Ellie Mae releases Encompass Version 3.5 of its Standard and Professional EditionsMortgagePress.comEllie Mae, Encompass, LOS, FHA Maximum Mortgage and Cash Needed, Energy Efficient Mortgage, Good Faith Estimate, MI tables
Ellie Mae, a provider of innovative software and services for
the mortgage industry, has released version 3.5 of the Standard and
Professional Editions of the Encompass Mortgage Management System.
Among the systems' numerous enhancements are upgrades that simplify
data entry, increase system performance and make it even faster and
easier for both brokers and bankers to ensure quality and
compliance when originating FHA loans.
"With heightened restrictions and a slowing market, mortgage
professionals are looking for ways to ensure loan quality while
spending less time double checking details, manually inputting data
and cross referencing information," states Jonathan Corr, chief
strategy officer for Ellie Mae. "This new version of Encompass
helps users to originate quality, compliant loans faster, so they
can allocate their time to the activities that generate the highest
Some of the most market-pertinent enhancements include
adjustments that make it easier for users to originate increasingly
popular FHA loans. A new "FHA Maximum Mortgage and Cash Needed"
worksheet simplifies calculations of statutory investment
requirements, maximum mortgages and actual cash requirements, and a
new "Energy Efficient Mortgage" (EEM) calculation feature tallies a
borrower's energy-efficient items, along with the borrower's actual
costs and maximum amounts available according to FHA guidelines.
There's also a direct link to the Good Faith Estimate displayed at
the top of the mortgage credit analysis worksheets, and a new auto
entry button ensures that contract sales prices are accurately
entered for a 203(k) loan. Additionally, Encompass user profiles
now include a CHUM field, which automatically copies approval codes
into the Freddie Mac additional form.
Encompass 3.5 also incorporates the addition of two tables that
enhance efficiency and accuracy in entering data into loan files.
Mortgage insurance (MI) tables, which are now available for use
with conventional, FHA and VA loans, enable users to not only
determine the types of mortgage insurance data that will
automatically populate fields in each type of loan, but also create
and manage their own MI tables, download existing FHA and VA tables
and create and manage subfolders that help organize the MI tables
used for conventional loans. The FHA county limits table, which
automatically populates county limits for FHA loans, offers an
automatic warning if the loan amount exceeds county limits as well
as Internet-enabled synchronization for consistent current
Additional enhancements include:
â€¢ A new customer loyalty program that enables loan officers
to provide borrowers with helpful advice and offers for new mover
services. Borrowers who purchase services can earn HomePoints,
which are redeemable at leading companies like Home Depot and
â€¢ Multiple document return in a single ePASS order. Once
documents are returned, users can import and assign them to the
completed documents segment of the eFolder Professional Edition
performance enhancements that make running reports more efficient,
using far fewer system resources.
â€¢ A Truth-in-Lending (TIL) disclosure output form that
enables users to use the TIL to disclose the payment amount, loan
amount and payment schedule.
â€¢ Hover help and HelpPad functions that provide field IDs
and definitions simply by hovering a mouse pointer, and allow users
to print, copy or save that information quickly and easily.
â€¢ Population of the minimum required FICO field now based on
the selected loan program.
"We're in a market where every detail counts," states Corr. "By
streamlining and automating a lot of those detailed areas in the
transaction cycle, we're not only ensuring greater security and
compliance, but also enabling Encompass users to capture additional
time thats usually lost to repetitive, error-prone activities.
Ellie Mae is proud to provide a performance-enhancing upgrade for
the organizations that are moving forward so tirelessly through
these challenging industry changes."
Both Encompass editions are designed for use by multiple users.
Encompass Standard Edition includes all of the basic features
needed to originate and process loans, while Encompass Professional
Edition offers companies a more robust solution that includes
additional features such as an integrated marketing Campaign
Manager, extended reporting database, contact synchronization to
Microsoft Outlook and ACT!, and a software development kit that
gives users the ability to easily integrate Encompass with their
existing back office applications.
For more information, visit www.elliemae.com.