Bank to immediately create a large footprint in home equity lending and maintain full legal compliance.”
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 First Internet Bank of Indiana
With over $520 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First IB also offers mortgages, credit cards, and installment loans. First IB is a wholly owned subsidiary of First Internet Bancorp (OTCBB: FIBP).
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.
Thursday, January 1, 2009
Media Coverage: Interview in Mortgage Technology
Doing More With Less
By Anthony Garritano
In the December 2008 issue of this publication, we reported that technology spending is expected to be at best flat in 2009 as compared to 2008, or at worst down by 10%. While those numbers seem bleak, lenders are still spending on technology, but they have to spend smarter and better utilize existing technology as well.
To read the entire article, visit Mortgage Technology's Web site.
By Anthony Garritano
In the December 2008 issue of this publication, we reported that technology spending is expected to be at best flat in 2009 as compared to 2008, or at worst down by 10%. While those numbers seem bleak, lenders are still spending on technology, but they have to spend smarter and better utilize existing technology as well.
To read the entire article, visit Mortgage Technology's Web site.
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