International Document Services Completes First Two Phases of January 2014 CFPB/Dodd-Frank Changes

Author: International Document Services Inc.
Dateline: Salt Lake City, Utah (SALT LAKE CITY, Utah)  | Mon, 28 Oct 2013

freeNewsArticles Story Summary: “Mortgage document preparation vendor International Document Services, Inc. (IDS, Inc.), today announced it has completed the first two phases of its planned changes to its flagship document preparation system idsDoc in preparation for the Dodd-Frank changes set to be implemented by the Consumer Financial Protection Bureau in January 2014.”



ARTICLE:

Mortgage document preparation vendor International Document Services, Inc. (IDS, Inc.), announced it has completed the first two phases of its planned changes to its flagship document preparation system idsDoc in preparation for the Dodd-Frank changes set to be implemented by the Consumer Financial Protection Bureau in January 2014.

In addition, IDS is releasing a guidebook on the changes via the idsDoc portal start page on November 11, 2013. Titled "IDS's Implementation of the Final Rules: Dodd-Frank January 2014," the manual is designed to guide its customers through the numerous system and compliance changes. According to Mark Mackey, executive vice president at IDS, the company expects to have all changes completed by November 15, if not before - nearly two months ahead of the CFPB's deadline - giving users as much time as possible to make themselves familiar with changes before the law goes into effect.

"As we saw with RESPA reform back in 2010, unfamiliar document changes can throw a significant wrench in a lender's day-to-day operations, particularly as lenders discover questions and issues in the normal course of doing business," said Mark Mackey. "IDS hopes that by giving our users time to explore the changes, we can uncover and address as many issues as possible before the fact."

Phase I, which was completed in September, included layout changes and the addition of several new fields:
* Counseling Notice Date field added;
* NMLS number to display on Note/Security Instrument panel;
* Notice of Servicing Transfer;
* Notice of Error/Information Request;
* Reassignment of Endorsement/Allonge panel to the Investor page, plus addition of Endorse To field; and
* Amount Transferred from Previous Account for escrow funds transfers during a refinance.

Released on October 18, Phase II included additional layout changes, as well as the addition of two new fields relating to loan types - Bridge Loan Indicator and State High-Cost Indicator - to the Loan Type panel and two new rounding options (nearest 1/4 and nearest 1/10). Also included in Phase II were changes to the Pre-Payment Penalty panel with the addition of eight new fields:
* Pre-Payment ID;
* Customize Pre-Payment Indicator;
* May exceed 2 percent of amount prepaid Indicator;
* May exceed 1 percent of amount prepaid in 3rd year Indicator;
* Rate without Pre-Payment Penalty;
* Points and Fees without a Pre-Payment Penalty;
* Termination Fee Amount (when applicable); and
* Termination Fee Term (mths) (when applicable).

About IDS, Inc.:

IDS, founded in 1986 in Salt Lake City, Utah, is a nationwide provider of mortgage documents and compliance. IDS services include closing documents, initial disclosures and fulfillment. The IDS flagship doc prep solution, idsDoc, is recognized in the industry for its ability to be customized to meet specific lender needs. IDS backs the system with unsurpassed customer service, cutting-edge technology, compliance and document guarantees, and a solid compliance team.

Lenders looking to move forward when it comes to doc prep can visit the IDS website at http://www.idsdoc.com/ or call 800.554.1872.

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Story Title: International Document Services Completes First Two Phases of January 2014 CFPB/Dodd-Frank Changes
• REFERENCE KEYWORDS/TERMS: Mark Mackey, Salt Lake City, Utah, idsDoc portal, Banking and Finance, Computing, Finance, SALT LAKE CITY, Utah.

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NEWS SOURCE: International Document Services Inc. :: This press release was issued on behalf of the news source (who is solely responsible for its accuracy) by Send2Press® Newswire, a service of Neotrope®.