MRG Enhances DocPrep System to Meet New State Requirements
MRG Document Technologies, a provider of compliance and documentation services for the financial industry, said Monday that it had enhanced its MIRACLE ONLINE document preparation system to comply with key statewide requirements for lending in both California and Maine. For California loans, MRG will now provide a completed document to satisfy the California Department of Corporations' requirement to supply a Nontraditional Lending Disclosure, when a loan is considered a nontraditional product. MRG's system calculates results using the lender's products and terms as specified in MIRACLE, and as required by the regulation. In Maine, MRG said its MIRACLE platform now includes a screen for completion of the Maine Reasonable, Net Tangible Benefit Disclosure. "As states announce new lending regulations to reflect current market conditions, MRG’s systems continue to evolve," said Terry King, group chairman at MRG. For more information, visit http://www.mrgdocs.com.