Wednesday, April 10, 2019

CONGRATULATIONS the University of Virginia and to our contest winners:
1st Place:  Eric R,   Scored 1470 pts which is the top 100 percentile of all of the 17.2 million ESPN brackets this year.  Eric is an IDS Client he is an Assistant VP at a Bank in the Midwest.   Good job Eric, you win a $25 Amazon Gift Card!
2nd Place: Paul Morton  1340 pts
3rd Place: Michael Howard  1310 pts 
You both win a $10 gift card to Starbucks
Thank you for playing we had 50 participants, let's do it again next year.  Results and more commentary below:

Friends of IDS, Inc. Tournament Group.  

More commentary:
- Of the 50 brackets in our group, 4 picked Virginia and they finished 1-4 which to me seems a bit champ heavy of a scoring system.  
- That's right Amber Lavin you picked the champ but you didn't win anything, Sorry.  Tell you what, there is still an Orange Vanilla Coke if you like. (the official tournament drink?) 
- Eric was the only one to pick 3 of the Final Four.  5 People picked 2 of the Final Four.
- Only Tyler B picked Auburn
- No one picked both teams in the Final

Friday, March 29, 2019

Clint Salisbury on ARMCO Study "Mortgage QC Industry Trends"

ACES Risk Management (ARMCO) recently released its quarterly "Mortgage QC Industry Trends" report for Q2 2018, which analyzes post-closing quality control data derived from 90,000 randomized, unique loans, to determine the top “critical defects” making loans uninsurable or ineligible for sale. The top 4 categories of critical defects identified during Q2 2018 were income/employment, package documentation, assets, and legal and regulatory compliance.

Of the 90,000 loans analyzed in the study, 1.71 percent contained one or more post-closing defects (approximately 1,540 loans). Of those loans, income/employment defects represented 22.73 percent; loan package defects 19.89 percent; assets defects 17.61 percent; and compliance defects 11.93 percent.

In Q2 2018, the "distribution of critical defects reflected the market's higher percentage of purchase transactions over refinances, as well as it's declining number of originations," according to the report, which goes on to state that this "finding aligns with the assertion that purchase originations are typically more intricate and complex than refinance transactions, and therefore present greater risk of critical defects."

The study highlights loan document package defects in particular, which have increased significantly increased since Q2 2017. In addition the year-over-year increase of these defects spiked 25 percent between Q1 and Q2 in 2018, marking the third consecutive quarter to see double digit increases. The study notes that these increases are “often associated with the downsizing and understaffing that proliferate in contracting markets.”

The study states that if “lenders want to maintain quality levels of market volume or purchase-to-refinance ratios, they need to implement scalable solutions such as technology. Lenders should continuously evaluate their quality control practices to assure core underwriting and insuring policies are followed.”

As a result of this study, IDS reached out to find out what companies are doing internally to mitigate loan document package defects. One lender said that they are implementing more organizational structure, for example, keeping individuals focused on one role whether it be disclosing, processing, or closing. By doing this, lenders find it easier to train and limit the number of people who are exposed to shifting compliance rules.

Friday, February 16, 2018

IDS Employees Help in Local Emergency

Thursday, February 8th, 2018, at around 6 p.m. (MST), IDS customer support employee Jared Curtis and interface expert Jason Hargis witnessed a car collide with an assisted living facility near the IDS office building. Hargis was quick to dial 911, remaining on the line with emergency services as Curtis rushed to help.

Jared Curtis stands at the scene.
According to reports by KUTV News, the thirty-eight year old driver left the scene after hitting the building. They further report that police found him not far from the facility and arrested him, and are now investigating the possibility that he was driving under the influence of alcohol or drugs. However, the collision ruptured a gas line, which started leaking natural gas into the building. Though no residents were in the damaged room, as reported by KUTV, the wing of the home was evacuated to avoid any health problems or dangers that could have been caused by the gas. Curtis was quick to help the attendees evacuate the residents.

“Some of them didn’t want to leave the room,” Curtis said. “It was tricky.”

Without Curtis’ and Hargis’s quick thinking, things may have gone much worse. According to the report by KUTV, no serious injuries occurred, though a few residents complained of chest pain.

IDS is proud to have employees who will readily jump in to help their community and neighbors, even at the end of a long work day.

