new to market
most recent legislative and regulatory changes. For more information, visit www.mrgdocs.com.
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come the hurdles of eMortgage adoption by requiring little set up and upfront investment. Xerox Mortgage Services’ eVault is a virtual repository that directly connects to the Mortgage Electronic Registration System (MERS) eRegistry system, giving loan participants instant access to information related to the status of an eMortgage. EVault users have the ability to securely store and manage electronic promissory notes (eNotes) for funding, postclosing, servicing and custodial purposes. The MERS integration also allows loan stakeholders to verify the authenticity of the eNotes, resulting in secure and legally enforceable transactions. Xerox currently stores more than 35,000 eNotes in its eVault, making it one of the largest eVaults in the industry. The eVault leverages industry standards and platforms, including the Mortgage Industry Maintenance Standards Organization (MISMO) and the MERS eRegistry, making the system agnostic to document provider or closing platform. In addition, the eVault has undergone integration testing with Fannie Mae’s eMortgage Delivery system, offering Fannie Mae sellers a streamlined approach to delivering eMortgages. “By introducing the eVault, with established connectivity to MERS, we’re accelerating the move to eMortgages and delivering the mortgage industry access to the technology it needs without a major capital investment,” said Greg Smith, vice president, Xerox Mortgage Services. For more information, visit www.xeroxxms.com.
MRG to offer guaranteed compliant reverse mortgage documentation
ISGN and EquityRock partner on loss mitigation product ISGN Corporation, a provider of mortgage services and technology products, has partnered with EquityRock, a residential real estate equity sharing company, to create RESET, a unique loss mitigation solution that helps lenders reduce losses from properties in imminent danger of foreclosure, while also keeping the borrower in the property. The
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You've Decided to Make a Move... 5 Questions You Must Ask! 1. Have they been branching for nearly two decades? 2. Will they work closely with you to expand your business? 3. Will they provide underwriting, compliance and accounting? 4. Can they license your branch in multiple states? 5. Will they pay the next day, on funded loans? Guaranteed Home Mortgage Company was founded in 1992 and was named in the Inc. 500 list of fastest growing companies in the United States. Last year, we moved to a larger headquarters to support our expansion.
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Call Louis Tesoriero today to learn about our winning team, and find out why so many professionals have joined Guaranteed.
Branch Program for Professionals IT'S ALL WE DO.
108 Corporate Park Drive, Suite 301, White Plains, NY 10604 CALL: Louis Tesoriero at 888-329-GHMC. www.joinguaranteed.com
CALIFORNIA MORTGAGE PROFESSIONAL MAGAZINE
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NationalMortgageProfessional.com JUNE 2010
MRG Document Technologies (MRG), a provider of mortgage technologies to banks, credit unions and other lenders, has announced that it now offers reverse mortgage documents in compliance with federal and state regulations for all 50 states. Recent concern regarding the potential for predatory lending within the reverse mortgage market has led many states to adopt new laws and regulations governing reverse lending. The Federal Housing Administration (FHA) has also responded to demands for increased consumer protection by tightening up its reverse lending requirements. MRG’s mortgage documents are designed to carry the compliance burden associated with these consumer protections. “With the Baby Boomers rapidly approaching retirement age, we expect to see an increase in reverse mortgage lending,” said Marsha Williams, an attorney at MRG. “As both federal and state regulations governing reverse mortgages continue to evolve, lenders must ensure that their documentation
is fully compliant with all changes. MRG’s staff of attorneys constantly monitors the regulatory landscape and automatically updates the forms, providing our clients full compliance with reverse mortgage laws and regulations now and in the future.” MRG offers a browser-based system for the preparation and delivery of compliant document packages, electronic disclosures, loan modifications and other services for mortgage lenders, banks and credit unions nationwide. MRG guarantees that its products are in compliance with the
solution provides a viable alternative to outright principal forgiveness, and offers borrowers a way to erase negative equity. RESET (Real Estate Shared Equity Transaction) gives a borrower who is qualified for a loan modification a principal reduction in exchange for a share in equity with their lender. With RESET, in addition to modifying or refinancing the borrower’s mortgage, the lender writes down the borrower’s principal balance so that the borrower no longer owes more than the property is worth, therefore ensuring they have equity in their property. As part of the transaction, the lender will gain a stake in any