Ellie Mae, the enterprise mortgage origination technology provider for mortgage bankers, mortgage brokers, community banks, credit unions and other mortgage lenders, and ComplianceEase, a provider of mortgage compliance and risk management solutions, have announced that ComplianceEase has granted its RegulatorConnect certification to export capabilities in Ellie Mae’s Encompass360 Mortgage Management Solution. This certification assures that Encompass360 meets state regulators’ standards for fully compatible export of electronic loan data in the licensee examination file (LEF) format.
Beginning in January 2011, state regulatory agencies will begin enforcing the expectation that lenders provide loan portfolio data in LEF format. It is expected that all state regulators will require that lenders provide electronic LEF files for electronic examinations (e-Exams) prior to on-site audit and review. In order to comply, lenders must submit all loan information to state regulators in the LEF format. RegulatorConnect is the examination portal that connects loan information supplied by lenders with the automated compliance system and associated e-Exam software used by state regulators.
Encompass360 offers a complete, fully compatible solution for exporting loan data for delivery via RegulatorConnect, regardless of the compliance solution used on that loan. Users simply select a loan or group of loans from their pipelines and, with a single click, convert loan data into LEF format. The exported loan data can be provided to regulators by uploading the data through the RegulatorConnect Web site.
“Encompass360 users are free to use any compliance engine they’d like—they can use Encompass Compliance Service, a third party compliance technology like one that is seamlessly integrated into Encompass360 or even a manual compliance process,” said Jonathan Corr, chief strategy officer for Ellie Mae. “How ever our clients choose to conduct compliance screening, Encompass360’s RegulatorConnect certification assures that every loan is submitted in a compatible format. We’re committed to providing our clients with not only the flexibility to conduct their business their way, but also the tools that assure total loan quality. This certification is another demonstration of that commitment.”
“LEF is an industry standard data format that helps enable lenders to use their existing systems to export loans for e-Exams,” said John Vong, president of ComplianceEase. “We’re looking forward to collaborating with our RegulatorConnect-certified technology partners—like Ellie Mae—as the industry embarks upon a paradigm shift from paper to 100 percent electronic data. These technologies allow lenders to prepare for e-Exams and monitor the compliance of their loans before those loans are submitted to a regulator. This technology makes it easier for lenders to implement best practices and help rebuild trust in the mortgage industry.”
For more information, visit www.EllieMae.com or www.ComplianceEase.com.