Tuesday, July 1, 2014

Compliance Updates Made to idsDoc Last Week

1. IDS Compliance updated the TX General Warranty Deed's Notice of Confidentiality Rights section in accordance with Tex. Prop. Code § 11.008 Personal Information In Real Property Records, which states that this notice must be in 12-point boldfaced or 12-point uppercase letters.

2. IDS Compliance has made several State Housing changes, including:

a. Created WA WSHFE Loan Documents:
        i.   House Key Plus ARCH TIL
        ii.  Home Choice TIL
        iii. Tacoma Deferred DPA Deed of Trust

b. Updated WSHFE Loan Documents:
        i.   Home Advantage 0% 2nd Deed of Trust to 5/1/2014 standard version
        ii.  House Key Plus CLT Deed of Trust to 5/1/2014 standard version
        iii. 3% Deed of Trust to the 5/1/2014 standard version

c. Added the following WSHFE Loan Programs:
        i.   2nd Mortgage Loan HOUSE KEY Veterans
        ii.   2nd Mortgage Loan HOUSE KEY Schools
        iii.  2nd Mortgage Loan HOUSE KEY PLUS CLT
        iv.  2nd Mortgage Loan HOUSE KEY PLUS ARCH

3. IDS Compliance has begun a project to add General Warranty Deeds for all 50 states. This, unfortunately, is a slow process as our compliance team is reviewing the law behind each state's Warranty Deed. It is; however, noteworthy.

Tuesday, May 27, 2014

IDS Publishes a VA IRRRL QM Checklist

The VA definition for a Safe Harbor Qualified Mortgage in general encompasses any loan guaranteed by the VA; however, the VA carved out additional requirements in the rule before an IRRRL will qualify as a Safe Harbor loan—if the loan doesn't meet the additional requirements then it will be considered a Rebuttable Presumption loan. 

IDS Compliance completed a huge project to implement the new VA Qualified Mortgage test into its proprietary software system. The implementation includes several new audits available for IDS Customers to review on the QM page in the Settings section of the IDS website. Also, to help IDS customers comply with the new Safe Harbor requirements of a VA IRRRL QM, IDS has developed a checklist that logically walks creditors through the steps that ensure Safe Harbor status will be achieved on the IRRRL. Be sure to watch for the checklist in your VA IRRRL packages.

IDS Compliance wants to remind its customers that this VA interim final rule defining QM was published and effective on May 9, 2014, which also means that the CFPB's temporary definition of QM for VA loans has effectively come to an end. IDS implemented the changes at 5 pm on Tuesday, May 20, 2014. IDS made the changes effective for loans with an application date of May 9, 2014, or later.

Tuesday, May 20, 2014

May Compliance Updates for idsDoc

1. MERS Rider Implementation Update: by default, the 3158 MERS Rider and accompanying security instrument will start appearing in MERS Originated Mortgage(MOM) closing loan packages that use the FNMA/FHLMC Uniform Security Instrument for MT, OR, or WA where the note date is on/after Oct. 15, 2014. You may start using the 3158 MERS Rider sooner per FNMA SEL-2014-03. At present IDS Compliance is planning on adding a MERS Rider option for other products, e.g, FHA. 

2. MO Loan Brokerage Agreement and Disclosure Statement (Initial Disclosure): IDS Compliance added the following definition regarding "brokers" in Missouri to the "State Specific" page of IDS Loan Files: Residential mortgage loan broker means "any person, other than an exempt person, engaged in the business of brokering, funding, servicing. or purchasing residential mortgage loans." This defines what is commonly considered a mortgage lender. However, Missouri defines a lender as "any person who either lends money for or invests money in residential mortgage loans." IDS Customers should determine based on these definitions if this disclosure must be given. Note: it appears that this document should be given in most circumstances, whether there is a broker involved or not. 

