DAYTON, Ohio — Reynolds and Reynolds, a dealership software, documents, and compliance services company, has acquired IDS, a provider of mortgage documents and compliance services.
The Salt Lake City-based IDS, or International Document Services, will operate as a standalone division of Reynolds and Reynolds and retain its name and brand in the market.
“We look forward to continuing to serve our IDS customers with the expertise and service they’ve come to expect from us,” Mark Mackey, vice president and general manager of IDS. “Now we can do so with the strengths and advantages of a much larger company behind our brand.”
New regulatory requirements from the Consumer Financial Protection Bureau impacting the mortgage industry went into effect earlier this month. Mackey indicated that IDS is ready to implement services for its customers in response to the new regulations.
“The mortgage industry — much like automotive — is facing the dual challenge of increased pressure from regulators and the changed expectations from consumers who are looking for a more rewarding and engaging experience when handling the documents necessary to purchase a vehicle or home,” said Robert Burnett, senior vice president of business development at Reynolds and Reynolds. “IDS has developed a strong reputation and product line in serving the mortgage banking industry and their expertise is well recognized.”
Reynolds and Reynolds provides software, documents and services to dealerships. One of its offerings is the docuPAD, a solution designed to help dealerships meet regulatory and compliance requirements, a well as and streamline F&I document processing and improve customer experience.
Reynolds officials said the company recently completed a two-year pilot program of the docuPAD in the mortage industry, a trial period that resulted in the software being rebuilt for use by mortage lenders.
The docuPAD is a large, flat, touchscreen dealership use to complete a vehicle sale or lease. It can be used to present content and documents like personalized product menus and video presentations. The docuPAD can also be used for e-signature capture for contracts, disclosure documents and compliance verification.