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.
Monday, September 28, 2009
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.
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