MRG Document Technologies has launched within its mortgage document preparation system the capability to generate real estate owned (REO) document packages.
Through Miracle Online, lenders have access to regulatory compliant REO document packages in all 50 states, the company says, adding that the system automatically revises documents when legal and regulatory changes occur.
‘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," says 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."Â
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.
SOURCE: MRG Document Technologies