Magazine article Mortgage Banking

IDS and Primary Capital Mortgage Partner to Streamline Disclosures

Magazine article Mortgage Banking

IDS and Primary Capital Mortgage Partner to Streamline Disclosures

Article excerpt

Draper, Utah--based International Document Services (IDS) and Atlanta--based Primary Capital Mortgage have collaborated to minimize the lender's RESPA-related initial disclosures and closing document challenges. IDS is a mortgage document preparation vendor for closing documents, initial disclosures and reverse documents. Primary Capital Mortgage is a residential mortgage banking firm.

Primary Capital Mortgage, striving for "zero-defect" compliance with its Good Faith Estimate (GFE), Truth in Lending (TIL) and HUD-1 disclosure protocols gave IDS restricted access to its LOS platform and database. IDS mapped how the changes to the GFE and HUD-1 impacted the processes across each line of business. Primary Capital forwarded real-time feedback on updates and requested changes, enabling IDS to perfect and implement seamless RESPA-specific updates to idsDoc.

The implementation created a streamlined compliance and document-preparation process that enabled Primary Capital to be RESPA-compliant, maintain automation and preserve efficiency throughout both its retail and wholesale operation.

"From our perspective, RESPA reform is highly beneficial for lenders and brokers specifically. Since the changes provide transparency with regard to true cost-to-close, consumers are now able to compare loans apples-to-apples," said George Phelps, executive managing director of Primary Capital. …

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