March 29, 2014
The IDS Compliance team has initiated a project to make available to IDS clients several of its internal compliance resources. For example, the biggest project undertaken thus far is recreating the IDS State Disclosure Matrix in a friendly, easily searched, easily navigated document. IDS will continually be updating this document and regularly making improvements, but a publishable version will be ready by April 11, 2014.
After completing the updated IDS State Disclosure Matrix, the IDS Compliance team will begin working on separate Federal and Investor matrices. The Compliance team has also received approval to create a spot on our website after logging in where these newly published materials will be easily accessible to IDS clients.
March 24, 2014
In response to requests from our partners, IDS Compliance has made our current implementation timeline available to its customers. Here is a copy of IDS' timeline for implementation of the "Know Before You Owe" rule:
The CFPB issued a final rule referred to as "Know Before You Owe" that combines several features of RESPA and TILA initial and closing documents. The new disclosures have an
implementation date of August 1, 2015. The purpose of the new combined disclosure
statements is to facilitate loan shopping (at initials) and understanding of loan terms (at closing) for consumers.