Tag Archives: Uniform Closing Dataset

IDS Caps Off a Successful 2018 with New Mortgage Doc Prep System Functionality, LOS Integrations, and Individual Honors

SALT LAKE CITY, Utah /ScoopCloud/ -- Mortgage document preparation vendor International Document Services, Inc. (IDS), announced it completed 139 updates to its flagship mortgage document preparation platform idsDoc in 2018. These updates were made in response to regulatory, client and investor directives. They also included the addition of new digital mortgage functionality and loan origination system (LOS) integrations.

As a result of these efforts, several IDS employees were honored by national industry trade publications for their contributions to both IDS and the mortgage industry.

"2018 marked a significant year of growth and development for IDS and the idsDoc platform, and as we move into 2019, IDS is on track to continue that trend, with several major system updates in the works," said IDS Vice President and General Manager Mark Mackey. "With nearly 60 percent of our employees working in New Product Development, Software Development and Customer Service, our top priority is to provide our clients with the tools they need to succeed in today's market, and having the industry recognize our talented group of employees for those efforts was truly an honor."

IDS kicked off its major system updates in 2018 by announcing the addition of hybrid eClosing capabilities in idsDoc. The new functionality was designed in response to "real-world" investor acceptance of digitally executed mortgage transactions and allows borrowers to electronically sign and execute the majority of closing documents.

Next, IDS announced the addition of an integrated XML file creation and submission system specifically for the Uniform Closing Dataset (UCD) to help clients avoid critical and fatal errors in the GSEs' delivery systems. IDS also made significant changes to idsDoc in advance of the October 2018 implementation deadline for TRID 2.0. Changes to the system included Loan Estimate (LE) Estimated Cost Expiration date inputs, the availability of Alternative LE/Closing Disclosure (CD) forms for simultaneous subordinate financing, disclosure of seller paid fees and principal reductions, data entry for the Summary of Transactions and Liabilities and Payoffs, and updates to the rounding and truncation of percentages. There were also TRID 2.0-related updates made to the LE/CD and Totals pages and the 1003 and Construction Lending sections in idsDoc.

In addition, IDS rolled out a brand new interface with MortgageFlex Systems in October 2018 that operates on the MISMO Version 3.3 data standard, ensuring joint IDS-MortgageFlex customers are able to fully comply with a host of regulatory requirements that operate off the MISMO Version 3.3 standard, including the UCD and TRID 2.0.

These efforts earned several IDS employees industry recognition in 2018. IDS In-House Counsel and Compliance Officer Vince Wilson was named to HousingWire Magazine's 2018 HW Rising Stars list, and Implementation Expert Tobias Griffith was also recognized by the publication as a 2018 Insiders Award honoree. Additionally, Beckie Santos, IDS's New Product Development Manager, was named to Mortgage Professional America's 2018 Elite Women in Mortgage list as well as HousingWire's 2018 Women of Influence list.

Continuing to strive for internal excellence, IDS announced in November the promotion of two employees to provide additional support in mission-critical areas of the organization. Former Manager of Implementation Clint Salisbury moved to the Sales and Marketing team, and Travis Carroll, who previously worked on the Integrations team, moved into Salisbury's role as head of the Implementation department.

"By building on the achievements and strategic personnel decisions we made in 2018, 2019 promises to bring even more exciting changes for IDS and its customers, and we look forward to continuing to help our clients meet the challenges of today while planning for the demands of tomorrow," Mackey said.

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 eSignatures, 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. Learn more at: https://info.idsdoc.com/.

Mortgage document preparation vendor International Document Services, Inc. (IDS), announced it completed 139 updates to its flagship mortgage document preparation platform idsDoc in 2018. These updates were made in response to regulatory, client and investor directives. They also included the addition of new digital mortgage functionality and loan origination system (LOS) integrations.

Related link: https://info.idsdoc.com/

Veros and IDS Partner on Integrated Solution for Fannie Mae and Freddie Mac UCD Data Submissions

SANTA ANA, Calif. /ScoopCloud/ -- Veros Real Estate Solutions (Veros(R)), a leading developer of enterprise risk management, collateral valuation, and predictive analytics services, and mortgage document preparation vendor International Document Services, Inc. (IDS) announced today that they have partnered to provide lenders with a fully integrated automated delivery solution for submitting the Uniform Closing Dataset (UCD) to the Government Sponsored Enterprises (GSEs).

The Veros and IDS partnership creates a fully integrated UCD data file creation solution and submission solution. By offering lenders a single, integrated solution - similar to the Uniform Collateral Data Portal (UCDP) - and combining IDS's UCD XML file creation capability with Veros' Pathway UCD submission system, both Veros and IDS ensure full compliance with the GSEs' June 25, 2018 mandate.

"IDS is widely recognized as a leader in the mortgage document preparation space, and we are pleased to partner with them to provide lenders with a single, integrated solution to ensure compliance with the GSEs' upcoming UCD data submission requirement changes," said Robert Walker, CMB, CMT and Vice President of Sales at Veros.

According to a January 30, 2018 joint announcement made by Fannie Mae and Freddie Mac, warning UCD edits in the GSEs' respective delivery systems related to non-submission or unsuccessful UCD submission will become critical or fatal effective June 25, 2018. In addition to the edits that will turn fatal in the GSEs' delivery systems, the UCD warning edit for embedding the PDF will also convert to fatal, resulting in a "Not Successful" status, as of the June mandate.

