MRG's Electronic Disclosure Software Anticipates Truth-in-Lending Expansion
Dallas-based software developer MRG Document Technologies announced it upgraded its Web-based eConsent electronic disclosure delivery system to comply with the upcoming expansion of the federally mandated truth-in-lending disclosures. The new regulations, which take effect July 30, require additional disclosures for refinanced mortgages and loans on dwellings other than a borrower’s primary residence. According to MRG, its upgraded eConsent system can speed the delivery of these mandatory disclosures to three days. “Speeding up the closing process is a benefit to both lenders and borrowers,” MRG attorney Marsha Williams said in a corporate release. "For lenders, it locks in interest rates, prevents borrowers from switching to another lender and generates interest sooner. By delivering the revised disclosures electronically, borrowers close their loans sooner.” Write to Austin Kilgore.