*Driving Ironclad Compliance*
**By Tony Garritano**
***Today in the mortgage space it’s all about compliance. It’s sad, but true. You literally have to comply to survive. So, when I heard about this news, I just have to share it. MRG Document Technologies has effectively combined compliance backed by a team of attorneys, dynamic technology capabilities and strategic alliances to mitigate lender risk by delivering CompliancePlus to the mortgage industry. Here’s how they do it:
****The regulatory environment for today’s mortgage lender is becoming exceedingly complex. Compliance becomes more difficult each day, and the risk of non-compliance is perilous. Lenders are faced with an immediate and compelling need to re-evaluate, and upgrade, their internal systems’ capacity to analyze and incorporate mandated regulatory changes.
****Mortgage lenders should be focused on generating and maintaining a profitable business in a volatile market, rather than worrying about whether their compliance departments are adequately staffed. MRG can help alleviate that worry.
****For more than 30 years, their team of legal compliance professionals has been providing residential mortgage lenders with document systems and technology designed to manage compliance with all federal, state, local and investor requirements. Their legal team is available to consult on a variety of currently pressing compliance issues, such as:
- Compliance-related risk management for origination and servicing: policies, procedures and controls review, and related staff development and training
- Home-state, multi-state and CFPB examination preparation, and interfacing with regulators
- Quality control plan preparation or review
- Third-party origination risk mitigation
- Repurchase investigation
****CompliancePlus, from MRG, provides a fully integrated data and document compliance process, from initial disclosure through closing documentation. With CompliancePlus, their team of lawyers and mortgage industry specialists design and maintain fully customized compliance for your lending environment by:
- Creating and managing the data flow, design and content for your disclosures, individual loan documents and loan closing packages, warranting to you that the content and calculations involved in the resulting loans are accurate and fully compliant.
- Constantly reviewing and integrating into your disclosures and documents the ever-changing regulatory requirements that impact the origination of your loan products.
- Providing fully-automated, seamless, real-time testing for compliance with applicable anti-predatory lending and high-cost regulations. Printable reports are provided.
- Offering fully-integrated, real-time testing through ComplianceEase, an independent compliance testing service that evaluates overall regulatory compliance of loans, adding an additional layer of assurance.
- Providing a “single point of truth” for compliance control. Automated reviews allow each loan to be certified as meeting standards that you and your investor have specified.
****Through their ongoing strategic alliance with ComplianceEase, a leading automated compliance solution provider, they can also provide:
- An automated due diligence review of regulatory compliance on loan-level basis
- Executive Dashboards with portfolio-level analytics
- ComplianceEase’s ComplianceAnalyzer detailed loan-level reports that test for HOEPA – Section 32 and 35, state and municipal high-cost/anti-predatory laws and regulations, TILA, state consumer lending laws, state licensing regulations, secondary market investor guidelines, GSEs compliance guidelines and lenders’ internal compliance policies
- RESPA Auditor, which ensures that your disclosures, from initial GFE to final HUD-1, are accurate and compliant with tolerances and valid change circumstances validated
- HMDA Analyzer, a comprehensive HMDA risk management solution
- Lending Examination Format (LEF) file preparation and audit service for the Limited Scope Electronic (LSE) examinations of the Multistate Mortgage Committee (MMC) and single-state electronic examinations
****The MRG document compliance solution, continues to evolve.
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.