MRG Document Technologies Prepared to Assist Mortgage Lenders With Multi-State Exam Compliance

Miracle Online doc prep system enables electronic export of 100 percent of lenders’ loan data for state examinations

DALLAS--(BUSINESS WIRE)--MRG Document Technologies (MRG), a provider of mortgage document preparation software and compliance technology to banks, credit unions and other lenders nationwide, is prepared to assist lenders with the 2011 transition to the new industry standard electronic examination (e-Exam) process.

“The focus of many of this year’s regulations has been creating transparency and uniformity in the mortgage lending process and the e-Exam initiative continues those efforts”

Through its advanced examination data export functionality as well as its integration with ComplianceEase’s ComplianceAnalyzer® product, MRG’s Miracle Online document preparation system enables lenders to comply with the reporting rules of the e-Exam process. The e-Exam initiative, coordinated by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), has been announced in three states in 2010 so far, including Pennsylvania, North Carolina and Washington. In 2011, it is expected that lenders will be required by many states to upload 100 percent of their loan portfolio data to regulators, increasing the scope of most audits.

“The focus of many of this year’s regulations has been creating transparency and uniformity in the mortgage lending process and the e-Exam initiative continues those efforts,” said Laura LaRaia, an attorney and director of customer service at MRG. “By sharing resources and data, state regulators will be able to accomplish more audits in less time. The automated export of loan data simplifies the audit process for lenders, and our integration with ComplianceAnalyzer enables lenders to identify non-compliant loans in real-time, before a regulatory exam. As a RegulatorConnect™ Certified Partner, we look forward to assisting in the establishment of this industry standard in other states in 2011.”

The e-Exam initiative is designed to bring greater uniformity and modernization to the mortgage examination process. In an e-Exam, lenders export 100 percent of their loan data into the Licensee Examination File (LEF) format, through systems such as MRG’s Miracle Online. Regulators are able to examine the electronic loan data that licensees submit, potentially limiting the number of loan files that need to be reviewed during an on-site exam.

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 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.