The integration means idsDoc's e-signature and electronic document capabilities now work seamlessly with Digital Close's electronic mortgage closing functionality to create a completely digital process from document issuance through closing, the companies claim in a press release. This streamlined process will be especially important for lenders as the Consumer Financial Protection Bureau's (CFPB) TILA-RESPA Integrated Disclosure (TRID) deadline approaches.
‘TRID is forcing lenders to re-imagine their operations workflow in order to accommodate the disclosure's required timelines,’ says Mark Mackey, CEO of IDS. ‘Utilizing a digital environment to manage both the doc prep and the closing pieces of the mortgage transaction sets lenders up for even greater success in implementing TRID by August 1.’
Digital Close, part of Pavaso's Consumer Management Platform, creates a unified process for closing real estate that allows lenders, title companies and Realtors to deliver greatly improved customer service.
In related news, IDS says it is on schedule in terms of updating its solutions to deliver the needed features and capabilities to help lenders comply with TRID.
More specifically, the company says it has achieved four of its five major development milestones for implementation. The final development milestone is to update the Escrow and Imports sections of idsDoc, after which users will be able to test and review the documents.
‘While many firms rushed their TRID solutions to market, IDS took a more measured approach to ensure our customers' test and review period wasn't hampered by development bugs and continuous updates,’ Mackey says. ‘Not only has IDS taken a thorough and methodical approach to implementation, we have also dedicated a significant portion of our TRID readiness activities to educating our customers on the changes they can expect.’