Mortgage document preparation vendor International Document Services (IDS) announced more than half of all document packages processed by the company in 2013 were signed electronically. Additionally, after the IRS's approval of electronically signed 4506-T documents in late 2012, 18.5 percent of all 4506-T documents processed by IDS were E-signed in 2013.
"Electronic signature adoption continues to grow amongst lenders, particularly as more federal and state entities begin to accept E-signed documents," said Mark Mackey, EVP at IDS. "Now that the Federal Housing Administration has begun accepting E-signed documents, we expect to see continued growth in E-sign adoption, both within our customer base and industry wide."
2013 proved to be a banner year for the company, experiencing over 20 percent growth in all of its sales territory regions, with the most growth occurring in the Midwest region, which posted a 31 percent increase. Due to the high volume, IDS increased its internal staff by 45 percent, and its customer service staff by over 72 percent to manage the new customer growth.
"Compliance has become a competitive advantage for lenders, and despite declining volumes in the industry, IDS saw an increase in its customer base, due in large part to the compliance features built in to idsDoc," Mackey said. "When you take into account all of the audit capabilities and E-sign functionality idsDoc possesses, plus our integrations with numerous LOS systems and our outstanding customer service, IDS stands head and shoulders above its competitors."