IDS Updates Borrower Data Collection Fields for HMDA Compliance

International Document Services has updated its idsDoc technology to support upcoming changes to Home Mortgage Disclosure Act reporting.

The updates included the addition of new borrower data collection fields that meet the new HMDA reporting standards that will go into effect in 2018. Lenders are allowed to begin collecting the information this year, which prompted IDS to make the changes.

"This gives our clients the opportunity to familiarize themselves with how these changes may affect the loan application process and adjust accordingly to be ready for the January 2018 implementation date," IDS Vice President Mark Mackey said in a news release Thursday.

IDS also updated its system to include the Mortgage Industry Standards Maintenance Organization's most recent reference model. The new model supports the HMDA changes as well as the upcoming Uniform Loan Application Dataset from the government-sponsored enterprises.

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