IDS Adds Flood Insurance Disclosure To Doc Packages

International Document Services (IDS), a provider of mortgage document services, says it has made a new disclosure relating to flood insurance available through its idsDoc doc-prep platform.

The disclosure is required for lenders selling to Franklin American Mortgage Co., Mortgage Services III LLC and Wells Fargo, and is intended to make borrowers fully aware of the right of future mortgage servicers to adjust the flood insurance coverage on their loans, IDS says. Lenders were notified in October regarding the change, the company explains, adding that Franklin American requires the new language be added to all loans with application dates on or after Dec. 1, while Mortgage Services III and Wells Fargo require it starting Jan. 1, 2012.

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