According to Mortgage Network's Director of Operations Christine Terranova, prior to IDS, Mortgage Network was entering data manually into three separate databases and using two separate systems to process loan data and ensure compliance. In addition, document customizations for certain loan products would take several days, if not weeks, to be completed.
"The IDS integration with our proprietary loan origination system has drastically improved the productivity of our staff," Terranova explained. "Before, our closers could process four to five loans a day. Now, our closers are closing eight loans per day - and that includes initial reviews, HUD-1 reviews and all compliance checks. The integrated compliance features in idsDoc have also significantly reduced our costs because we're not having to pay for a separate compliance check for each loan."
"Furthermore, if we need custom docs, they're ready in 24 hours," Terranova added. "That kind of responsiveness is critical for maintaining our relationships with our portfolio lenders and allows us to remain flexible in the face of changing market conditions."
"The integration between a lender's line of business systems and its doc prep system has become a mission-critical aspect of maintaining compliance and efficiency in day-to-day mortgage lending operations," said IDS Executive Vice President Mark Mackey. "Whether it's a proprietary system or a vendor-provided offering, we at IDS see it as our job to ensure our system works seamlessly with our clients' existing technology."
About Mortgage Network, Inc.:
Mortgage Network, Inc. is a private mortgage banking company founded in 1988 by Robert McInnes and Albert Pare III who have co-managed the Company since its inception. Mortgage Network is one of the largest independent mortgage companies headquartered in New England. The Company's unique combination of experience, product development, and commitment to providing great service has made Mortgage Network an industry leader. The Company has established over forty lending offices providing retail mortgage services. Mortgage Network can be found online at: http://www.mortgagenetwork.com/ .
About IDS, Inc.:
IDS, founded in 1986 in Salt Lake City, Utah, is a nationwide provider of mortgage documents and compliance. IDS services include closing documents, initial disclosures and fulfillment. The IDS flagship doc prep solution, idsDoc, is recognized in the industry for its ability to be customized to meet specific lender needs. IDS backs the system with unsurpassed customer service, cutting-edge technology, compliance and document guarantees, and a solid compliance team. Lenders looking to move forward when it comes to doc prep can visit the IDS website at http://www.idsdoc.com/ or call 800.554.1872.
NEWS SOURCE: International Document Services Inc. :: This press release was issued on behalf of the news source (who is solely responsible for its accuracy) by Send2Press® Newswire, a service of Neotrope® - Copr. © 2013. Syndication source of this news item: https://www.send2press.com/newswire/International-Document-Services-idsDoc-Mortgage-Document-Prep-System-Improves-Productivity-and-Delivers-Custom-Docs-to-Mortgage-Network_2013-05-0523-003.shtml .