MRG Document Technologies (MRG), a provider of compliance and documentation services for the financial industry, announced that First Internet Bank of Indiana, the first state-chartered, FDIC-insured institution to operate solely via the Internet, has selected MRG for its document preparation services.
The lender, based in Indianapolis, selected MRG for its compliance assurances and its ability to handle customizations for both open-end products like home equity loans and closed-end products like 30-year fixed rate mortgages. For example, MRG created an open-end set of closing documents for First Internet Bank of Indiana's home equity line of credit (HELOC) program, a fully indexed, 10-year draw with a 10-year repayment period.
"It was important for us to select a technology partner that enables us to maximize our lending reach without expanding our personnel footprint," said Kevin Quinn, vice president of First Internet Bank of Indiana. "MRG also integrates well with our loan origination system so there is very little data for us to enter manually, which speeds up and simplifies the origination process."
"Home equity lending laws vary more widely from state to state than closed-end mortgage lending requirements so it was important for First Internet Bank of Indiana to be fully compliant in this area before offering HELOCs nationwide," said Terry King, group chairman of MRG. "MRG's expertise in this area enabled First Internet Bank to immediately create a large footprint in home equity lending and maintain full legal compliance."
MRG offers a browser-based 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 document packages using e-mail and Web site delivery.