MRG Introduces Mortgage Servicing Risk Compliance Tool
MRG Document Technologies has developed legal compliance technology support software that addresses today’s “ever more complex” mortgage servicing policies and procedures.
The collaboration focused on delivering legal compliance services and compliant document content through the CompliancePlus platform, which is based on “best practices” to mitigate mortgage servicing risk.
The 35-year-old Dallas-based MRG Document Technologies that provides a blend of mortgage compliance and technology products has created a collaborative unit that brings together legal and technology experts who can address compliance concerns for mortgage servicers, explained MRG’s senior marketing director Kathleen Mantych.
An experienced team of attorneys and software engineers assists servicers with noncompliance, state audits, buybacks and potentially dramatic fines, she said. “Servicers will no longer need to manage the daunting task of monitoring the compliance mandates or maintain the documentation associated with them.”
Doing "business as usual" is no longer the answer for servicers dealing with risk associated with extremely complex and ever-changing regulatory requirements by the Consumer Financial Protection Bureau and other entities, she added. It means servicers must be alert to how servicing practices will be impacted, and at what cost, both for compliance and noncompliance case scenarios.
MRG’s CompliancePlus solutions enable users to process servicer licensing requirements, loan documents such as demand letters, assumptions, modifications, deed in lieu, release of lien of foreclosure, and REO warranty deeds, alongside monitoring inventory and vacant property laws across the country. Users can easily access compliant loan documentation.
MRG introduced the new tool at the MBA’s National Mortgage Servicing Conference in Dallas.