The $75 million Texas Tech FCU said it hopes to triple its mortgage production over the next several months with the help of an automated mortgage document preparation system from MRG Document Technologies in Dallas.
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.
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