Ellie Mae has updated its Encompass LOS. Encompass 17.2 enhancements are designed to help lenders of all sizes close more loans, shorten time to close and ensure compliance with regulatory standards. Specifically, the new major release of Encompass includes support for 2018 HMDA collection and reporting changes that expand data capture related to applicants, property and loan features. Additionally, the new major release of Encompass offers secondary marketing enhancements and updates to Encompass Product and Pricing Service.
“With this major release of Encompass, we’re providing the innovative capabilities that enable our banks, credit unions and mortgage lenders to originate and fund mortgages with complete compliance, loan quality and efficiency,” said Jonathan Corr, president and CEO of Ellie Mae. “While data collection under the new Home Mortgage Disclosure Act (HMDA) begins in January of 2018, this release gives clients support in advance for the new fields to provide greater time to educate, train and prepare.”
Encompass 17.2 enhancements include:
Support for 2018 HMDA Collection and Reporting Changes
Encompass 17.2 enables collection of the new data set required for loans with a final disposition in 2018 and beyond in a single system of record. A HMDA LAR (Loan Application Register) compliant with the new guidelines published in the CFPB rule is featured in the solution, as well as substantial automation to reduce lender processing time and risk in creating their reports. Also included is the optional expanded Demographic Information Addendum.
Ellie Mae has a substantial number of tools and resources available to help clients prepare and train internal teams on the new HMDA Reporting Changes.
Secondary Marketing Enhancements
Criteria Based Auto-Lock: Encompass 17.2 includes new functionality to enable more lock desk controls to mitigate risk and reduce exposure. The new criteria based auto-lock allows for control of which lock scenarios should not be allowed to be auto-locked.
Bulk Pricing for Trade Management: To further enhance support for capital markets, Encompass 17.2 includes enhancements for individual loan pricing on bulk trades for correspondent buyers and sellers. It also supports a weighted average bulk price that can be applied to all loans in the bulk.
Encompass Product and Pricing Service Enhancements
Encompass 17.2 introduces support for additional investor pricing, support for Planned Unit Development (PUDs), the ability to identify geography locations using geocoding, and support for VA maximum guarantee to reflect the GSE conforming limits.