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MRG Forms Alliance with Lydian Data Services for Outsourcing Origination Fulfillment
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Lenders can now reduce costs while raising loan quality, investor confidence with
outsourced fulfillment of loans, compliance/document services
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DALLAS, TX, April 23, 2008 – MRG Document Technologies (MRG), a provider of compliance and documentation services for the financial industry, announced an alliance with Boca Raton, Fla.-based Lydian Data Services, a leading provider of end-to-end outsourcing services for all aspects of the mortgage operation, from origination to delivery and post-closing quality control.
The alliance enables MRG to extend its Miracle document preparation system to Lydian Data Services' origination fulfillment center customers, who use Lydian's outsource capabilities to supplement or replace their own internal processes, thereby controlling fixed costs while maintaining or raising output quality. Through a custom interface created by MRG, Lydian Data Services' customers now have immediate access to MRG's Miracle up-front and interim disclosures and closing documentation through the Lydian Exchange Network, Lydian's networking platform uniting lenders and industry service providers.
This alliance comes at an especially appropriate time, according to Brian K. Fitzpatrick, executive vice president of Lydian Data Services. "Right now, nothing is more important than loan quality and investor confidence," he said. "Our view is that outsourcing the fulfillment of loans to Lydian is not only about reducing the internal fixed costs associated with processing, closing and delivering loans; but also about enterprise risk management and setting controls that drive a best practices-based, standardized, repeatable process. Together, Lydian and MRG deliver the process and compliant documents our clients need to produce high quality, investment grade assets."
"By using MRG's customizable document preparation packages and Lydian Data Services' turnkey fulfillment capabilities, lenders can streamline their origination processes while maintaining full compliance with state and federal regulations," said Terry King, group chairman of MRG. "The alliance between our companies is important because it simplifies and expedites the delivery of loan products and outsources much of the compliance burden for Lydian Data Services customers."
MRG also 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 provides a variety of delivery options for document packages using e-mail and Web site delivery.
About Lydian Data Services:
Lydian Data Services, a wholly owned subsidiary of Lydian Trust Company and the parent company to Lydian Technology Group (www.LydianTechnology.com), provides end-to-end outsourcing and a la carte services to manage or enhance all aspects of the mortgage operation for premier institutional lenders and investment banks. Through its award-winning, open-architecture platform, and through leveraging the Mortgage Connectivity Hub, Lydian Data Services improves its clients' operational efficiencies and service delivery. The company has focused expertise in post-closing, quality control, conduit services, fulfillment services (including wholesale and retail processing), and travel team due diligence. Lydian Data Services is a central clearinghouse and standard for due diligence and data integrity for leading lenders and investors within the mortgage industry. Lydian has been awarded the Ernst & Young Florida "Entrepreneur of the Year ® " award for Financial Services, has been repeatedly ranked one of the fastest-growing private companies on the Inc. 500, and was the top ranking financial services company to be recognized on the InfoWorld 100 list of the "Most Technologically Innovative Companies in the World." For more information, visit www.LydianData.com.
About MRG Document Technologies:
Founded in 1980, Dallas-based MRG Document Technologies (MRG) is the mortgage document practice group within Middleberg Riddle & Gianna, a mortgage regulatory law firm. MRG designs, maintains and warrants as compliant more than 3,000 lender-specific electronic disclosure and closing documents for approximately 350 mortgage lenders, banks and other financial institutions throughout the United States. The company's loan documents are guaranteed to be in compliance with the most recent legislative and regulatory changes. For more information about MRG, visit www.mrgdocs.com.
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View Press Release in PDF format
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