Compliance Updates

December: Weekly Compliance Updates

Happy Holidays!

December 23, 2015

IDS Compliance wishes all IDS Customers a fantastic holiday season!

How do the CD Date Fields Work in the idsDoc System?

December 21, 2015

IDS Compliance would like to remind everyone how the date fields related to the CD work in the idsDoc System:

  • CD DATE ISSUED: this field appears on the CD itself and should be updated each time a new CD is issued.

  • 3 DAY CD DATE ISSUED: this is a system audit field used to set the 3 day delivery and waiting periods. It is tied to the calculated 3 DAY CD DATE RECEIVED field, which calculates the date that the borrower is considered to receive the CD, which date is then used to compare against the CLOSING/NOTE DATE field to audit whether or not the CD is received at least 3 days prior to closing. The 3 DAY CD DATE ISSUED field should only be updated on a subsequent CD if the 3 day waiting period is required to be reset due to one of the following three triggering events: (1) loan product changes, (2) pre-payment penalty added, (3) APR changes by more than an eighth.

  • 3 DAY CD DATE RECEIVED: this field is generally auto-calculated to be 3 specific business days after the 3 DAY CD DATE ISSUED field. The 3 DAY CD DATE RECEIVED field has a customization option for circumstances where you have proof of early delivery, e.g., hand-delivering the CD, or proof of overnight mail delivery, etc. This box may be checked if your LOS sends it to IDS, or it may be manually checked in the idsDoc System. The SET BY FULFILLMENT field will only be checked and the 3 DAY CD DATE RECEIVED updated automatically when the CD is E-Signed using the IDS E-Sign fulfillment options.

How does IDS calculate the Total Interest Percentage (TIP) field?

December 11, 2015

IDS Compliance has updated the FAQ: “How does IDS calculate the Total Interest Percentage (TIP) field?” just to create more clarity and to add an interactive step-by-step TIP calculator.

IDS has never experienced any issues with its TIP calculation; however, investors occasionally request additional information on how the calculation is performed by the idsDoc System. Please take advantage of this new tool, but feel free to reach out to IDS Compliance, as needed.

What are the calculations for the “In 5 Years” comparison located on page 3 of the Loan Estimate (LE)?

December 4, 2015

IDS Compliance added a breakdown of the “In 5 Years” comparisons from page 3 of the Loan Estimate to the Resources website’s FAQ section. The response to this question not only includes screen shots of the fields in the idsDoc System that influence the calc, but there is also an interactive calculator where amounts can be entered for each step of the calculation to obtain the same result as what appears in the idsDoc System and on the Loan Estimate itself.