International Document Services (IDS), a division of The Reynolds and Reynolds Co. offering document preparation services for mortgage lenders, is acquiring Encomia, a provider of electronic mortgage (e-mortgage) solutions.
Encomia offers an e-closing platform and tool set designed to streamline the mortgage process, from application through closing. The platform provides for secure electronic document storage, e-signature capture and e-validation, as well as asset and income verification services.
By acquiring Encomia, IDS will be positioned to deliver a broader complement of e-mortgage origination and closing services to its clients and the industry at large.
“When you look at the current mortgage industry landscape, the e-mortgage is inevitable – it’s a matter of ‘when,’ not ‘if,’ and IDS wants to be at the forefront of delivering the tools and services our clients need to make the e-mortgage a reality within their organizations,” said Mark Mackey, vice president and general manager of IDS, in a statement. “IDS has historically developed its technology in-house, but we felt there was something to be said for bringing to our clients a proven e-mortgage solution that has a demonstrable track record of success in some of the largest lending institutions in the country. To us, that’s what Encomia brings to the table and why this acquisition made perfect sense.”