SALT LAKE CITY, Utah (CitizenWire) — International Document Services, Inc. (IDS), a mortgage document preparation vendor, experienced another high-volume month in August and hit a new single-day record on August 26 due to record low mortgage rates and an increase in new clients.
Interest rates hit a new record low during the week of August 23, 2010. According to Freddie Mac’s weekly survey, the average rate for 30-year fixed mortgage rates dropped to 4.42 percent. This is the lowest rate recorded for a 30-year fixed since Freddie Mac started keeping track of mortgage rates back in 1971. The 15-year fixed rate mortgage is also at historically low levels with an average rate below 4 percent, virtually unchanged over the last couple of months. This rate is much lower than this time last year when it averaged around 4.68 percent.
Record low rates have caused an increase in the number of document packages ordered by IDS customers in the month of August.
“August is typically a high volume month for IDS, but this year’s numbers have been way above 2009, setting a record year for IDS,” said IDS President Curt Doman. “In addition to the natural boost in volume provided by low mortgage rates, lenders are increasingly using IDS due to our commitment to staying on top of regulatory changes and incorporating those into our docs, making for a simpler closing process that is attractive to both lenders and borrowers.”
Mortgage Technology magazine 2010 Top 25 Tech-Savvy Lender, Mortgage Investors Group (MIG) experienced a heavy increase of docs processed through IDS from July to August.
According to Beth Wolf, Mortgage Investors Group closing department manager, an upsurge in loan volume, coupled with the hard work of Mortgage Investors Group loan officers, was responsible for the 28 percent increase in document package orders from Mortgage Investors Group to IDS.
“IDS is always on top of all the changes that are going into effect in the industry, especially RESPA, and that kind of agility from our doc prep provider really helps us stay on top of our loan volume,” said Wolf. “The relationship we have with IDS allows for a quick turn around on document packages, and we know we can rely on IDS to make changes in a timely and efficient manner, which goes a long way to increasing our efficiency and enhancing our profitability.”
About IDS Inc.:
IDS is a nationwide provider of mortgage documents and compliance. IDS services include closing documents, reverse documents, initial disclosures and fulfillment. IDS’s 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 Web site at www.idsdoc.com or call 800.554.1872.
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