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Ellie Mae is set to launch its new RESPA-TILA integrated mortgage disclosures solution to clients as part of its Encompass all-in-one mortgage management solution. The new solution is part of Ellie Mae’s ongoing RESPA-TILA Readiness Initiative designed to prepare its clients for the Consumer Financial Protection Bureau’s RESPA-TILA Integrated Mortgage Disclosures Rule that takes effect on Aug. 1, 2015. The new rule mandates the use of two disclosures to help borrowers understand the impact of getting a mortgage: A Loan Estimate, which replaces the Good Faith Estimate (GHE) and the initial Truth-in-Lending Disclosure; and a Closing Disclosure, which replaces the HUD-1 Settlement Statement and final Truth-in-Lending Disclosure.
“RESPA-TILA is the single biggest regulatory change to affect our industry in years, but our clients will be more than ready,” said Jonathan Corr, president and CEO of Ellie Mae. “Thanks to our world-class development team, our deep bench of over 30 attorneys and compliance experts, and the help of our clients, we are months ahead of schedule. Ellie Mae is working hard to prepare our clients with not only new software solutions but with new resources and training as well, so they will be totally confident when August 1starrives. With such a major change coming, our customers deserve no less.”
With its new comprehensive RESPA-TILA integrated disclosures solution, Ellie Mae has reduced the impact of the new regulation to its clients with new system functionality that automates workflow and the creation and management of disclosures. Included within new release of Encompass are enhancements that integrate evidence of compliance with disclosure timing and fee variance requirements.
For the past year, Ellie Mae has been preparing its clients and the industry for the new regulation through its ongoing RESPA-TILA Readiness Initiative. Its efforts will continue to include:
►Hands-On Training: In-depth, hands-on, one-day training events have been scheduled in seven cities beginning in May and running through July. At each event, Ellie Mae clients will receive an overview of the regulation from an Ellie Mae compliance expert, learn about the changes to Encompass, and receive hands-on training with guided exercises and test assessments.
►Online Training: Ellie Mae will provide a series of online eLearning opportunities to help clients to learn how to comply with RESPA-TILA at their own pace.
►AllRegs RESPA-TILA Policy Manual & Readiness Kit: Developed by AllRegs by Ellie Mae, the RESPA-TILA Policy Manual & Readiness Kit will assist lenders on addressing necessary changes to their business practices as a result of the new disclosure rule. The RESPA-TILA Policy Manual is the latest addition to the AllRegs library and helps save lenders the time and effort of writing a new policy from scratch. The Readiness Kit addresses a variety of topics including vendor management and staff training, with checklists and guides to help make sure lenders are ready. Both products will be available later this month.
►Free RESPA-TILA Educational Webinars: A series of free monthly compliance education webinars hosted by Ellie Mae compliance and product executives as well as outside legal and compliance experts. Upcoming webinars will focus on helping clients understand how to use the new solution within Encompass.
►Compliance Central: Free online resources including white papers, articles and blogs designed to help mortgage professionals understand and plan for the new regulation; and hands-on RESPA-TILA training at Ellie Mae’s Encompass Experience client user conference in February.
“There is a huge difference between creating new disclosure forms and integrating them seamlessly into a lender's workflow, which is what Ellie Mae has done,” said Angela Cheek, vice president and counsel of product compliance for Ellie Mae. “Lenders that are relying on a separate system or vendor for disclosures could find the process disjointed and possibly non-compliant. As an all-in-one solution, however, Encompass does not have that problem.”