Ellie Mae has rolled out a major new release of its Encompass mortgage management solution that includes more than 300 enhancements designed to promote compliance, loan quality and efficiency.
In terms of compliance updates, the platform now supports tests and eligibility determinations for the recently changed Veterans Affairs Qualified Mortgage (QM) rule. In addition, the borrower's electronic loan folder will tie borrower data and documents to their QM eligibility.
In addition, the Ellie Mae Total Quality Loan (TQL) program now offers expanded support for ATR/QM with auto-population of verifications in a tracking tool and output delivery of ATR/QM compliance proof to investors for audit purposes.
What's more, Encompass is now equipped to meet Uniform Loan Delivery Dataset (ULDD) Phase 2 requirements for government-sponsored enterprises Fannie Mae and Freddie Mac, which took effect on loans delivered on or after Aug. 25.
In terms of document management capabilities, the solution has been enhanced to improve efficiency and reduce processing time by automatically recognizing, identifying and classifying borrower documents. Encompass can be trained to automatically recognize key documents and their content, such as pay stubs and bank statements, and organize them within the borrower's electronic loan file.
The platform also now offers the ability to view, edit and track multiple documents from a single screen. This allows users to perform processing and underwriting tasks within the electronic loan folder.
The revamped platform also sports a new feature that alerts users when disclosures and document requests are sent to the borrower. This helps improve internal communication and collaboration and saves time by eliminating unnecessary follow-ups.
In another major enhancement, Encompass now allows lenders to consistently manage all channels – retail, wholesale and correspondent. The platform also simplifies the management of third parties by centralizing all of them in the same location.
In addition, the platform now collects detailed contact information, licensing data, loan originator compensation assignments and loan criteria for all third party originators (TPOs), helping improve management and tracking. The system's new management capabilities allow for the assignment or re-assignment of TPOs and contacts to internal employees. The new management capabilities also increase visibility into the assigned-loan pipeline and corresponding dashboards and reports. Encompass administrators can now easily view and control user access across all channels.
The updated version also features new product and pricing and secondary marketing capabilities. For example, through the Encompass Product and Pricing Service, the Encompass now offers a new ‘no-cost’ closing option, allowing lenders to price loans that replace traditional closing costs with a single fee that's based on the loan amount.
Additional enhancements to Encompass Product and Pricing Service include detailed ineligibility information to provide added visibility and the ability to offer more appropriate loan products. Configuration options for determining the Starting Adjustment Rate for QM loans has also been added.
Finally, support for creating mortgage-backed securities (MBS) pools for greater ULDD export efficiencies has been added to Encompass, as well as the ability to assign loans to trades and MBS pools from an external file import.