Citizens Bank Implements MRG Document Technologies’ MIRACLE Online for Automated Mortgage Loan Document Compliance

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, announced Fort Scott, Kan.-based Citizens Bank has selected MRG’s Miracle Online platform for its mortgage document compliance needs.

“For institutions such as Citizens Bank, MRG provides a cost-effective solution that goes beyond technology to give lenders the hands-on assistance of a group of attorneys that are dedicated to monitoring the regulatory landscape and preparing lenders for upcoming changes.”

Citizens Bank, with $290 million in assets, serves Eastern Kansas through eight branches. MRG was selected due to its automated compliance audits and checks in the document preparation system, enhancing the overall lending process by increasing efficiency and decreasing loan turn around times. The bank also benefits from MRG’s integration with its loan origination software (LOS), enabling the automatic import of data between systems.

“For a community bank, mortgage compliance can be an overwhelming burden,” said Neal Barclay, vice president and compliance officer at Citizens Bank. “MRG’s MIRACLE Online, as well as its mortgage attorneys and experts, provides us with guaranteed document compliance. With a team of attorneys researching upcoming regulations and automatically applying the necessary changes to our document packages, we spend significantly less time on compliance and can reduce loan turnaround time by at least a day.”

Citizens Bank is also able to decrease costs by not using resources for upfront disclosures. Through MRG, lenders pay per closed loan. With this pricing model, Citizens Bank is not affected by potential borrowers who receive upfront disclosures, but then do not select the bank’s mortgage services.

“Regulatory changes have hit community institutions especially hard as the technology and programs needed for compliance can be costly,” said Mike O’Leary, senior mortgage consultant for MRG. “For institutions such as Citizens Bank, MRG provides a cost-effective solution that goes beyond technology to give lenders the hands-on assistance of a group of attorneys that are dedicated to monitoring the regulatory landscape and preparing lenders for upcoming changes.”

About MRG Document Technologies

Since 1980, Dallas-based MRG Document Technologies (MRG) has provided a variety of mortgage technology products and compliance solutions 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.