Doc Prep Expands to Do REO Work
MRG Document Technologies has launched REO document package creation capability within its Miracle Online mortgage document preparation system. MRG provides REO document package creation through Miracle Online to assist lenders with the completion of compliant REO transactions both in a cost and time efficient manner.
Through Miracle Online, lenders have access to regulatory compliant REO document packages in all 50 states. Automated, real-time revisions to the documents alleviate the need for lenders to spend a significant amount of time researching and updating the material when legal and regulatory changes occur.
According to the latest Real Estate Market Report issued by Zillow, REO sales made up 22.2% of U.S. home sales in March. In addition, another wave of default properties is expected in the form of the "shadow inventory" comprised of loans that are currently part of modification programs or foreclosure moratoriums. "The housing market has shown signs of stabilization, but there is no doubt that servicers will continue to be challenged by large volumes of REOs," said Laura LaRaia, an attorney and director of customer service with MRG. "The key to coping with these industry changes is automation and technology. With the variation between states in the regulations that guide REO transactions, MRG has developed one source for these closing packages, encompassing the laws and regulations for all 50 states."
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.