VirPack, IDS Partner to Streamline Initial Disclosure Process
VirPack, a mortgage industry leader in document management and eDelivery solutions based in Vienna, Virginia, and IDS, Inc., a Salt Lake City-based leading provider of mortgage documents and compliance, are teaming up to streamline initial disclosures.
The expanded relationship involves eDisclosure integration with IDS' flagship document prep solution idsDoc. The new integration offers several benefits, including the automation of the document indexing process and the secure transmission of the package to VirPack's document management platform, Enterprise Center.
"The expansion of our relationship with IDS from closing docs to now include eDisclosures provides lenders even greater efficiencies. The eSigned initial disclosure package will be securely and automatically imported into the designated loan in Enterprise Center, automating the indexing process and ensuring compliance," said Wayland T. Pond IV, VirPack's VP of sales and marketing.
The collaboration ensures compliance by offering eSign and eConsent to the borrower, tracking the date and receipt, eliminating manual processes, and providing paper disclosures if the borrower opts out of eConsent.
"When it comes to initial disclosures, 100 percent compliance is the first priority at IDS. It is essential to feel confident that disclosures are prepared and delivered in accordance with RESPA guidelines," said Mark Mackey, EVP at IDS. "Our aim is to make fully compliant initial disclosures simple and quick enough to allow lenders to spend more time originating more business, and this expanded relationship with VirPack allows just that."