Ellie Mae Prepares For TRID

Ellie Mae’s Title & Closing Center within its Encompass all-in-one mortgage management solution will be enhanced to support the CFPB’s RESPA-TILA integrated disclosure rule expected to take effect on August 1.  The Encompass Title & Closing Center is leveraged by users to order and receive title services, fees and closing documents from within Encompass, which is a single system of record that enables banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency.

To help lenders comply with RESPA-TILA, Ellie Mae will expand the breadth of data and enhance the automated workflows within the Encompass Title & Closing Center, which enables clients to access most title companies and title agents as well as order closing documents without having to leave the secure Encompass environment. The enhancements will include approximately 275 new title and recording fields, new borrower and transaction fees and details, and expanded fee reconciliation workflows.

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“Our enhancements to the Encompass Title & Closing Center will help ensure that Encompass users will be completely ready for RESPA-TILA in all phases of the mortgage process,” said Jonathan Corr, president & CEO of Ellie Mae. “The new integrated mortgage disclosure rule involves much more than simply changing out old disclosure forms for new ones. Our clients and partners can rest assured that they will have all the tools they need to achieve loan quality, efficiency and compliance when the new rule takes effect.”

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The Encompass Title & Closing Center enhancements follow the release of Ellie Mae’s new RESPA-TILA integrated mortgage disclosures solution, designed specifically to comply with the new federal rule. The solution includes new Loan Estimate and Closing Disclosure forms that will be required under RESPA-TILA in addition to new disclosure tracking and fee itemization tools.

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