VirPack and IDS Inc. are teaming to provide lenders piece of mind relating to critical initial loan disclosures. The expanded relationship involves eDisclosure integration with IDS’ flagship document prep solution idsDoc, offering multiple benefits, including the automation of the document indexing process and the secure transmission of the package to VirPack’s document management platform, Enterprise Center.
“The expansion of our relationship with IDS from closing docs to now include eDisclosures provides lenders even greater efficiencies. The eSigned initial disclosure package will be securely and automatically imported into the designated loan in Enterprise Center, automating the indexing process and ensuring compliance,” said Wayland T. Pond IV, VirPack vice president, sales and marketing.
“When it comes to initial disclosures, 100 percent compliance is the first priority at IDS. It is essential to feel confident that disclosures are prepared and delivered in accordance with RESPA guidelines,” said IDS executive vice president, Mark Mackey. “Our aim is to make fully compliant initial disclosures simple and quick enough to allow lenders to spend more time originating more business, and this expanded relationship with VirPack allows just that.”
Importantly, eDisclosure ensures the initial disclosure package is handled in a fast, secure, accurate and compliant manner. eDisclosure will get state and investor specific disclosures delivered in a way that best fits the lender’s business model. The VirPack-IDS collaboration ensures compliance in the following ways:
►Offering eSign/eConsent to the borrower
►Tracking the date and the receipt
►When a borrower eSigns, the initial disclosure package automatically goes to the correct loan file and correct document container in VirPack’s Enterprise Center
►Eliminating human interaction and manual processes
►Providing paper disclosures if the borrower opts out of eConsent
Both IDS and VirPack are proudly recognized as Lenders One Preferred Vendors, dedicated to helping the largest alliance of independent mortgage bankers in the country lower their costs and improve their profit margins.