A New Twist On Servicing Compliance

*A New Twist On Compliance*
**By Tony Garritano**

TonyG***Everyone has to comply. So, how do you that? Well, you lean on your doc prep. In the case of MRG Document Technologies, they hope to have a leg up on their competitors by launching a legal compliance and dynamic technology support to address the ever more complex servicing policies and procedures environment facing servicers today. Top-flight attorneys and technology leaders with extensive experience are blended into a single collaborative offering that is focused on delivering legal compliance services and compliant document content with their CompliancePlus solutions.

****Doing “business as usual” is no longer the answer for servicers who are scrambling and looking to effectively deal with extremely complex and ever changing regulatory requirements. The time for action is now. The time to embrace change and eliminate the risk associated with all the overwhelming new rules and regulations levied by the Consumer Financial Protection Bureau is upon us. Before we can solve these challenges, we must be educated as to how servicing will be impacted, what it means to servicers’ business and what the cost and ramifications will be for non-compliance.

****To this end, MRG Document Technologies is proactively responding to the current market conditions and challenges by literally taking the burden of compliance out of the servicers’ hands. Servicers can focus on their core competency, rest easy and be assured that MRG is working on the front lines on their behalf. MRG recognizes that it is difficult for servicers to keep up with all the rules, laws and statutes with a limited staff, yet still run their daily operations. With MRG’s CompliancePlus solutions, the MRG consulting and legal compliance team can handle a servicer’s needs with solutions from operations requirements (servicer licensing requirements) to loan documentation (demand letters, assumptions, modifications, Deed in Lieu, release of lien of foreclosure, REO warranty deeds) to inventory (monitoring vacant property laws across the country).  Compliant loan documentation is programmatically incorporated into a dynamic technology system for overall accuracy and speed to market.

****“The benefit of a collaborative unit involving both legal compliance and dynamic technology is to assure that servicers’ concerns, with respect to the burden of compliance, is being heard and addressed – compliance action is being taken and is available to them now,” said Kathleen Mantych, senior marketing director with MRG. Kathleen goes on to say, “Servicers will no longer need to manage the daunting task of monitoring the compliance mandates or maintain the documentation associated with them. Servicers will receive an experienced team of attorneys and technology experts to help them combat the risk of non-compliance, state audits, buy backs and/or potentially dramatic fines. MRG takes on this onus so they can sleep at night – worry free.”

Tony Garritano
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 tony@progressinlending.com.