MRG Document Technologies (MRG), a provider of compliance and documentation services for the financial industry, announced the ability to offer initial disclosures to mortgage brokers in all 50 states.
As state legislators throughout the country scrutinize their lending requirements and regulations in the wake of rising defaults and foreclosures, several new policies have been directed towards mortgage lenders and originators. Industry experts expect the trend of tightening regulations to continue, particularly for mortgage brokers.
In an effort to assist mortgage professionals with these new regulations, MRG's legal staff developed compliant broker disclosures for each state. These disclosures are available to the lending community via the internet through MRG's miracle online document preparation software. MRG's eConsent solution enables originators to provide these state specific disclosures directly to consumers in an electronic format. "During the past year, regulatory changes in states across the country have dramatically complicated the disclosure requirements for residential mortgages, especially for those originated by Mortgage Brokers," said Terry King, group chairman of MRG. "Providing brokers and originators with online access to compliant disclosures is another way that MRG streamlines the documentation process for its customers." 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 about MRG, visit www.mrgdocs.com.