Tuesday, June 5, 2012

MortgageOrb: idsDoc Updated For FHA MIP Increase

MortgageOrb: idsDoc Updated For FHA MIP Increase

International Document Services (IDS), a Salt Lake City-based mortgage document preparation vendor, announced it has revised its flagship mortgage document preparation system, idsDoc, to reflect the Federal Housing Administration's (FHA) mortgage insurance premium (MIP) increase. The increase, one quarter of one point, will be applied to all 15-year and 30-year mortgages backed by the agency.

In order to accommodate for these regulation changes, IDS added a new field called FHA Endorsement Date, which allows lenders to select the appropriate mortgage insurance rate based on the date of application.

"Our main concern with any regulatory change is to ensure that our customers are able to demonstrate without a doubt their adherence to both the letter and spirit of that change," says IDS Executive Vice President Mark Mackey. "Whether, as in this case, it's a small system change or a large-scale development overhaul, we're willing to do whatever it takes to keep our customers compliant."

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