Magazine article Mortgage Banking

Ellie Mae Announces First of Two Annual Releases for Encompass360

Magazine article Mortgage Banking

Ellie Mae Announces First of Two Annual Releases for Encompass360

Article excerpt

Ellie Mae Inc., Pleasanton, California, a provider of soft-ware and automation solutions for mortgage bankers, community banks, credit unions and other mortgage lenders, announced the first of two annual releases scheduled for Encompass36o[R]. This release includes compliance upgrades, increased eFolder capabilities, new tools to help maximize trade management, multiple persona pipeline views, new ZIP code database configurations and other tools designed to help users better fulfill their daily operations. The new and enhanced features were based largely on Encompass36o users' feedback.

Among the release's enhancements are functions that allow users to:

* Track eFolder events using the history tab, which marks a screen displaying all events associated with selected documents, files or conditions;

* Create custom eFolder and pipeline views;

* Synchronize sell-side lock and trade data; and

* Apply compound filters that reflect price adjustments for loan trades, as required by investors.

Several features of the new release focus on compliance. To help users comply with the Mortgage Disclosure Improvement Act (MDIA) interim rule for closed-end loans, an updated interest-rate and payment-summary table has been added for adjustable-rate, interest-only loans. To help promote compliance with RESPA guidelines, the new release allows users to manage the revised Good Faith Estimate (GFE) due date, conduct new calculations for the loan-term section of the GFE and HUD-i form, and indicate services obtained in prior transactions. The statement of denial has been updated to comply with Dodd-Frank Wall Street Reform and Consumer Protection Act regulations.

Nationwide Mortgage Licensing System (NMLS) mortgage call report functions have also been updated. An error report is now available after generating NMLS mortgage call report data; users can designate the date field to be used as the loan's application date; and user access to the "Generate NMLS Call Report" feature can be granted according to user profile, which is known as a "persona" in Encompass360.

State-specific forms for the District of Columbia, Kansas, Louisiana, Maryland, New York and Texas now include new and updated fields, added field identification assignment and changes to read-only status of the broker fee field. …

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