 3. IDS Compliance updated the TDHCA Second Lien documents in Texas.

Monday, May 19, 2014

The "Incurable" NMLS# Mistakes

An IDS Client recently asked us if we could clarify where exactly the "incurable" language comes from with regards to making sure NMLS#s appear as they should on the Note and Security Instrument. This problem is made "incurable" mostly by the way that investors are interpreting the statute. Here's how a couple of the big investors are addressing it:

Wells Fargo Newsflashes C13-067FR & C13-074FR:

"As a result, Wells Fargo Funding is expanding our pre-purchase review to ensure the required information is present on the application, Note, and Security Instrument as required by the rule.
  • Because the rule specifies that the information must be present when these documents are “provided to the consumer/presented to the consumer for signature," non-compliant Loans must be recommended for non-purchase.
  • Failure to provide name/NMLSR information as stipulated in the rule cannot be cured post-closing."
  • Chase Bulletin CB13-77: 
     "The following data must be listed on the Note and the Security Instrument:
  •  Loan Originator Organization (LOO) company name
  • Name and NMLS ID (if any) of the individual Loan Originator who, under the LOOs policy, is primarily responsible for the transaction (as defined by the Dodd-Frank Act Truth-In-Lending Act requirements).
  • The names of LOO and LO registered on NMLS must appear on the documents as they appear in NMLS.
  • The LOO and LOO ID must be on the specified docs when the documents are delivered to the borrower to sign and cannot be added post-closing.
  • The LO name and LO ID (if any) must also be on the specified docs when the documents are delivered to the borrower to sign and cannot be added post-closing."

It appears that what the investors are really struggling with is the idea that the NMLS#s are present on the note and security instrument at the time of signing. Inferring that finality is created when the documents are signed and no other changes are then allowed to be made to what has been signed.

IDS Compliance believes that it is a good reminder that this is still the current view of many investors. Please keep an eye out for data entry accuracy with the NMLS#s and corresponding names. IDS will update its clients as soon as it hears any changes to this rule.

Monday, May 12, 2014

VA Issues Interim Final Rule regarding Qualified Mortgages

IDS Compliance received Federal Register, Vol. 9, No. 90, dated Friday, May 9, 2014, which contains the Department of Veterans Affairs interim final rule definition of Qualified Mortgage and Ability-To-Repay required under the Truth in Lending Act. In general, The VA defines a Qualified Mortgage for the purposes of a VA Loan as being "any loan guaranteed, insured, or made by VA, with certain limitations on streamlined refinances, also known as Interest Rate Reduction Refinance Loans (IRRRLs)." All standard VA loans appear to have QM Safe Harbor status; however, IRRRLs may either have a "rebuttable presumption" status or a "safe harbor" status. Safe harbor status on IRRRLs is achieved when certain additional requirements are met.

IDS Compliance is reviewing this information and making plans for the best way to implement it into our system. The interim final rule is effective May 9, 2014, with a comment period that expires June 9, 2014. The rules states that the final-final rule should be published within 90 days of May 9 2014, or shortly thereafter with a matching effective date. IDS Compliance anticipates complete implementation of this new rule in our system before this date.

Wednesday, May 7, 2014

IDS client-specific updates:

    1. IDS Compliance updated two Texas Forms, the Conditional Qualification Letter and the Conditional Approval Letter. Texas made minor modifications to these forms which are located at 7 TAC § 80.201.

    2. IDS Compliance has made great strides in developing the new Fannie Mae required MERS Rider for MT, OR, and WA. Due to the fact that this change came about as a result of a legal decision, IDS is reviewing whether riders or changes to security instruments themselves are required for other loan types, e.g., FHA, USDA, et al. 

    3. IDS Compliance has begun work on our website to add a place for the Compliance Updates and other Compliance resources in a blog-like format. The launch will take place together with the launch of the new look-and-feel of our company website, June 3, 2014.

    4. Legal is heading up our Security and Data Management Committee. The team meets regularly to ensure that client and system information is always protected.

