New Version Of Encompass Offers Overnight Rate Protection

Posted by Patrick Barnard on December 15, 2015 No Comments
Categories : Residential Mortgage

Ellie Mae has released version 15.2 of its Encompass loan origination system.

The new version includes compliance updates, overnight rate protection for secondary marketing and integrated AllRegs investor guidelines for easy access to vital information, the company says in a release.

Starting in the first quarter of 2016, lenders that are required to file quarterly mortgage call reports through the Nationwide Multistate Licensing System & Registry will be required to report loan applications and pre-approval requests based on a revised definition of ‘application’ in addition to reporting changes in application amounts.

The new Mortgage Call Report included in version 15.2 offers fields to track loan information, including the date of ‘application’ in addition to both initial and final loan amounts.

Additional enhancements include updates to Truth in Lending Act (Regulation Z) annual threshold adjustments for the Home Ownership and Equity Protection Act (HOEPA) and ability to repay/qualified mortgage rule, the ability to set defaults for home counseling provider searches, and additional fields to support HOEPA compliance reviews on home equity lines of credit.

The new version also sports overnight rate protection for secondary marketers. This feature allows the submission of lock requests when the lock desk is closed and gives lenders the ability to manage their exposure to market risk for each channel while providing customers with additional flexibility to lock in rates.

The new version also comes with AllRegs investor guidelines baked in, thus giving lenders quick access to product summaries with key eligibility requirements, the AllRegs guideline library and investor bulletins. All of this content can be reached by clicking on links within the Encompass Product and Pricing Service and Encompass TPO WebCenter.

With this business information at their fingertips, lenders and investors will be able to better manage risk, identify market opportunities and maintain compliance.

Also added to the platform is the new Image Manager for Encompass Docs solution, which provides lenders with the flexibility to easily brand the loan estimate and closing disclosures with a company name and logo.

‘Ellie Mae's new release of Encompass is designed to help our customers expand and manage new channels more effectively while ensuring compliance with evolving regulations,’ says Jonathan Corr, president and CEO of Ellie Mae. ‘These enhancements to Encompass, combined with our recently announced AllRegs investor guideline integration, increase productivity and efficiency for lenders of all sizes.’

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