Vienna, VA, March 14, 2013 — VirPack, the mortgage industry leader in document management and Delivery solutions and IDS Inc., the leading provider of mortgage documents and compliance are teaming to provide lenders peace of mind relating to critical initial loan disclosures.
The expanded relationship involves eDisclosure integration with IDS’ flagship document prep solution idsDoc, offering multiple benefits, including the automation of the document indexing process and the secure transmission of the package to VirPack’s document management platform, Document Management and Delivery System.
“The expansion of our relationship with IDS from closing docs to now include eDisclosures provides lenders even greater efficiencies. The eSigned initial disclosure package will be securely and automatically imported into the designated loan in Document Management and Delivery System, automating the indexing process and ensuring compliance,” said Wayland T. Pond IV, VirPack vice president, sales and marketing.
“When it comes to initial disclosures, 100 percent compliance is the first priority at IDS. It is essential to feel confident that disclosures are prepared and delivered in accordance with RESPA guidelines,” said IDS executive vice president, Mark Mackey. “Our aim is to make fully compliant initial disclosures simple and quick enough to allow lenders to spend more time originating more business, and this expanded relationship with VirPack allows just that.”
Importantly, eDisclosure ensures the initial disclosure package is handled in a fast, secure, accurate and compliant manner. eDisclosure will get state and investor specific disclosures delivered in a way that best fits the lender’s business model. The VirPack-IDS collaboration ensures compliance in the following ways:
- Offering eSign/eConsent to the borrower,
- Tracking the date and the receipt
- When a borrower eSigns, the initial disclosure package automatically goes to the correct loan file and correct document container in VirPack’s Document Management and Delivery System
- Eliminating human interaction and manual processes
- Providing paper disclosures if the borrower opts out of eConsent
Both IDS and VirPack are proudly recognized as Lenders One Preferred Vendors, dedicated to helping the largest alliance of independent mortgage bankers in the country lower their costs and improve their profit margins.
VirPack is the leading provider of document management and Delivery solutions for the mortgage industry. Celebrating 15 years in business, VirPack’s award-winning technology drives the industry’s premier Delivery solution and paperless platform, Document Management and Delivery System. VirPack simplifies business processes throughout every step of the loan process resulting in increased efficiencies and significant enterprise-wide cost savings. Additional information may be found at www.virpack.com.
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 award-winning 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 www.idsdoc.com. or call 800.554.1872