    5. IDS Compliance has been creating and updating many documents for several Housing Financial Authorities, including the following:

a.    WSHFE 3% Deed of Trust
b.    WSHFE 3% Note
c.    WSHFE 3% TIL
d.    WSHFE Home Advantage 0% 2nd Deed of Trust
e.     WSHFE Home Advantage 0% 2nd Note
f.     WSHFE Home Advantage 0% TIL
g.    WSHFE Home Advantage First Payment Notification
h.    WSHFE Home Advantage First Payment Notification DPA
i.      WSHFE Home Advantage Notice of Assignment
j.      WSHFE House Key Plus Seattle Deed of Trust
k.    WSHFE House Key Plus Seattle Note
l.      WSHFE House Key Plus Seattle Shared Appreciation Disclosure
m.   WSHFE House Key CLT TIL
n.    WSHFE House Key Plus CLT Deed of Trust
o.    WSHFE House Key Plus CLT Note
p.    WSHFE Home Choice DOT
q.    WSHFE Home Choice Note
r.     NCHFA 305 Home Advantage Deed of Trust, to the most current version, 4/2014
s.    NCHFA 306 Home Advantage Promissory Note, to the most current version, 4/2014
t.     CHFA 305 Second Mortgage Note, Created loan program for HomeAccess 2nd Mortgage
u.    CHFA 310 Second DOT, Created loan program for HomeAccess 2nd Mortgage
v.    CHFA 306 Second Mortgage Note (Interest Bearing) - Updated & proofed, changed "2nd Mortgage" loan program to pull this updated doc.
w.   CHFA 311 Second DOT (Interest Bearing) - Updated & proofed, changed "2nd Mortgage" loan program to pull this updated doc.
x.    CHFA 739 First Payment Letter (Interest Bearing) - Created this doc.
y.    CHFA 331B Final TIL Disclosure - Updated to the most current version.

       6. May 04-07 is the much-anticipated MBA's Legal Issues and Regulatory Compliance Conference at the San Diego Marriott Marquis and Marina. The IDS Compliance teams looks forward to attending and learning more about industry changes. Our team also looks forward to meeting any clients who will be attending the conference. 

Tuesday, May 6, 2014

IDS Compliance Updated Docs to Conform with Freddie Mac Bulletin 2014-6

Due to FHLMC bulletin 2014-6, which states:

Rent loss insurance for 2- to 4-unit Primary Residences 

Prior to this Bulletin, the Guide required that the Borrower maintain six months’ rent loss insurance for a 2- to 4-unit Primary Residence when rental income is used in qualifying. We are removing the requirement for rent loss insurance when the property is a 2- to 4-unit Primary Residence. Sections 22.19, General Property Insurance Requirements, and 58.3.2, Rent Loss Insurance, have been updated to reflect this change.

As a result of this change, we are adding a permitted change to the 1-4 Family Rider, Form 3170. If the Mortgaged Premises is a 2- to 4-unit Primary Residence, originators must delete Paragraph D (Rent Loss Coverage) from the 1-4 Family Rider. (emphasis added)

As a reminder, the Borrower must maintain six months’ rent loss insurance for an Investment Property when rental income is used in qualifying, as required in Section 22.22.1, Investment Property Mortgages;

The IDS system has been programmed to remove Paragraph D (Rent Loss Coverage) from the 

1-4 Family Rider when:

• the note date is on/after 4/24/2014, 
• the occupancy type is set to primary, and
• the number of units on the 1003 is NOT set to 1.

While this change affects loans with note dates on/after 4/24/2014, it was not added to the system until late afternoon 5/1/2014.

Monday, April 28, 2014

IDS to incorporate Fannie Mae required MERS Rider in MT, OR, and WA

IDS general update:

As a result of a recent judicial decision regarding MERS, Fannie Mae will now require a MERS Rider (FORM 3158) and related security instrument updates for MT, OR, and WA. Implementation for this change is required on Notes dated on or after October 15, 2014. It is anticipated that this change could affect multiple documents in our system, including the security instruments in these states, and may also require some small system customizations. The IDS Compliance team will verify the accuracy of any changes to our documents and system before the changes go live.

IDS client-specific updates:

  1. IDS Compliance has been doing some much-needed revisions to the Washington State housing programs. As a part of these revisions, we'll also be adding new Washington State housing programs not previously supported.
  2. IDS Compliance has also been performing revisions to the Colorado State housing programs. These revisions should be available to the next couple of weeks.
  3. IDS Compliance has begun work on our website to add a place for the Compliance Updates and other compliance resources in a blog-like format. The launch will take place together with the launch of the new look-and-feel of our company website, June 3, 2014.
  4. IDS Compliance is finally winding down the SOC2 audit period, which has been going on since November 2013.

