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Ellie Mae has announced that it has completed the release of its major new version of its Encompass all-in-one mortgage management solution across its entire client base of over 3,000 lending institutions. Encompass 15.1 was designed to ensure mortgage lenders are in compliance with the Consumer Financial Protection Bureau’s (CFPB) RESPA-TILA integrated mortgage disclosures (TRID) rule scheduled to take effect on Oct. 3, 2015. In addition to the new fields, forms and automation that have been added to address these new compliance requirements, the Encompass 15.1 release also includes new features for correspondent lending and secondary marketing, with specific new capabilities added to the Encompass product and pricing service.
Encompass 15.1 includes new Loan Estimate (LE) and Closing Disclosure (CD) input forms and workflow, new Fee Itemization and Management, Disclosure Tracking handling, Fee Variance and Change of Circumstance handling to help lenders manage RESPA-TILA compliance. Encompass also enables lenders to set the date when their loans will use new 2015 RESPA-TILA forms by default. Lenders will be able to switch to the new forms for loan applications taken on or after the effective date.
The new version of Encompass expands the ability to fully manage correspondent and third-party lending commitments, including commitment authority management and master commitment management. It also introduces a full solution for third-party fees and document management.
Encompass 15.1 contains major new tools to enhance product and pricing and secondary marketing activities, including historical pricing, worst-case pricing scenarios and automated rate lock capabilities.
“Despite the shifting of the effective date of the new regulations, we were ready and committed to providing our lenders with our new release, which we began delivering in June, as we know that compliance with RESPA-TILA is much more than adopting new forms. Lenders need real tools and resources to make the necessary changes to the loan production process and manage third-party relationships more effectively,” said Jonathan Corr, president and CEO of Ellie Mae. “The new release of Encompass provides new capabilities using our pricing and secondary solutions along with the necessary automation and resources required for a smooth transition to a post RESPA-TILA environment. Ultimately this major new version of Encompass is enabling our customers to increase productivity and efficiency.”
Ellie Mae is continuing efforts to prepare its clients and the industry for the upcoming rule through its comprehensive RESPA-TILA Readiness Initiative, which began more than a year ago. These efforts include:
►Free RESPA-TILA readiness resources, tools and learning aides available to the public on Compliance Central
►Online self-paced eLearning, extensive documentation and instructional video tutorials available to clients through the Encompass Resource Center
►Regional RESPA-TILA hands-on learning workshops
►Free RESPA-TILA monthly educational Webinars
►AllRegs by Ellie Mae's RESPA-TILA Policy Manual & Readiness Kit