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May 2015
For questions or comments regarding this newsletter, contact [email protected] © 2015 IDS, Inc.
TRID
Stress
Buffers:
LOOKING ON THE BRIGHT SIDE
August 1st marks one of the most – if not the
single most – significant dates for the mortgage
lending industry in the last 30 years. As we
approach the roll-out of the TRID changes there
may be some worries and concerns over how
these changes will affect the process of everyday lending. You may even be facing a heavier
workload in preparation for these changes.
As a result, some members of our staff here at
IDS wanted to share some of their personal tips
and tricks to keep the stress at bay and enjoy
their days better.
"I maintain an active lifestyle playing softball most nights
which helps my stress while I'm at the office!"
Falon Gilson
"Our Development team sings Life's
a Happy Song many times a day."
Beckie Santos
"I tell myself 'I love my job, I
love my job, I love my job'."
Tiffany Anderson
"I have so much fun at my job
that sometimes I can't believe
I'm being paid for it."
Jon Johnson
"I eat chocolate and stop
and smell the roses."
Cami Vail
"I take daily walks around the building with friends from
the office to keep us invigorated and energized."
Shawn Gibson
One of our clients suggested bubble wrap as a stress reducer!
"I make jokes and keep people laughing."
Tobias Griffith
LE/CD PRICING
T R I D I mpleme nt ation
TI M E L I N E
IDS is on track for the upcoming TILA-RESPA Integrated Disclosure requirements. The IDS Development team is in the process of making the necessary look, feel, and functionality changes to the flagship idsDoc system
and will be ready for August 1st. Testing of the current software updates is
available, and will progress as the final updates are released. Refer to IDS’s
Compliance Updates and Resources for TRID news and training.
idsDoc release
v2014.12.17.0
Data Entry
Settings Page
FEB
MAR
MAY
JUN
JUL
AUG
idsDoc release
v2015.02.06.0
Loan Type Panel
Construction Panel
Buy Down Panel
idsDoc release
v2015.03.20.0
New LE/CD Page
New Totals Page
idsDoc release
v2015.05.01.0
Fees Page
Update Escrow &
Imports in idsDoc
Test and review
during fail-safe
period
Make forms live August 1st
2015
2014
DEC
Test interactions with
client systems
Complete implementation and review
Internal training
July 30th: TRID
Webinar
Customer service will be
ramping up to maximize
capacities once August 1st
hits for additional customer
support.
In the midst of TRID preparations, we would
like to inform you of our pricing structure
for the Loan Estimate (LE) and Closing
Disclosure (CD) documents. When it
comes to the CD, IDS considers this
to be a separate document package
that will be charged by quantity. This
determination is based on how the CD is not
included in the initial or closing packages
and can be generated independently. The
CD also has a different timeline as it
is required to be provided three days
before closing. On the other hand, the
LE is considered part of the initial disclosure package and therefore carries
no additional cost.
In idsDoc, postal fulfillment for the CD
document is sent simultaneously with Esign emails as the default. This will help to ensure compliance to the strict timing rules in the
regulation and to avoid any closing delays in the
event that the consumer fails to E-sign. The charge
for this service is the same as the client’s current
fulfillment price.
This LE/CD pricing falls in line with the longstanding pricing model that IDS clients are accustomed
to. If there are any questions or feedback feel free
to call your area sales representative.
ids blog
11629 S 700 E Suite 200
Draper, Utah 84020