Wednesday, April 23, 2014

IDS to Stop Using Counseling List Interim Alternative Fix

Everyone in the industry is probably familiar with the required Counseling List implemented on January 10, 2014, along with the other Dodd-Frank changes. IDS Customers may or may not be aware that the CFPB offered lenders an interim alternative fix that entails providing borrowers with a disclosure that has a link to the CFPB website and instructions on how borrowers can obtain a list of counselors on-their-own. The CFPB has given lenders this option while building out their own systems to generate the same list. The CFPB informed lenders that they could use this alternative during about a six month implementation window. IDS has only used this interim alternative fix as a back-up on a few rare occasions when the HUD servers have stopped functioning. Here are the details of this requirement:

Regulation X requires that a counseling list be generated and delivered to customers for most types of loans. The CFPB has given lenders two options: (1) generating a list for borrowers directly from the CFPB's own portal, or (2) generating a similar list with information pulled from HUD servers. IDS provides its customers with the second option so that the list is automatically generated within our system with initial packages.

CFPB Bulletin 2013-13 states:

"Lenders who prefer to adopt the second approach have informed the Bureau that they must undertake significant development of compliance systems to ensure that lists are generated in compliance with the RESPA Homeownership Counseling Amendments and the November interpretive rule. The Bureau understands that the systems development may take approximately six months.

"While lenders are incorporating § 1024.20(a)(1)(ii) list instructions into their systems, they may direct borrowers to the Bureau’s housing counseling agency website to obtain a list of housing counselors ... These steps, if taken by lenders in good faith while they are building their systems or are working with vendors to build systems, would achieve the goals of the regulation and would not raise supervisory or enforcement concerns."

IDS compliance plans on removing the rarely used interim alternative fix, which has only been used a backup during emergencies, before June 10, 2014, to remain compliant with the six month window given by the CFPB for using this option. 

Tuesday, April 22, 2014

IDS client-specific updates during the week of 
April 14-18, 2014:

1. IDS Compliance made minor changes and made minor changes to the Rhode Island forms listed below to make them more like the ones located in RI Regulation 3:

• \State Docs\RI Counseling Notice and Certification.rtf
• \State Docs\RI HLPA Disclosure High-Cost Home Loan.rtf
• \State Docs\RI Prohibited Acts of Lenders and Loan Brokers.rtf
• \State Docs\RI Prohibited Acts of Lenders and Loan Brokers - High Cost Loans.rtf
• \State Docs\RI Tangible Net Benefit.rft

2. IDS Compliance added the following HFA program: Texas State Affordable Housing Corp – SAHC.

3. IDS Compliance has completed a rough draft of the IDS State Compliance Matrix that we will be making available soon to all IDS Customers. 

4. IDS Compliance received positive feedback this week during a visit at headquarters from SOC 2 audit personnel.

Monday, April 14, 2014

IDS Compliance Updates

On April 10, 2014, IDS held its first webinar to all customers to review changes made to the IDS Settings related to Dodd-Frank changes from this past January. IDS Marketing recorded the webinar and will publish it in both video and print formats in the coming week.

IDS client-specific updates during the week of March 24-28, 2014:

1.    The Delaware Office of the State Banking Commissioner amended its regulations by clarifying, streamlining and updating the existing regulations for licensed lenders and mortgage loan brokers. These provisions are effective on April 11, 2014. 

Because of this change to DE regulation. For applications on/after April 11, 2014, IDS Compliance is removing the following forms from the DE initial disclosures set:
·         \State Docs\DE Licensed Lenders Regulations.rtf
·         \State Docs\DE Loan Broker Regulations.rtf
If the application date is missing, IDS Compliance is removing it if today's date is on/after April 11, 2014.

2.    IDS Compliance updated the \State Docs\TX Mortgage Banker Loan Origination Disclosure.rtf form. The reference to r Texas Fin. Code §157.007 was replaced with §157.0021

3.    IDS Compliance has reviewed Rhode Island Regulation 3 Section 5(A)(iv) and concluded that the RI Prohibited Acts of Lenders and Loan Brokers – High Cost Loans Form 2 HLPA should be provided to all applicants at the same time as the RI Prohibited Acts of Lenders and Loan Brokers Form 1 HLPA. IDS Compliance has adjusted it so that they now appear in packages together.

