SALT LAKE CITY, Utah /eNewsChannels/ — International Document Services, Inc. (IDS), a mortgage document preparation vendor, reached a corporate milestone in June – an all-time record volume of document packages processed in a single month.
According to IDS president Curt Doman, this record reflects both a steady level of customer acquisition and the growth of its customers’ business, as well as increased market visibility for IDS and a greater focus from lenders and closing agents on document compliance.
“The mortgage industry meltdown proved to lenders that compliance, especially when it comes to docs, is crucial for success in lending, and customer feedback we’ve received on both the idsDoc system and the manner in which IDS has handled several major compliance changes, such as RESPA and High State-Cost Audits, is proof that lenders have developed an affinity for the sophisticated brand of document preparation that IDS provides,” Doman said. “After achieving a record-level of processing volume in 2009, our goal was to continue that momentum into 2010, and setting a corporate record for the most document packaged prepared in a single month is clear evidence that we’re on track to have an even better year than last.”
Austin-based wholesale lender 360 Mortgage is one of several IDS customers that have experienced an uptick in loan volume in the first half of 2010.
“We use IDS exclusively for our doc packages, and our increase in doc orders between May and June is directly attributed to the 20 percent growth in our lending volume over that same period,” said Andrew WeissMalik, COO at 360 Mortgage. “I’ve used IDS for five years at two different companies, and the way I see it is there’s no reason to change if you like what you get.”
“IDS’s philosophy is to accommodate mortgage bankers’ processes by being compatible with any number of systems,” added Tracy Reece, vice president of compliance at 360 Mortgage. “Because we’re a Texas-based lender, we deal with closing attorneys for about 30 percent of our loans, and the flexibility of idsDocs makes our closers very happy because certain changes can be made quickly without a lot of effort.”
Churchill Mortgage Corporation’s Vice President of Technology Dan Jones says the addition of several sales offices across the country, a rise in purchase volume, as well as favorable market conditions are the driving factor behind the Brentwood, Tenn.-based firm’s 44 percent increase in the number of document packages Churchill requested from IDS between May and June.
“With rates continuing to stay low, and even inching lower in some cases, we’ve been able to really drive our lending volume, especially refi’s, and we are seeing purchase activity increase as well,” Jones said. “IDS is our go-to doc prep provider for our front-end and closing documents. The ease of use of the idsDoc system and the high level of support IDS provides on a daily basis makes this one of the best vendor partnerships we’ve ever had.”
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, IDSdoc, Curt Doman, 360 Mortgage Group, Austin wholesale lender, Tennessee mortgage lender, Churchill Mortgage Corporation, Andrew Weissmalik, mortgage document compliance, RESPA mortgage disclosure compliance.