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

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 for a free IDS tumbler! And if you haven't gotten MORE from us yet, call us at (800)554-1872 or email today!