Texas Tech Federal Credit Union chooses MRG Miracle Online platform

Source: MRG Document Technologies

MRG Document Technologies (MRG), a provider of mortgage document preparation software and loan document packages to lenders nationwide, announced Texas Tech Federal Credit Union has chosen MRG's Miracle Online platform for its mortgage document preparation needs.

Lubbock, Texas-based Texas Tech FCU began its first lien program in May 2011 and chose MRG's Miracle Online for its intuitive, easy-to-use interface and regulatory expertise to assist the credit union in ramping up its mortgage lending program and compliance efforts. The credit union mitigates risk with MRG's automated compliance tests such as state and federal high cost tests, fee thresholds, initial vs. final APR and higher priced mortgage testing. Any discrepancies are reported to the loan officer in real time.

The credit union was able to launch its first lien program with only two staff members and according to Jay Herrin, mortgage banking officer of Texas Tech FCU, they hope to see loan production numbers triple over the next several months.

"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."

"As new lenders enter the market, they have the burden of keeping up with continually changing regulations," said Kathleen Mantych, senior marketing director with MRG. "By selecting MRG for its automated mortgage document creation, Texas Tech will be able to focus its time on increasing loan production and member service levels." 

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