The Mortgage Resources Group (MRG), offering mortgage document preparation software and legal compliance, has teamed up with Land Gorilla, offering risk management solutions for construction and renovation loan products, to address all lender concerns with respect to construction lending.
In particular, this new partnership will help lenders that offer construction loans in dealing with the complexities of the Consumer Financial Protection Bureau’s new TILA-RESPA Integrated Disclosures (TRID) rule, which does not sync up neatly with construction loans the way it does with traditional mortgages.
The construction lending business is booming, thanks, in part, to an improving labor market, the companies say in a release. At the same time, lenders face new complexities and intricacies in construction lending – not the least of which are the new rules imposed under TRID. Disclosing and closing, and when and how, can be and are confusing; inspections, appraisals, reporting underwriting – the list of actions is intense. Engaging with the wrong vendors can be costly.
“Construction lending should be safe and hassle-free,” says Shannon Faries, director of risk management for Land Gorilla, in the release. “Land Gorilla believes that construction lenders, contractors and borrowers need to be protected from the inherent risks associated with traditional construction loan management practices. Our team of industry experts is pioneering a new ecosystem of construction loan management that is cloud-based, efficient, safe and 100 percent compliant.”
“The benefit of this relationship is to help lenders understand that there is a combined, best industry solution available to them that addresses all facets of the process while keeping them in compliance – worry free,” adds Kathleen Mantych, senior marketing director for MRG. “MRG’s compliance ecosystem in tandem with that of Land Gorilla allows lenders to be focused on generating and maintaining a profitable business while leaving the heavy lifting to us.”