Mortgage document preparation vendor International Document Services (IDS) reports that more than half (51.6%) of all document packages it processed in 2013 were signed electronically.
In addition, following the Internal Revenue Service's approval of electronically signed 4506-T documents in late 2012, 18.5% 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,’ says Mark Mackey, executive vice president at IDS, in a release. ‘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.’
IDS also saw more than 20% percent growth in all of its sales territory regions, with the most growth occurring in the Midwest region (31%). Subsequently, the company increased its overall internal staff by 45% and its customer service staff by 72% to manage the continued 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 says. ‘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.’