Recently IDS Executive Vice President was interviewed by Managing Editor of Mortgage Technology Magazine to dicuss the improtance and the changes that doc prep has brought to the mortgage industry, especially in the past couple of years. This article hit doc prep right on the nose and the things that lenders are going through today.
Austin starts out by stating that mortgage document prepartion software is kind of like shopping for a new suit. Like the rows of suits in a variety of styles, colors and sizes; massive libraries contain a variety of ready-to-use electronic forms for lenders to prepare initial disclosures and closing documents. IDS has a document library of over 20,000 loan documents and we continue to add forms to our library in order to our customers in 100% compliance.
Kilgore goes ont o say that to complete the look, the store has a clerk perfectly coordinating suits with the right dress shirts and ties, while most doc prep technologies boast integrations with loan origination systems to pull relevant borrower and loan data to complete the final package. But as the technology continues to evolve it is becoming less analogous to an off-the-rack suit store and more to the custom-fit approach of an indvidually tailored piece as rules engines are increasingly incorporating real-time compliance update, documents that automatically adjust entry fields to accommodate unique data and specialized features to mee lender specifications. IDS is all about 'custom fit' with several options to add data that is specific to one lender, but not to another. IDS wants to be able to work with each of our clients in a flexible way to get them the documents they need at the closing table. IDS includes custom fields, wizards and templates that incorporate a company's ever need.
As Mackey said the change is a function of increasing lender expectations. No longer can vendors simply provide basic templates that can't be customized or quickly updated. It used to be that we were just a forms company. You now have to be able to perform the ability to customize those documents and make those documents mold to specific loan situations. Yes the IDS library full of forms has the basic outline of disclosure and closing documents, but our library is constantly being updated to reflect business changes that affect regulatory and investor compliance, as well as to provide any additional process ,workflow or additional documents that lenders want.
IDS is more than an off the rack doc prep system where you get your account set up and there are your docs. Yes they are compliance, but it won't do anything custom unique for your company. But the custom-fit option is easy to use and first lenders' needs. You hit a button and everything is done, versus you hit a button and that's when your work starts.
IDS always wants to give you an easy to use system that gives you better work flow and compliance all in the same package. For more information about getting started with IDS contact one of our sales team at 800.554.1872
*To view the full article Moving Toward a Tailored Approach to Doc Prep click here.