Every LOS has to be responsive to its customers or they’ll lose those customers. The LOS has to sometimes be all things to all people. It’s a tough job. To this end, Ellie Mae has just updated Encompass to include expanded support for Construction loans, more streamlined workflow integrations with the GSEs, Trade Management enhancements and updates to Encompass reports.
“Our latest version of our Encompass all-in-one mortgage management solution will expand support for Construction loans, offer more powerful trade management enhancements, and Fannie Mae and Freddie Mac workflow enhancements,” said Jonathan Corr, President and CEO of Ellie Mae. “With this new release of Encompass we’re providing innovative capabilities that enable our banks, credit unions and mortgage lenders to originate and fund mortgages with improved compliance, loan quality and efficiency.”
Expanded Construction Lending Support
Working together with engaged lender clients and investors, Ellie Mae has developed a comprehensive way to process Construction-only and Construction-to-Permanent loans within Encompass. This includes:
Construction Management Tool: The Construction Management Tool provides a central location within Encompass to originate construction loans and input key construction tracking information, making the construction lending process more efficient and consistent with the standard loan origination process.
Blended and Separate KBYO Disclosures: Ellie Mae supports both methods of generating construction disclosures allowed by KBYO, a single blended disclosure, and two separate disclosures detailing Construction and Permanent loan terms.
Federal and State Compliance Reviews: Encompass Compliance Service, powered by Mavent, performs all the necessary federal, state and local consumer protection compliance reviews for Construction-only and Construction-to-Permanent loans with either separate or blended disclosures.
Closing Documents: Closing documents include all 50-State eligible documents for both Construction-only and Construction-to-Permanent loans.
Fannie Mae Workflow Enhancements
New integration to the Uniform Closing Dataset (UCD) collection system offers flexible options for delivering the UCD file at multiple points in the business process, featuring data quality and eligibility checks. Fannie Mae will also enable non-seller correspondent lenders to access these checks by submitting UCD files directly on behalf of their aggregators. In addition, Encompass will now offer support for Fannie Mae’s HomeReady® offering, designed to meet the diverse needs of today’s buyers with the enhanced affordable lending product.
Freddie Mac Workflow Enhancements
Ellie Mae Encompass 17.1 includes a new integration with Freddie Mac Loan Closing Advisor, Freddie Mac’s solution for the Uniform Closing Disclosure (UCD) delivery mandate. This integration helps lenders validate that their closing data meets the UCD data quality and purchase eligibility checks prior to close and loan delivery, thereby ensuring greater purchase certainty and reduced repurchase risk. This is designed to streamline the closing process within Encompass for loans sold to Freddie Mac.
Trade Management Enhancements
Encompass 17.1 includes several Trade Management updates. First, the Trade Update Queue allows multiple loan trades, mortgage-backed securities (MBS) pools or correspondent trades to be processed in an update queue that runs in the background providing added efficiencies while users continue their day- to-day work. Additionally, the new version of Encompass offers new settings for Loan Data Synchronization options for loan trades and MBS pools allowing users to customize the options for the Loan Data Synchronization process in Trade Management to maximize efficiency.
Expanded Encompass Report
The latest version of Encompass includes an expanded Setting Reports that now also includes User Group settings, in addition to the Organization and the Persona settings currently already available. This enables authorized users to generate and view Excel-based reports on User Group settings, enabling them to respond quickly to any auditor questions regarding user access to Encompass within their organization.