SALT LAKE CITY, Utah /eNewsChannels/ — International Document Services (IDS), a mortgage document preparation vendor for closing documents, initial disclosures and reverse documents, has completed RESPA-related disclosures updates to its idsDoc doc prep platform to accommodate changes in the GFE and HUD-1, and evaluated responses from its Q2 customer survey.
In addition to the changes made in idsDoc and its library consisting of over 20,000 forms, IDS worked directly with multiple customers to gain on-the-ground perspective about how the changes would affect day-to-day mortgage lending operations. In response to its customers’ feedback, IDS implemented those recommendations immediately to minimize the risk and time-consuming impact of RESPA disclosure regulations on lending operations.
IDS took the following steps to supplement idsDoc for RESPA changes:
* Instated fully compliant, standard and accessible new GFE/HUD-1 forms;
* Created additional audits for guaranteed data entry error prevention and initial-to-final fee analysis; corresponded directly with HUD and the Federal Reserve Board for specific issues, including:
– The correct recording and summation of title charges on the HUD-1,
– How lender-paid fees should affect the APR, and
– The appropriate way to complete the comparison chart (HUD-1, p. 3) for a tolerance violation correction;
* Developed new documents, including GFE acknowledgement, intention to proceed with application, attachment to HUD for line 801, 802, 1101, 1104 itemization; and
* Designed and offered RESPA disclosure teaching modules for client orientation.
“Mortgage lenders and their settlement agents were challenged to comply with new regulations related to upfront borrower disclosures, so IDS focused on relieving their concerns and minimizing their risk exposure,” said IDS President Curt Doman. “By tapping our lender and attorney settlement agent customers for real-world RESPA pain points, we were able to provide proactive support and training for their implementation of the adjustments, which generally made for a smoother transition.”
According to Doman, IDS staffed more service hours in order to accommodate RESPA concerns and questions, and created RESPA training modules for all users. Based on the response to the IDS Q2 customer survey, customers considered the RESPA training modules to be the best training they received on the new changes.
“IDS always completes the changes before the date they go into effect. The Good Faith changes were handled very well by IDS and its people. I never feel like I have to think about the technology being current, it just always is,” said Gayle Williamson from HomeFirst Mortgage, LLC.
“IDS has done an outstanding job on the RESPA issues,” said Martha Schaefer, Legal Assistant at Robins Law Firm. “Their system enhancements make sense to users and as a result we’ve been more confident of the document package we bring to the closing table.”
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 website at www.idsdoc.com or call 800.554.1872.
Story References: International Document Services Inc, idsDoc mortgage compliance, RESPA training modules, IDS Inc, closing documents, reverse documents, initial disclosures and fulfillment, doc prep, mortgage document preparation.