4.    IDS Compliance will receive a visit at headquarters from SOC 2 audit personnel this coming week, from April 1-17. 

Friday, April 11, 2014

QM Safe Harbor Determination vs. HPML Tests

The IDS Compliance team would like to review the differences between the QM Safe Harbor Determination test and the HPML test. Some confusion comes into play in the mortgage industry because of the proximity in how the two tests are calculated; however, to be clear, they are two different tests which can vary and have separate effects in the loan process.

The QM Safe Harbor/Rebuttable Presumption Test (formally known as Higher-Priced Covered Transaction)
(§ 1026.43(b)(4)):

• FHA QM Rebuttable Presumption = APR ≥ (APOR + (Annual MIP + 1.15%)); 1st Lien.
• Non-FHA QM Rebuttable Presumption = APR ≥ APOR + 1.5%; 1st Lien.
• Non-FHA QM Rebuttable Presumption = APR ≥ APOR + 3.5%; 2nd Lien.
• Non-FHA QM Rebuttable Presumption = APR ≥ APOR + 3.5%; 1st Lien Small Creditor Variance.

The effect of not meeting the Safe Harbor test above is that a loan becomes a rebuttable presumption, which gives the buyer the ability to refute that the creditor fully checked the buyer's ability-to-repay should the loan ever be disputed in court. The biggest issue may be that an investor is not willing to purchase a rebuttable presumption loan or may offer less for it.

The Higher Priced Mortgage Loan Test (§ 1026.35(a)(1)):

• HPML = APR ≥ APOR + 1.5%; 1st Lien; Non-Jumbo as Defined by FHLMC (Freddie Mac).
• HPML = APR ≥ APOR + 2.5%; 1st Lien; Is Jumbo as Defined by FHLMC (Freddie Mac).
• HPML = APR ≥ APOR + 3.5; Jr. Lien.

The effect of not meeting the HPML test is that other requirements come into place; e.g. an escrow account will have to be put into place on the loan, etc. IDS created and added an HPML checklist that gets added to all loans subject to HPML requirements. This form is provided as an extra compliance tool to help make sure that our creditors meet all the HPML requirements.

Tuesday, April 8, 2014

IDS Employee Cinderella Wins NCAA Bracket Competition

Just like the underdog team the UConn Huskies took the NCAA Championship, we had our very own office Cinderella who rose to the top in the IDS NCAA Bracket Competition – against all odds. 

One of our newest and youngest employees, Ashley Gregory, took the office challenge of filling out a bracket for the NCAA Tournament for the first time. Knowing little about the teams, Ashley had a method of her own to filling it out.

"I chose mostly the higher seeds to win, but when it came to Harvard, I knew that was the school in Legally Blonde, so I went with it."  

In the fervor and excitement of March Madness, Ashley made a copy of her bracket to keep at her desk so that she could keep score of her own bracket while our Compliance Officer Clint Salisbury kept all of the employees brackets to score at his. With a total of 33 employees in the running, each were competing for the top spot to win $20, the second spot to win $10, and the top ten to receive $0.30 for a soda.

On the morning of the second day of March Madness, Ashley's champion pick Duke lost 78 to 71 to Mercer and she thought that was the end of it. She was so determined she had lost the entire competition that she went to Clint's desk, tore up her bracket and threw it away. Little did she know, most of our office chose Duke as their champion as well; she still had a shot.

As March Madness progressed, Ashley saw from her desk bracket that her bracket wasn't that bad after all, in fact, she was still collecting wins above that of her office mates. She decided to get back in the running. After completing the contest with 40 total wins (out of 63), she was able to gain the victory.

"I am shocked and honored to have won. If I can do it, you can do it." 

Ashley and IDS would also like to thank Clint for holding the fun March Madness Competition and giving out prizes.

Thanks Clint!

Friday, March 28, 2014

IDS Compliance Updates

The IDS Compliance team has initiated a project to make available to IDS clients several of its internal compliance resources. For example, the biggest project undertaken thus far is recreating the IDS State Disclosure Matrix in a friendly, easily searched, easily navigated document. IDS will continually be updating this document and regularly making improvements, but a publishable version will be ready by April 11, 2014.

