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As REO sales continue to increase -- according to the latest market report released by Zillow, REO sales made up 22.2 percent of U.S. home sales in March -- it is vital that lenders receive assistance in completing these transactions.
[IMAGE]In an effort to provide this assistance, ""MRG Document Technologies"":http://www.mrgdocs.com/home.aspx (MRG), a Dallas-based provider of mortgage technologies to lenders across the nation, has launched an
[COLUMN_BREAK]REO document package creation capability within its Miracle Online mortgage document preparation system. According to the company, the REO document package creation through Miracle Online will assist lenders with the completion of compliant REO transactions in both a cost- and time-efficient manner.
MRG said Miracle Online gives lender access to regulatory-compliant REO document packages in all 50 states. In addition, automated, real-time revisions to the documents will alleviate the need for lenders to spend a significant amount of time researching and updating the material when legal and regulatory changes occur, the company said.
""The housing market has shown signs of stabilization, but there is no doubt that servicers will continue to be challenged by large volumes of REOs,"" said Laura LaRaia, an attorney and director of customer service with MRG. ""The key to coping with these industry changes is automation and technology. With the variation between states in the regulations that guide REO transactions, MRG has developed one source for these closing packages, encompassing the laws and regulations for all 50 states.""
