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.
Monday, November 23, 2009
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.
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