MRG Offers Online Access to Loan Mod Docs
Dallas, TX-Lenders using MRG Document Technologies' Miracle Online document preparation system now have the option to request document modification and loan modification agreements simply by accessing the Internet.
MRG will introduce the new feature - designed to help increase much-needed operational efficiency in times of crisis - at the MBA annual in San Francisco.
"Providing originators with the ability to restructure terms and conditions is a necessary function in light of the current lending climate," said MRG group chairman, Terry King. "Having instant access to loan modification agreements is another step MRG is making toward making the documentation aspect of lending as streamlined as possible."
MRG's Miracle Online, which has been in use for years, is continuously updated to best serve market demand.
The new online package closing option allows lenders to instantly engage in a workout situation by making necessary changes to the various documents that are part of the mortgage loan package.
According to MRG, users typically make changes to note and security agreement rates and terms, in addition to ancillary services that combine disclosures and recording documents.
In addition, the updated Miracle Online ensures that lenders "remain in compliance with changing legislation and requirements designed by in-house legal professionals." MRG's browser-based system enables users to prepare and deliver compliant document packages customized to fit the needs of specific lenders nationwide.
Miracle Online can be accessed 24 hours a day, seven days a week through a variety of optional document delivery methods including e-mail, Internet, website download, as well as through modem-to-modem connection.
Miracle DocPrep was created as a Windows-based software package. Earlier this year MRG added new automated attachment features to the system that provide automated data entry, document selection and electronic delivery of loan documents for mortgage brokers and lenders, MRG said. It interfaces with select front-end systems, offers LOS export and import connectivity, and creates and delivers closing docs.
Miracle Online enables mortgage brokers and lenders to automatically upload documents to MRG for inclusion in document packages. It includes loan origination system and lender-produced documents such as the Unified Residential Loan Application (Form 1003), with MRG document package requests, MRG said, so lenders can electronically add and transmit all documents to designated parties in a single, secure PDF package.
"Enabling our lenders to customize their packages by attaching their own documents enhances the origination process by making it faster and easier," Mr. King said. "We are offering this innovation to the document request process to enable our customers to become more productive and efficient in 2008."
MRG's preparation and document delivery packages were specifically created for individual lender needs, such as modification agreements.
MRG said it included the option in its loan document library to enable lenders "to be in compliance with evolving state and federal regulations" and give them the flexibility to restructure terms and conditions that help keep borrowers in their homes.
"Market conditions are forcing lenders to rethink existing loan agreements in order to reduce foreclosures and cope with ever-changing state and federal regulations. To help meet this demand, MRG now provides the capability to order and receive modification agreements through its Miracle DocPrep software package," Mr. King said. "In addition, we provide access to our legal staff for our customers to further enhance their ability to fully stay in compliance."