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.

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