SALT LAKE CITY, Utah — International Document Services, Inc. (IDS), a mortgage document preparation vendor for closing documents, initial disclosures and reverse documents, expects state mandated high-cost audits to become a more time-consuming concern for mortgage lenders in 2010 and is advising lenders to test their ability to provide evidence that meets and satisfies state-specific requirements.
“State-specific high-cost regulations have become a big deal and should be a source of concern for lenders,” said IDS president Curt Doman. “The IDS team is always monitoring and tracking high-cost regulations, and working on audits on behalf of our clients as part of our commitment to protect their compliance efforts. That intelligence allows us to understand what is likely to happen at the state level in the New Year.”
“Our compliance team has programmed high-cost loan audits for each of the 50 states. These user-friendly audits have already helped many clients identify high-cost loans that they may not have otherwise noticed,” said IDS in-house counsel Clint Salisbury. “IDS clients are also made aware of additional disclosures required by applicable laws and regulations.”
“We’ve made it our business to know how to collect and compile the data that state auditors will be looking for when they conduct high-cost audits of mortgage lenders,” Doman said. “The system (idsDoc) gathers all of the data that is needed to support a lender’s satisfactory response to any state audit, and helps deliver it in a format that meets their requirements.”
About IDS, Inc.:
IDS has been a nationwide provider of mortgage closing documents for more than 20 years. Its services include closing documents, reverse documents, initial disclosures and fulfillment. Its solution, idsDoc, is recognized in the industry for its flexibility to customize to specific lender needs. IDS backs the system with unsurpassed customer service, innovative development and a solid compliance team.
For lenders looking to move forward when it comes to doc prep, visit the IDS Web site at www.idsdoc.com .