Imagine a regulatory compliance officer at your side as you fulfill a loan, cautiously guiding you along the way, averting potential errors. Welcome to IDS Audits, a living, client-driven system of checks and balances that evaluates every aspect of your data. This is a proven, long-established practice that has been at the core of IDS since the beginning.
Structurally, our audits are multi-dimensional in their characterization, each serving an important purpose. There are audits that test for legal compliance (e.g. FNMA/FHLMC points and fees, State/Federal High cost, and RESPA/TILA tests), data entry (e.g. disbursement date occurring prior to closing date), data mismatch (e.g. fees appearing on incorrect HUD lines) and many other aspects of your loan.
Audits are not only separated by classification but also degrees of severity. The simplest type is an "Information" audit that relays simple alerts such as missing third party contact information or notice of extra verbiage on the note due to a significant difference between the rate and margin. A "Question" audit will target any irregularities throughout your loan, like escrow disbursements not equaling amounts deposited. The "Warning" audit informs you of incorrect data entry or lack of data in general, such as missing social security numbers for listed borrowers. The last two types of audits are "Critical" and "Stop." An example of a Critical is an invalid term or interest rate. Stop audits typically appear when documents cannot be processed due to an absence of vital information like the loan program.
The IDS Audit system is unique in that it will perform the necessary due diligence to prevent client failure within data entry. If your FHA mortgage insurance does not match what FHA guidelines recommend, audits will let you know. If one of your origination fees is not entered correctly, audits will let you know. If you're missing information that belongs on a state specific disclosure, your rate-lock date is erroneous, or your TIL must be re-disclosed in accordance with TILA guidelines, our audits will let you know.