The $75 million Texas Tech FCU will now be using an automated mortgage document preparation system from MRG Document Technologies in Dallas, the company and credit union said.
MRG's Miracle Online solution provides automated compliance tests, fee thresholds, initial vs. final APR and higher-priced mortgage testing and notifies loan officers of discrepancies in real time, the company said.
The 13,600-member Lubbock credit union began its first lien program in May with only two staff members and hopes to triple loan production over the next several months using the new solution, said Jay Herrin, its mortgage banking officer.
“First lien programs require more focus on regulations, and as we established our new lending division, we needed a partner who could assist us in compliance and increasing production without adding staff,” said Herrin. “MRG's fully hosted system provides us with the level of work and attention delivered by an in-house doc prep department without the staffing and technology costs.”
MRG said it now provides mortgage technology and compliance solutions to approximately 350 credit unions, banks and mortgage lenders across the country.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
