International Document Services has bought electronic mortgage services vendor Encomia, in its first acquisition since it became part of
Financial terms of the transaction were not disclosed.
Encomia offers a platform for electronic loan applications and closings and other software and tools including electronic document storage (eVault) and signature capture. The company also offers asset and income verification services.
In the past, IDS has mainly offered new software and services by developing them in-house, the company said in a news release Tuesday. IDS was drawn to Encomia because of the vendor's existing e-mortgage technology and its track record working with major lenders across the country.
"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. 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," IDS general manager and vice president Mark Mackey said in the release.
