MRG Document Technologies (MRG), a Dallas-based provider of compliance and documentation services for the financial industry, announced it also is supporting modification agreements as part of its loan document library.
According to the company, these modified agreements enable lenders to be in compliance with evolving state and federal regulations and give them the flexibility to restructure terms and conditions to keep borrowers in their homes. MRG's most common modifications include changes to note and security agreement rates and terms, but also can include ancillary services that combine disclosures and recording documents.
‘Market conditions are forcing lenders to rethink existing loan agreements in order to reduce foreclosures and cope with ever-changing state and federal regulations. To help meet this demand, MRG now provides the capability to order and receive modification agreements through its Miracle DocPrep software package,’ says Terry King, group chairman of MRG. ‘In addition, we provide access to our legal staff for our customers to further enhance their ability to fully stay in compliance.’