Both GSEs are recommending that lenders prepare for the change by submitting "Successful" UCD files prior to delivering their loans, as appropriate. In response to the joint announcement from January, IDS has updated its proprietary idsDoc platform to support the directive and issued a press release on April 11, 2018 urging lenders to begin troubleshooting UCD files that resulted in a "Not Successful" status.

"IDS has been gathering feedback from our clients in an effort to error-proof the UCD submission process before the upcoming changes," added Matthew Mackey, Director of Sales and Marketing at IDS. "Veros' expertise in working with automation and providing the technology powering the UCDP make them an excellent partner not only in this endeavor, but also in our overall goal to make idsDoc as seamless and efficient as possible for our clients."

For more information about the IDS and Veros UCD solution, contact Matthew Mackey at 800-554-1872, ext. 134 or matthew@idsdoc.com.

About Veros Real Estate Solutions:

Mortgage technology innovators since 2001, Veros is a proven leader in enterprise risk management and collateral valuation services. The firm combines the power of predictive technology, data analytics, and industry expertise to deliver advanced automated solutions that control risk and increase profits throughout the mortgage industry, from loan origination to servicing and securitization. Veros' services include automated valuation, fraud and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is also the primary architect and technology provider of the GSEs' Uniform Collateral Data Portal (UCDP) and FHA's Electronic Appraisal Delivery portal (EAD). For more information, visit http://www.veros.com/ or call 866-458-3767.

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. Learn more at: http://info.idsdoc.com/.

Veros Real Estate Solutions (Veros), a leading developer of enterprise risk management, collateral valuation, and predictive analytics services, and mortgage document preparation vendor International Document Services, Inc. (IDS) announced today that they have partnered to provide lenders with a fully integrated automated delivery solution for submitting the Uniform Closing Dataset (UCD) to the Government Sponsored Enterprises (GSEs).

Related link: https://info.idsdoc.com/

DocMagic’s UCD Technology Solution Now Supports Both Phases of Upcoming UCD Requirements

TORRANCE, Calif. /ScoopCloud/ -- DocMagic, Inc., the mortgage industry's leading provider of document production, automated compliance and comprehensive eMortgage services, announced that its technologies are now capable of supporting both phases of the upcoming UCD (Uniform Closing Dataset) requirement.

The company's technology solutions, which have been certified by Fannie Mae and Freddie Mac for both phases of the UCD file delivery mandate, enable lenders to start immediate testing of full UCD delivery-well in advance of the phase one 2017 deadline and the phase two 2018 deadline-as has been recommended by both GSEs.

The Uniform Closing Dataset (UCD) is a common industry dataset that allows information on the Consumer Financial Protection Bureau's (CFPB's) Closing Disclosure to be communicated electronically.

On September 25, 2017, the GSEs will require lenders to deliver borrower data and the Closing Disclosure in the UCD file. Later, in 2018, the second phase of the mandate will require seller data to be included as well. However, according to a joint statement issued by the GSEs, both Fannie Mae and Freddie Mac are recommending that lenders start to "submit files with both Borrower and Seller data, if available, in order to test their processes and become familiar with the messaging from each GSE's collection system."

DocMagic's technology solutions allow lenders to fulfill the GSEs' recommendation by generating and compliantly delivering UCD files that include both borrower and seller data to the GSEs. DocMagic can also accept UCD XML data from third parties and deliver it to the GSEs. In addition, the company offers an API for direct, seamless connection to the GSEs' technologies.

"At DocMagic we went above and beyond attaining the initial GSE UCD certification because we want our customers to have the option to implement the GSE-recommended testing, which allows them to implement phase two requirements now," says Tim Anderson, director of eServices at DocMagic. "Phase one addresses the XML file for the borrower CD and associated data, but the GSEs have definitively recommended that lenders complete everything before the phase one September 25, 2017 deadline. We find that lenders that are serious about sustained profitability and growth tend to follow GSE recommendations and take action ahead of time. Now with DocMagic, all of our lender clients have that option."

To assist lender clients in preparing to meet the entire UCD mandate, DocMagic recently launched its 'UCD Control Center,' a one-stop, go-to resource for everything lenders need to know about the UCD requirement. It offers tools, documentation, interactive communication for Q&A, webinars, updates, and most importantly the ability for lenders to test for the entire UCD mandate ahead of the complete 2018 deadline.

The company says its goal is to have the bulk of its clients fully prepared to meet the requirements for both phases this year.

"Our customers and partners rely on us to do everything we can to assure they transact the safest, most compliant loans-and helping them prepare for a major new mandate like the UCD requirement is no different," said Dominic Iannitti, CEO of DocMagic. "Lenders, settlement providers and other organizations must prepare now or run the precarious risk of being unable to sell their loans. DocMagic is proud to be leading the way, yet again, to help them avert these costly risks."

About DocMagic:
DocMagic, Inc. is the leading provider of fully-compliant loan document preparation, regulatory compliance, eSign, eDelivery and comprehensive eMortgage services for the mortgage industry. Founded in 1988 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web-based systems for the production and delivery of compliant loan document packages. The company's compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy.

For more information on DocMagic, visit http://www.docmagic.com/.

DocMagic, Inc., the mortgage industry's leading provider of document production, automated compliance and comprehensive eMortgage services, announced that its technologies are now capable of supporting both phases of the upcoming UCD (Uniform Closing Dataset) requirement.

Related link: https://www.docmagic.com/