First Internet Bank of Indiana selects MRG for document preparation servicesMortgagePress.comFirst Internet Bank of Indiana, MRG Document Technologies, document services, FDIC, compliance assurances, Kevin Quinn, Terry King
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.
For more information, visit www.firstib.com or www.mrgdocs.com.
