SALT LAKE CITY, Utah, March 1, 2018 (SEND2PRESS NEWSWIRE) — Mortgage document preparation vendor International Document Services, Inc. (IDS), announced it increased its share of the mortgage document preparation market in 2017, even though the industry overall experienced a decline in volume.
According to the Mortgage Bankers Association’s (MBA’s) “MBA Mortgage Finance Forecast” for December 2017, total mortgage originations are expected to reach $1.71 trillion by the end of the year, which is nearly 17 percent below 2016’s total mortgage origination volume of $2.051 trillion. In spite of this decline in volume, IDS Vice President and General Manager Mark Mackey reports the firm increased its market share by 5.9 percent in 2017.
“With the mortgage industry shifting from a refinance-driven environment to one fueled by purchases, it was widely expected that there would be an overall drop in originations, and one would expect mortgage doc volume to track alongside that decline,” Mackey said. “However, our numbers indicate that IDS gained ground in 2017, which is always encouraging to see in a down market.”
In February, idsDoc introduced new borrower data collection fields that support compliance with the 2018 changes to Home Mortgage Disclosure Act (HMDA) reporting. The following May, IDS announced that it was the first mortgage document vendor to have its UCD XML file certified by Fannie Mae and Freddie Mac.
To further aid clients’ efforts in complying with these changes and others, IDS also updated idsDoc to include the most recent reference model from the Mortgage Industry Standards Maintenance Organization (MISMO), Version 3.4 and is working on implementing Version 3.5.
Other major changes to idsDoc in 2017 included:
- Lender customization capabilities in the eSign room, including custom docs;
- Loan officer digital “sticky notes” for electronic documents;
- Spanish-language electronic documents;
- Pre-closing document preview capabilities; and
- New LOS pushback notifications.
Additionally, IDS increased its staff in several key areas including IT (75 percent), Development (35 percent) and Customer Support (33 percent). Also new in 2017 was the formation of its New Product Development team to guide development of new IDS solutions, led by former IDS developer Beckie Santos.
“Continuous refinement and improvement of idsDoc is always a top priority in any given year, and 2017 was no exception,” Mackey explained. “Over the course of the year, we added 218 new audits to idsDoc, bringing the total number of audits available in the system to 2,929. Now that investors and regulators are becoming more accepting of electronically executed documents, our focus for 2018 on expanding the capabilities of idsDoc to allow our customers to execute fully electronic mortgage closings through our platform.”
About IDS, Inc.:
IDS, a Reynolds and Reynolds company, was founded in 1986 in Salt Lake City, Utah, and is a nationwide provider of mortgage documents and compliance. IDS services include electronic signatures, closing documents, initial disclosures, document fulfillment and integration with leading loan origination systems and eClosing platforms. The IDS flagship doc prep solution, idsDoc, is recognized in the industry for its ability to be customized to meet specific lender needs, particularly in regards to major industry compliance changes.
For more information, visit: https://info.idsdoc.com/.
@idsDoc #mortgage #mortgagedocuments
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News Source: International Document Services, Inc.