First Internet Bank of Indiana partnering with MRG for compliance

First Internet Bank of Indiana, the first state-chartered, FDIC-insured institution to operate solely via the Internet, partnered with MRG Document Technologies (MRG), a provider of compliance and documentation services for the financial industry, to deploy its document preparation services. MRG is offering browser-based system for the preparation and delivery of compliant document packages for mortgage lenders across the country.

First Internet Bank of Indiana made its decision to select MRG to enable its compliance as well as to handle customizations for both open-end products like home equity loans and closed-end products like 30-year fixed rate mortgages. Among other things MRG created an open-end set of closing documents for First Internet Bank of Indiana's home equity line of credit (HELOC) program.

"Home equity lending laws vary more widely from state to state than closed-end mortgage lending requirements so it was important for First Internet Bank of Indiana to be fully compliant in this area before offering HELOCs nationwide," said Terry King, group chairman of MRG. "MRG's expertise in this area enabled First Internet Bank to immediately create a large footprint in home equity lending and maintain full legal compliance."