MRG Document Technologies (MRG), a provider of mortgage technologies to banks, credit unions and other lenders nationwide, announced that it now offers reverse mortgage documents in compliance with federal and state regulations for all 50 states. Recent concern regarding the potential for predatory lending within the reverse mortgage market has led many states to adopt new laws and regulations governing reverse lending. The Federal Housing Administration (FHA) has also responded to demands for increased consumer protection by tightening up its reverse lending requirements. MRG’s mortgage documents are designed to carry the compliance burden associated with these consumer protections.
“With the baby boomers rapidly approaching retirement age, we expect to see an increase in reverse mortgage lending,” said Marsha Williams, an attorney at MRG. “As both federal and state regulations governing reverse mortgages continue to evolve, lenders must ensure that their documentation is fully compliant with all changes. MRG’s staff of attorneys constantly monitors the regulatory landscape and automatically updates the forms, providing our clients full compliance with reverse mortgage laws and regulations now and in the future.”
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.
For more information, visit www.mrgdocs.com.