Ellie Mae has announced the first of two annual releases that are scheduled for Encompass360. 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 Encompass360 users' feedback.
Among the release’s many 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.
►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 Real Estate Settlement Procedures Act (RESPA) guidelines, the new release allows users to manage the revised GFE due date, conduct new calculations for the loan term section of the Good Faith Estimate (GFE) and HUD-1, and indicate services obtained in prior transactions. The statement of denial has been updated to comply with Dodd-Frank Act regulations.
“With the industry’s new guidelines and regulations, originators need to change the way they fulfill tasks across the mortgage cycle and they’re understandably concerned about staying compliant,” said Jonathan Corr, chief strategy officer for Ellie Mae. “These upgrades are based on feedback from our clients and address a wide range of their concerns and requests. This release includes adjustments designed to help address our clients’ concerns about compliance, increase efficiency and enhance the process overall.”
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 ID assignment and changes to read-only status of the broker fee field.
The release includes numerous eFolder enhancements designed to increase administrator control, expand customization capabilities and elevate overall efficiency. Users are able to create custom views of eFolder data, which allow for a fast snapshot view of eFolder content that matches a predefined set of search criteria. Applying a custom view also enables users to not only create specific columns, but also categorize them according to function in the eFolder. New configurations can be saved as custom views, and applied to eFolder data.
The review management function in the eFolder has also been enhanced, enabling underwriters to verify that an originator has reviewed a document before it is used to generate or satisfy conditions. In addition, administrators are now able to control whether the eSigning option will be provided based on loan type, and audit services have been added to the eFolder as settlement services. Users can also split files using the eFolder’s file manager and immediately drag the split page or pages to a document or unassigned file listed in the newly added documents section.
The new Encompass360 settings include a new zip code setup tool that allows administrators to add custom zip code and city combinations. New persona settings allow administrators to control access to the compliance review setup wizard as well as the investor assigned to a loan. The system now accommodates expiration dates for loan officer licenses and NMLS originator IDs, and control of the anti-steering safe harbor disclosure has been added to the persona settings. An administrative tools update enables system administrators to control whether loan officers are allowed to import loans when they are not licensed in the subject property’s state.