MRG celebrates 10th anniversary of compliance update memoranda for clients

MRG celebrates 10th anniversary of compliance update memoranda for clients

August 4, 2009

MRG Document Technologies (MRG), 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.
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Compliance, Technology