Wednesday, May 23, 2012

IDS Super Users First Discussion

IDS Hosts First Super User Group Discussion
The IDS Super User Group kicked off this past month with our first discussion. The IDS topic of choice was the start of our graphical user interface design (GUI).
Super users were able to preview, discuss and give feedback regarding the redesign of GUI within the idsDoc system. Being super users we have already gotten the exact kind of comments and feedback that we are looking for from this group!
Remember you are still able to join IDS Super Users at anytime. Just send me (Ali) and email and I will put you on the list ali@idsdoc.com.




Join the Super User Revolution

Thursday, May 17, 2012

2012 Mortgage Technology Awards Call for Nominations

2012 Mortgage Technology Awards Call for Nominations

Mortgage Technology will present 12 awards in 2012, including two new awards—the Lenders’ Choice Award and the Transforming Valuations Award. Three awards are reserved to recognize lenders and servicers, while the remaining awards are geared toward vendors and individuals.

The Mortgage Technology Awards recognize innovative technology developers and users that are promoting more efficient and cost-effective lending practices. The Awards have a long tradition in the mortgage finance and technology industries for recognizing innovative technology developers and users that are promoting more efficient and cost-effective lending practices. In its 13th year, the awards are among the most coveted in the industry. The nomination deadline is 6 p.m. EDT Thursday, June 28.

If you know of someone you would like to nominate you should start putting together their nomintaion! Information and applications will be posted on the Mortgage Technology website on Wednesday May 23rd!

Tuesday, May 15, 2012

The Paperless Environment: Still a Work in Progress

From MortgageOrb, Required Reading
By: Nancy Alley

The benefits of a paperless mortgage process have been discussed for years. As far back as 2005, accelerated turnaround times, decreased costs and better customer service were cited as important benefits of implementing paperless solutions. And while many strides have been made toward paperless processes and seamless collaboration, today's mortgage industry still has challenges to overcome-- particularly when the loan hits the secondary market.
With the different responsibilities, technology requirements and other unique needs of each party involved in the loan process, the ability to work together in a successful electronic process comes to a halt after origination. In order to achieve true electronic collaboration through the entire life cycle of a loan, the following three hurdles must be overcome:

  • The purchase process of the closed loan lacks transparency and requires re-keying, making it too time-- and resource-intensive;
  • The origination sector is still heavily document-centric and cannot easily or readily share the data with downstream partners; and
  • The limited investor acceptance of electronic notes (e-notes) prevents best execution.
Even with advances in technology, there has been an increase in time to fund in recent years due to an onslaught of rules and regulations, market uncertainty and increased scrutiny. Today, document classification and stacking orders are creating a backlog in many office environments, with lenders dotting their i's and crossing their t's, only to have the investors go back and do it again.

To help promote consistency within the secondary market, investors have specific requirements for how they want to receive loans. Unfortunately, many lenders continue to deliver single PDF files (often referred to as 'blob files') that require restacking. Others attempt to deliver files in accordance with the specifications, but documents are often slightly out of order or not delivered exactly as requested. To manage both scenarios, many investors have resigned to flattening and restacking all incoming packages.

The result is that both lenders and investors are losing time completing manual processes. The lack of incentive to deliver accurately stacked packages negates the primary reason for adoption, and the loss of time and resources on both ends makes it clear that the process is disjointed and cumbersome.

IDS has made the paperless environment seamless, easy-to-use and quick! Whether you are ordering closing documents, initial disclosures, e-delivery or e-sign, IDS will have everything back to you within 15 seconds. Not to mention all your documents will be in full compliance. IDS has been adapting lenders to the paperless environment for years and is one of the top leaders in the industry for documents. IDS always wants to make order, signing and delivery of your documents easy and fast. We will never stop keeping your docs in motion.

Tuesday, May 8, 2012

The Perfect Overview

In the past I have frequently discussed the pros and cons of buying a house or renting a house! As we all know mortgage rates are at all time lows, the lowest in decades and most of are not taking advantage of that.... Wonder why? Credit limitations put on homebuyers by lenders is making it more difficult to achieve the American dream of owning a home, also with 20 percent down payment needed that cross a lot of people off the list of potential homeowners. I know personally as a newly wed, college graduate and professional I would love to own a home, but that 20 percent isn't possible at this time in our life.

As usual I was looking around at different mortgage blogs and came across the perfect overview of The decision to buy or rent – a great infographic! I wanted to share this overview with our readers. Take a look!

Thursday, May 3, 2012

Parents Helping with the Home Loan


According to a recent survey by Better Homes and Gardens Real Estate, one in five baby-boomer couples have helped at least one of their children buy a home—whether it’s purchasing it outright, gifting a down payment or co-signing the mortgage loan.
Lower housing prices and interest rates are making it easier for parents to help their children. Because the housing credit market is a lot tighter now, with lending institutions requiring larger down payments and scrutinizing a borrower’s job history and his or her ability to repay a loan, more parents and grandparents are providing enough down payments for the child to qualify for a mortgage.
Wonder why parents are doing this now? Homes are affordable, and parents with that type of money know it’s a good time to buy something if they have the money to do so.

Even the federal government has jumped onto the bandwagon. The Federal Housing Administration is offering a “Kiddie Condo” program that allows a person to co-sign for a house with a blood relative, parent, sibling, grandparent, etc.
It is often referred to as the “Kiddie Condo” program because some parents are choosing to buy their children a place while they’re in college instead of paying for on-campus dorms or off-campus housing. The house doesn’t have to be a condo under the program, nor does it have to be for a child going to school. When doing this, parents find that the down payment is typically lower, only 3 percent of the purchase price, instead of the required 20 percent. Also the interest rates are lower because the home purchase isn’t considered an investment property.

Another added bonus the co-signing helps young adults establish much-needed credit for future purchases.

Seems to me that this is a lot better option than having an episode of “Failure to Launch” when children in their late 20s or early 30s end up living with their parents in their old bedrooms.

Let us know your thoughts on the “Kiddie Condo” program and if you have done any of these types of loans within your company!