After completing the updated IDS State Disclosure Matrix, the IDS Compliance team will begin working on separate Federal and Investor matrices. The Compliance team has also received approval to create a spot on our website after logging in where these newly published materials will be easily accessible to IDS clients.

IDS client-specific updates during the week of March 24-28, 2014:

1.    IDS Compliance added support for New Jersey on the Wells Fargo Fee Details Form. To date, IDS knows of no other document preparation system that supports automatically calculating and inputting data into the fields on the Wells Fargo Fee Details Form. IDS will continue to add more state-specific support for the Wells Fargo Fee Details Form, as long as there is a demand.

2.    IDS Compliance completed adding setting for the New Jersey state High Cost tests and audits. IDS Clients originating documents in New Jersey should immediately see these changes when originating a loan.

3.    IDS Compliance also completed added settings for Massachusetts state High Cost tests and audits.

4.    IDS Compliance updated all applicable Delaware State Housing documents.

5.    IDS is in its fourth week of a Service Organization Control (“SOC-2”) audit by the Statement on Standards for Attestation Engagements (“SSAE”). As previously noted, this audit will be on-going for several weeks.

6.    IDS Know Before You Owe combined TILA/RESPA disclosures update: IDS continues to read about the regulation and build out a plan for changes that need to be made to its system. IDS Compliance will hold a webinar regarding the changes that will be made in the final quarter of 2013 or the first quarter of 2014—this date is yet to be determined.

Tuesday, March 25, 2014

IDS's Know Before You Owe Timeline

In response to requests from our partners, IDS Compliance has made our current implementation timeline available to its customers. Here is a copy of IDS' timeline for implementation of the "Know Before You Owe" rule:

The CFPB issued a final rule referred to as "Know Before You Owe" that combines several features of RESPA and TILA initial and closing documents. The new disclosures have an implementation date of August 1, 2015. The purpose of the new combined disclosure statements is to facilitate loan shopping (at initials) and understanding of loan terms (at closing) for consumers.

These disclosures will affect many other initial and closing documents. IDS has developed a comprehensive implementation plan to address adding the new disclosures as well as updating all affected documents by the CFPB's deadline of August 1, 2015, which includes doing the following:

Aug 31, 2014: Issue requirements for Development team (IDS Compliance)
Jan-Mar, 2015: Release updates to IDS Software (IDS Development)
Apr 2015: Test all affected disclosures in system (IDS Service Staff)
May 2015: Test interaction with client systems (IDS Imports/IDS Customers)
Jun 2015: Complete implementation and review (IDS Compliance)
Jul 2015: Test and review during fail-safe period
Aug 1, 2015: Make forms live

IDS also recognizes that there will need to be MISMO updates and LOS integrations. Our imports department will work with our development team and LOS partners during the system releases to begin mapping our systems beginning with the first release.

As the deadline for implementation of the new disclosures approaches, IDS will provide regular compliance and integration updates to its customers. If you have any specific questions regarding the implementation of these new disclosures, please email complianceupdates@idsdoc.com.

This announcement addresses the implementation of new systems communications in conjunction with the CFPB’s August 1, 2015, "Know Before You Owe" changes. IDS expects that the GSEs will provide the industry with additional information; however, IDS is already reviewing implementation strategies in conformity with this announcement.

If you are an IDS Customer, please log in to see additional compliance resources.

Friday, March 21, 2014

IDS Compliance Updates

IDS client-specific updates during the week of March 17-21, 2014:

1. IDS Compliance added support for following State Housing Program: District of 
Columbia Housing Finance Agency. IDS now has documents required by this program.

2. IDS is in its third week of a Service Organization Control (“SOC-2”) audit by the Statement on Standards for Attestation Engagements (“SSAE”). As previously noted, this audit will be on-going for several weeks.

3. IDS Compliance has undertaken a major project to make available to its clients several reference forms that have been relied upon internally, but not generally available to our clients. The first major resource that we'll publish is an updated "IDS State Disclosure Matrix." This should be available in the near future. 

