Ellie Mae and Closing.com Launch New Encompass Assured GFE
Ellie Mae and Closing.com have announced the launch of Encompass Assured GFE service powered by Closing.com’s SmartGFE Service. With Encompass Assured GFE, Encompass360 users can now create Good Faith Estimates (GFEs), which are backed by a ClosingCorp compliance guarantee, directly from their Encompass360 systems. The January 2010 changes to the Real Estate Settlement and Procedures Act (RESPA) have created new compliance challenges for mortgage lenders and brokers. One such change involves the disclosure of fees provided to the borrower on the GFE and HUD-1 forms, which now must fall within certain accuracy tolerances. Encompass Assured GFE utilizes the same platform as Closing.com’s SmartGFE Service and is private-labeled for use by Encompass360 customers. Once the borrower’s information is entered into Encompass360, users simply click the “Assured GFE” button, select the service providers from whom they’d like to receive quotes, and within seconds, Encompass Assured GFE generates a Good Faith Estimate with real-time settlement service fees for local, state and national closing services. Encompass Assured GFE can be configured to offer a company’s preferred providers, and is backed by a ClosingCorp compliance guarantee that rates and fees are presented in real-time and will not result in a HUD-1 tolerance violation. Users can easily order these services through Encompass360 and a compliance guarantee certificate is saved in the users’ Encompass360 eFolder. “We believe that the number one concern of lenders today is how to stay compliant and how to control the costs of staying compliant, particularly with so many changing and new regulations,” said Jonathan Corr, chief strategy officer for Ellie Mae. “We’re here to help our customers with compliance. Our customers rely on us to provide the tools they need to maintain compliance and promote total loan quality. Encompass Assured GFE is one more way we’re responding to our customers’ needs.” “Integrating this simple but powerful compliance tool within a loan originator’s workflow, allows lenders to prepare GFEs quickly, select their trusted providers, and access live rates along with recording fees and transfer taxes, in a few easy steps,” said ClosingCorp President Paul Mass. “Borrowers tend to select lenders who respond rapidly to their loan requests; this new service not only helps drive more business but assures the lender that the data used will meet HUD’s RESPA accuracy requirements.” For more information, visit www.EllieMae.com or www.closingcorp.com.