Friday, February 9, 2018

UCD Warnings from GSEs to become Fatal

Recently, Freddie Mac and Fannie May issued an update on requirements for the UCD. Currently, the GSE’s loan systems issue a warning if the Uniform Closing Dataset (UCD) file is inaccurate or incomplete. As stated by Freddie and Fannie, warnings from the GSEs for missing UCD information are going to become critical/fatal June 25, 2018. Files that would have received the warning prior to the June deadline will no longer be accepted past that date.

Fannie and Freddie recommend lenders prepare for the change “by submitting UCD files prior to delivering their loans, as appropriate.”

IDS, Inc. is focused on remaining on top of this news and ensuring that the idsDoc System is prepared for this change. Our clients are invited to let us know the warnings they are receiving and what is triggering them. Due to the customizable features of IDS, different clients may receive different warnings based upon their customizations and system settings. The more we know, the more we can prepare for the change to ensure that the loan process continues to run smoothly for our clients. IDS may add audits, notes, or notifications to assist lenders in assuring that their UCD XML file submissions are successful, even with the change coming in June. To report the information to IDS, Inc., please submit a ticket to service or client support. Please include the file name, screen shots of the warnings you receive, which GSE you are submitting to, and the estimated time/date of submission.

The UCD was created to allow loan information to be communicated electronically, as well as to encourage consistency and accuracy in the loans provided for the single-family. Though the UCD file is the same for both Fannie and Freddie, each uses a different method of collecting the data from the file. Because of this, IDS encourages our clients to keep an eye on the differences in the warnings they may receive from each individual GSE. To ensure successful loan deliveries, lenders will have to submit accurate and complete UCD XML files.

Further resources can be found at Freddie Mac and Fannie Mae's websites.

Friday, January 26, 2018

Escaping Employees

As the holiday season wound to a close, IDS took the chance to do a little celebrating of their own. As an event organized by Kayelyn Harris, on January 20th employees of IDS and their guests had the chance to win prizes, eat food provided by Brick Oven, socialize, and visit Alcatraz Escape Games. “The caterers were great, and the venue staff went above and beyond,” Harris said. “I feel the event was generally a success.”

Katie Means, who assisted with setup of the event, agreed. “The holiday party was very enjoyable. Even when things seemed a tad chaotic, it was still great,” she stated.

Alcatraz Escape Games, located in Draper, UT, provides a fun chance to test the mind. Several escape rooms are open to try, clues and riddles hidden around the room as the groups within try to find their way out of the room before the time limit.

The quickest group completed the "Horcrux Hysteria" room.

The quickest IDS group solved the Harry Potter themed “Horcrux Hysteria” room. Employees Rulon Doman, Katie Means, Vince Wilson, Nick Attebury, Shawn Gibson, and Marc Hartley, along with their guests, nearly made the leaderboard for their quick completion time. “Being inside the rooms really made our teamwork stronger,” said Means. “I was able to meet other employees I had never spoken to, and we had a blast solving mysteries together.” The group won a prize for their quick escape – tickets to come back and try to solve another room.

Other rooms included “Prison Bus Escape,” “The Row,” “Extinct,” and “Zombie Panic.” Each room had different challenges to overcome.

Those on “The Row,” said to be the most difficult of the escape rooms, had to work together to try and escape death row before their sentence was carried out. “It was definitely a tricky room,” commented Brooke Espinoza, who attempted the escape, “but it was super fun working with everyone and trying to figure things out!”

There was only one room with an age limit: “Zombie Panic.” Participants not only had to escape the room, but also avoid the zombie within. “This one guy dressed as a zombie came in as time was running down,” employee Tyler Sebresos said. “Even though it was just a guy in make-up, everyone freaked out. It was great!”

The "Prison Bus Escape" group braves the cold weather.
“Prison Bus Escape” is not only the room with the lowest escape rate, but also the only one that takes place out of doors. Taking place on an actual bus, the participants had to make their way through the bus to the back in order to escape. “We got really close, we just needed to figure out how to get the door open,” said employee Adria Riley. “I might go back again to find out the rest of the puzzle.”

While employees waited for their turn in the escape rooms, they had the chance to enter a large raffle for prizes and pick up their holiday gifts. “Having time before and after the Escape Rooms where we got to better know our fellow employees and their families was a lot of fun, and informative,” Means said. 

Those participating in the raffle could win gift cards, spa sets, movie tickets, Bluetooth headphones, and many other prizes. Additional tickets for the raffle could be won by completing brain teasers and ice breakers, or found hidden in the escape rooms. “The party was awesome. The gifts were great, and the food from Brick Oven was really good,” employee Jared Curtis said. "I had a great time."