Loan origination system (LOS) provider Ellie Mae says it has updated its Encompass LOS for the new reporting requirements under the Home Mortgage Disclosure Act (HMDA), the bulk of which take effect on Jan. 1, 2018.
With the release of Encompass 17.2, lenders now have access to begin testing their updated processes for compliance with the upcoming changes in reporting, the software firm says in a release.
The new version enables collection of the new data set required for loans with a final disposition. The solution comes with the HMDA loan application register and the new guidelines baked in, as well as substantial automation to reduce processing time and risk in creating the reports.
Also included is the optional expanded demographic information addendum.
In addition, the firm is offering a number of tools and resources to help lenders prepare and train internal teams, including a new white paper, “HMDA: The New Frontier of Reporting,” and a new brief covering how to prepare and what Ellie Mae is doing to get lenders ready.
Ellie Mae is also offering its own HMDA Compliance Training, which includes an online learning management system and course work on the practical application of HMDA. This online education program provides an overview of the act and Regulation C.
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