International Document Services, a provider of mortgage documents and compliance services, is expanding its electronic mortgage options and going full eMortgage with the acquisition of Encomia, a provider of eMortgage solutions to depository and non-depository lending institutions.
The deal is a first for IDS since Reynolds and Reynolds, a provider of automotive dealership software, documents and compliance services, and digital marketing, acquired it last year.
That deal included IDS bringing docuPAD, Reynolds and Reynolds’ large, flat, interactive touch screen that dealerships use to complete a vehicle sale or lease, to the mortgage business.
And now, IDS is taking its electronic revolution a step further with the acquisition of Encomia.
According to a release from the companies, Encomia’s eClosing platform is designed to streamline electronic loan applications and closings.
The platform and software tools also provide for secure electronic document storage (eVault), eSignature capture and eValidation, as well as asset and income verification services, the companies said.
With the acquisition, IDS is “positioned to deliver a broader complement of electronic mortgage origination and closing services to its clients and the industry at large,” the company said.
And with a recent survey of lenders, technology solution providers, warehouse banks, servicers, and title/settlement providers conducted by Fannie Mae and Freddie Mac showing that technological hurdles still exist and are preventing the mortgage industry from going fully digital, IDS says it’s the perfect time to dive deeper into eMortgages.
“When you look at the current mortgage industry landscape, the eMortgage is inevitable – it’s a matter of ‘when,’ not ‘if,’ and IDS wants to be at the forefront of delivering the tools and services our clients need to make the eMortgage a reality within their organizations,” said Mark Mackey, vice president and general manager of IDS.
“IDS has historically developed its technology in-house, but we felt there was something to be said for bringing to our clients a proven eMortgage solution that has a demonstrable track record of success in some of the largest lending institutions in the country,” Mackey continued. “To us, that’s what Encomia brings to the table and why this acquisition made perfect sense.”
Mackey said that the Encomia acquisition is another step in the development of the company’s eMortgage program, a journey that isn’t over yet.
“Through the Encomia acquisition and other planned additions, IDS is injecting itself deeper into the eMortgage continuum, which starts with docs and moves through eSign, eNotary, eClosing, eNotes and, ultimately, eVault,” Mackey said. “Adding innovative technologies like Encomia’s bolsters our core strengths while also extending our ability to deliver greater efficiencies for lenders and a more transparent, rewarding experience for consumers.”
Financial terms of the deal were not disclosed.