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.
Tuesday, July 28, 2009
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.
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