Thursday, March 1, 2012

IDS Survey: Lenders Cite Compliance as Initial Disclosure Priority

According to a survey that IDS conducted regarding our intial disclosure services compliance concerns represent the most important aspect of initial disclosure documents.

IDS, with a survey of more than 600 lenders, sought to determine experiences and expectations regarding initial disclosure documents. Compliance was cited as the single most important by 90.5% of respondents, with ease of use placing second at 67.9% and fulfillment ranking third at 63%. Other concerns among respondents were pricing (53.6%), electronic delivery (42.9%), electronic consent forms (35.7%) and e-signatures (32.1%).

"Initial disclosures have been the nexus of mortgage industry regulation and consumer protection since 2012," says Mark Mackey, executive vice president of IDS. "With the Consumer Financial Bureau's imminent changes to initial disclosures and closing documents, plus the FHA's acceptance of e-signatures, it's likely that docs will remain a dominant topic of mortgage industry dialouge in 2012."

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