Mortgage document technology company International Document Services (IDS) has been acquired by Reynolds and Reynolds, a provider of automotive dealership software, documents and compliance services, and digital marketing, for an undisclosed sum.
‘The mortgage industry – much like automotive – is facing the dual challenge of increased pressure from regulators and the changed expectations from consumers who are looking for a more rewarding and engaging experience when handling the documents necessary to purchase a vehicle or home,’ says Robert Burnett, senior vice president of business development at Reynolds and Reynolds, in a release. ‘IDS has developed a strong reputation and product line in serving the mortgage banking industry, and their expertise is well recognized. We're pleased to be joining forces with them, adding our expertise and technologies to help serve this market.’
Reynolds and Reynolds plans to keep the IDS brand intact, the company says. It will operate as a stand-alone division and will remain based in Salt Lake City.
IDS was founded in 1986 and has approximately 65 employees.
Mark Mackey, vice president and general manager of IDS, says the firm looks forward ‘to continuing to serve our IDS customers with the expertise and service they've come to expect from us. And now we can do so with the strengths and advantages of a much larger company behind our brand – a company with deep expertise in documents and compliance and in the technology that will help lenders respond to the increasing pressures from regulators and consumers."
"We're confident the type of ongoing innovation and product development at Reynolds will be a great advantage for us as we apply that to the mortgage industry and will help accelerate our growth," Mackey adds.
Mackey also points out that IDS is ready to help its clients meet the new requirements established under the Consumer Financial Protection Bureau's new Know Before You Owe rules – also known as the TILA-RESPA Integrated Disclosures rules – which require lenders to furnish new disclosures to mortgage borrowers within prescribed time frames.