4. IDS Compliance updated the NY Subprime Test in accordance with NYS Register issued March 19, 2014.

5. IDS Compliance added additional settings and audits for the Connecticut High Cost tests. These are visible in the Setting section of IDS.

Wednesday, March 5, 2014

A Campaign Was Born

Our Marketing team was excited to sit down and create a new campaign for 2014. As they started to brainstrom, they asked themselves, "What makes us different from our competitors? What makes people choose us over the other guys?" Well, it didn't take long for us to realize that it's because we give you MORE. More of what you need, when you need it, and here are the facts to prove it:

MORE Compliance
IDS has an in-house compliance team that works day to day to ensure compliance of all closing documents and initial disclosures, reading through pages of new regulation and implementing the new laws into IDS.

MORE Customization
idsDoc has countless built-in customizations that were developed from years of client requests and learning and understanding lender needs. The lender has the ability to create custom fields, documents, audits, and more.

MORE Service
Being voted by tech savvy lenders as the "Lender's Choice", IDS has been recognized for our attentive service and quick response in the industry. What may take the competition weeks or months to solve and complete, has been known to take us days or even hours.

Our internally developed E-signature platform allows you to e-sign, track doc packages, and receive status updates, all in compliance with the E-Sign Act and the Uniform Electronic Trasactions Act (UETA).

And just like that, a campaign was born. In about an hour or less, actually. Because it's not complicated, it's simple: We give you MORE.

Comment on what MORE you get with IDS to Marketing@idsdoc.com for a free IDS tumbler! And if you haven't gotten MORE from us yet, call us at (800)554-1872 or email sales@idsdoc.com today!

Thursday, February 20, 2014

Wells Fargo Fee Details Form Approved

Wells Fargo Fee Details form in idsDoc:

Ahead of the January 2014 Dodd-Frank changes, Wells and a few other investors created forms required with the origination of most loans beginning on or after January 10, 2014. One of the forms which has rapidly gained industry-wide notoriety is the Wells Fargo Fee Details Form. Soon after the release of this form, IDS began coding the document to function with IDS’ proprietary software. IDS also began communicating with Wells Fargo regarding our version of the form. On February 06, 2014, Wells Fargo published in Newsflash its approval of the IDS coded version of its Fee Details form. IDS has also coded and implemented many other investor required forms related to Dodd-Frank, including forms required by: Chase, Franklin American, BB&T, and Bank of Internet.

IDS Client-Specific Updates:
  1.  January 20, 2014 – the IDS Compliance Department removed the RESPA Servicing Disclosure from closing packages and second liens. IDS made this change to eliminate confusion around the required timing of this disclosure. This form is only required on 1st Liens. Also this form is required within 3 days of application. See §1024.21(b) and §1024.33(a) for details. If a client wants the form in non-1st lien initial packages or closing packages, please send a request to service@idsdoc.com.
  2. February 10, 2014 – the FHA Informed Consumer Choice Disclosure requires an annual review and update. IDS usually performs its annual review of this document in March. This year, however, IDS performed its annual review and update in February. This year, IDS created an option on the FHA page of Settings, located on the IDS website, where customers can select either a 95% or a 97% LTV for the conventional financing with MI example column.

If you are an IDS Client, please log in to see these updated documents as well as additional compliance resources. 

Tuesday, January 21, 2014

Customer Service to the Rescue!

"Your success in life isn't based on your ability to simply change. It is based on your ability to change faster than your competition, customers and business."

— Mark Sanborn

Since the Dodd Frank changes have taken place almost a week ago, customer service has been experiencing a record number of calls, emails, chats, and sales tasks. Extra time, effort, and training has been put in to help our clients during this time of change. In fact, many members of our customer service team volunteered to put in extra hours this last Saturday and were able to complete over 100 requests. They are working hard maintaining trust in the industry to keep IDS transparent and borrow confidence high.

If you are experiencing even the smallest problem or confusion with any of the changes, please do not hesitate to contact our customer service department. We pride ourselves on serving our customers and know that we can put out any fire you may be having.

We commend you for being patient as we work to better serve our clients.This also provides for a more stable industry in the long run. Rest assured that we know what we're doing here at IDS.