Tuesday, October 15, 2013

Regulations: Stay Ahead!

New regulations are becoming heavy, and lenders are feeling the strain. For example, Mortgage Investors Corp., one of the nation's largest refinancers of home loans for veterans, is laying off almost 90% of their staff as a result of stricter regulations that go into effect Oct. 16 under the Dodd Frank and Consumer Protection Acts. This is one of several ways that banks and financial institutions across the nation are being affected by the increase in regulation. In the case of Mortgage Investors Corp., MIC Chairman Bill Edwards admitted that the challenges lay in staying compliant and finding the right systems for e-signatures and written consents. 

Evolving with the changes in regulation can be a challenge, and oftentimes it is easier to outsource for compliance and other helpful tools due to complexity and time constraints. Don't let the increase of regulations hinder your company; stay ahead of the changes by adopting the right doc prep specialist.  

IDS specializes in doc prep software that catches compliance issues and evolves with the changing regulations to keep you in compliance. With an in-house compliance team, our software remains current and up to date so you don't have to worry. Our e-sign and e-consent platforms simplify the process, saving you time and money. If the new regulations are slowing you down, call 800-554-1872 to find out how we can help you.

Supporting Articles:
Edwards: Regulation forces Mortgage Investors Corp. to shut loan production
New regulations are strangling community banks

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idsDoc.com