IDS, in Salt Lake City, is ready to implement services for mortgage-industry customers that are compliant with the Consumer Financial Protection Bureau's TRID rules, or Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosures.
"The mortgage industry — much like automotive — is facing the dual challenge of increased pressure from regulators and the changed expectations from consumers who are looking for a more rewarding and engaging experience when handling the documents necessary to purchase a vehicle or home," Robert Burnett, senior vice president of business development at Reynolds & Reynolds, said in a Monday news release.
IDS, International Document Services, which was founded in 1986, will retain its name and brand in the market and operate as a stand-alone division of Reynolds and Reynolds. The company is based in Salt Lake City with approximately 65 employees.
"This is an exciting day for the future of IDS," said Mark Mackey, vice president and general manager of IDS. "We look forward to continuing to serve our IDS customers with the expertise and service they've come to expect from us. And now we can do so with the strengths and advantages of a much larger company behind our brand – a company with deep expertise in documents and compliance, and in the technology that will help lenders respond to the increasing pressures from regulators and consumers."
New regulatory requirements from the Consumer Financial Protection Bureau for the mortgage industry went into effect earlier this month. While a number of companies in the industry are still working to respond to the new "TRID" rules, Mackey indicated that IDS is ready to implement services for its customers in response to the new regulations.
In the automotive industry, Reynolds is widely recognized for its expertise in compliance for vehicle sale documents and meeting the needs of lenders, state and federal agencies, and the business processes of dealerships.
In addition, the company has developed proven technology in docuPAD® that helps dealerships meet regulatory and compliance requirements, while also streamlining finance and insurance (F&I) document processing and improving the consumer experience of purchasing a vehicle.