International Document Services (IDS), a mortgage document preparation vendor, has been approved by Wells Fargo to provide mortgage documents via e-delivery to loan applicants. The approval covers e-delivery for all mortgage documents, but typically, initial and pre-disclosures are the primary documents submitted to loan applicants electronically. Lenders must use a doc prep provider from Wells Fargo's list of e-delivery-approved vendors in order to sell a loan to Wells Fargo in which documents were provided to borrowers electronically.
Manhattan-based Equity Now Inc., an IDS customer, frequently sells loans to Wells Fargo, and according to Closing Associate Stephanie Lord, the method of document delivery to applicants makes a big difference in how competitive a lender can be in the current market.
"Since the beginning of the year, the industry has become more strict regarding delivery of disclosures to potential borrowers, and Wells Fargo has one of the more stringent e-disclosure approval procedures in place," Lord said. "It's never for certain who will purchase your loan once it has closed so it's critical for lenders to be able to meet any and all investor requirements right off the bat."
"With traditional mail, or even overnight delivery, you can lose a week in just the disclosure process alone. That week could make the difference in a borrower being able to lock in a lower rate or even re-finance their loan in order to keep their home," Lord said. "IDS takes our business needs seriously and has designed its system in such a way as to allow for a high level of customization to make accommodations and changes quick and painless. We've used several other companies for our doc packages, IDS is the best we've seen."
To become an approved vendor for e-delivery, the Wells Fargo Correspondent eBusiness group and a member of the Wells Fargo legal team reviewed IDS's flagship doc prep solution idsDoc to ensure documents could be delivered easily and securely. Specifically, Wells Fargo investigated IDS's verification methods, as well as the ease of use and overall security of the system. Wells Fargo also verified that idsDoc met all legal requirements for electronic delivery and that applicants have a clear way to rescind their consent to receive documents electronically.
"Wells Fargo is one of the country's best known and respected financial institutions. Receiving approval from Wells Fargo for e-delivery provides our customers with more secondary market options and validates the speed and reliability of our system," said IDS President Curt Doman. "IDS has always been committed to providing our customers with quality, compliant loan documents, as well as the technical support and ancillary services, like e-delivery, that make doing business easier and help customers retain their competitive advantage."
For more information, visit www.idsdoc.com.