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MRG Offers One-Time Close Construction/Permanent Loan Closing Documentation
By James Comtois
DALLAS-MRG Document Technologies here, a provider of compliance and documentation services for the financial industry, has developed docs for use in one-time close construction/permanent closing situations for both conventional and FHA residential loans.
The one-time close documentation is available for both traditional construction as well as manufactured housing construction for all 50 states.
MRG's in-house compliance attorneys developed the document packages with the consultation of local attorneys for each specific state jurisdiction. As a result, each one-time close document set is in full compliance with all federal and state lending requirements.
"One time close construction/permanent products represent a very profitable segment of the market within the mortgage industry," said Terry King, group chairman of MRG. "We are pleased to offer these products to our customers."
MRG offers a system for the preparation and delivery of compliant document packages for mortgage lenders nationwide. The specific needs of the individual lenders are met through customized document packages, designed by in-house legal professionals and IT specialists. MRG also offers a variety of delivery options for the document packages using e-mail and website delivery.
Separately, Weststar Mortgage Corp., an Albuquerque, N.M.-based direct lender that specializes in financing and purchasing non-conventional loans, has recently selected MRG to provide support for its one-time close construction/permanent transactions.
Weststar Mortgage needed a loan document provider that could customize documents for residential home loans and direct system interfaces with existing origination software.
"We selected MRG for their ability to quickly provide customized loan documents readily available in all 50 states," said Ryan Grandi, vice president of Weststar Mortgage. "We also value the ability for seamless integration between MRG's software and our own."
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