SALT LAKE CITY, Utah /eNewsChannels/ — International Document Services (IDS) and Primary Capital Mortgage have teamed up to minimize the lender’s RESPA-related initial disclosures and closing document challenges. IDS is a mortgage document preparation vendor for closing documents, initial disclosures and reverse documents. Primary Capital Mortgage is an Atlanta based residential mortgage banking firm.
Primary Capital Mortgage striving for the “zero-defect” compliance with its Good Faith Estimate (GEF), Truth in Lending (TIL) and HUD-1 disclosure protocols gave IDS restricted access to its LOS platform and database. IDS mapped how the changes to the GFE and HUD-1 impacted the processes across each line of business. Primary Capital forwarded real-time feedback on updates and requested changes, enabling the doc prep provider to perfect and implement seamless RESPA specific updates to idsDoc. The implementation created a streamlined compliance and doc prep process that enabled Primary Capital to be RESPA compliant, maintain automation and preserve efficiency throughout both its retail and wholesale operation.
“From our perspective, RESPA reform is highly beneficial for lenders and brokers specifically, since the changes provide transparency with regard to true cost-to-close, consumers are now able to compare loans apples to apples,” said George Phelps, executive managing director of Primary Capital. “Working with IDS, we’ve been able to easily integrate the new requirements into our origination process, with results being by and large positive,” said Phelps.
“While RESPA compliance is certainly a concern for any lender, the reality is that fear is driving much of the backlash toward RESPA reform, and that fear is easily allayed by allowing our origination experts to work closely with experts like IDS,” added Phelps.
Although HUD extended its RESPA enforcement deadline, IDS observed that many lenders found investors demanding compliance as soon as the updates were announced. This made for a confusing and piecemeal transition. IDS President Curt Doman found it imperative that the idsDoc system assist Primary Capital in becoming RESPA compliant as quickly as possible.
“As HUD and other governing agencies layer on regulations to make the lending process more consumer-friendly, lenders face the challenge of retaining speed and accuracy while meeting complex, ever-mounting compliance standards,” said Doman. “While it’s ultimately up to the lender to remain compliant, they turn to us, so it’s our job to make sure those challenges are met head-on, by developing flexible document preparation solutions and audits that can rapidly incorporate any and all regulatory updates.”
About Primary Capital Mortgage:
Primary Capital Mortgage is a leading residential mortgage company headquartered in Atlanta. Focusing on customer satisfaction, Primary Capital is committed to building new relationships and delivering mortgage solutions. Currently lending in more than 30 states, the company offers flexible loan products through both wholesale and retail lending. For more information visit www.primarycapital.com .
About IDS Inc.:
IDS is a nationwide provider of mortgage documents and compliance. IDS services include closing documents, reverse documents, initial disclosures and fulfillment. IDS’s solution, idsDoc, is recognized in the industry for its ability to be customized to meet specific lender needs. IDS backs the system with unsurpassed customer service, cutting-edge technology, compliance and document guarantees and a solid compliance team. Lenders looking to move forward when it comes to doc prep can visit the IDS Web site at www.idsdoc.com or call 800.554.1872.
Story References: International Document Services, Primary Capital Mortgage, IDS Inc, RESPA-related initial disclosures and closing document, Utah, Atlanta, Mortgage doc prep, mortgage document preparation, RESPA, mortgage closing documents, GFE, good faith estimate, TIL, HUD-1, IDS, Curt Doman.