Ellie Mae Announces HMDA Readiness Initiatives
April 17 2017 - 4:15PM
Business Wire
Enhancements to Encompass 17.2 along with
tools, resources and training clients prepare for upcoming
collection and reporting changes
Ellie Mae® (NYSE:ELLI), a leading provider of innovative
on-demand software solutions and services for the residential
mortgage industry, announced today a complete offering of readiness
initiatives in advance of the 2018 Home Mortgage Disclosure Act and
Regulation C (HMDA) collection and reporting changes. With the
release of Encompass 17.2, lenders now have access to begin testing
their updated processes for compliance with the upcoming changes in
reporting. In addition to enhancements to Ellie Mae’s Encompass
all-in-one mortgage management solution, Ellie Mae is offering a
number of tools and resources to help clients prepare and train
internal teams.
HMDA and Regulation C were created and implemented to require
public disclosure of information that illustrates whether or not
mortgage lenders are serving the housing needs of their local
communities. This information helps public officials better
distribute public-sector investments so they attract private
investments to areas where it’s needed the most. Just as important,
they mandate data collection and disclosure on application and
borrower characteristics to help pinpoint potentially
discriminatory lending practices for further review.
“As the industry leader in mortgage compliance, we’re taking the
lead in implementing and delivering solutions for lenders in
support of the regulations impacting their business,” said Joe
Tyrrell, executive vice president of corporate strategy at Ellie
Mae. “In advance of the 2018 HMDA changes, Ellie Mae is providing
the technology, information and resources for our banks, credit
unions and lenders to ensure that they have time to educate and
prepare.”
The following offerings are available:
Encompass 17.2 Enhancements: Announced earlier today,
Encompass 17.2 enables collection of the new data set required for
loans with a final disposition in 2018 and beyond in a single
system of record. A HMDA LAR Loan Application Register) compliant
with the new guidelines published in the CFPB rule is featured in
the solution, as well as substantial automation to reduce lender
processing time and risk in creating their reports. Also included
is the optional expanded Demographic Information Addendum.
HMDA Webinar - Are You Ready?: On Tuesday, April 18th at
11:00am PT/ 2:00pm ET, Ellie Mae will host a webinar with HMDA
compliance and CFPB experts to discuss the updated regulation.
Attendees will gain insight on the impact, learn about specific
aspects of the change and understand what organizations need to do
today for the 2018 updates. To register, click:http://engage.elliemae.com/hmda_ready_lp?medium=pr
HMDA: The New Frontier of Reporting Whitepaper: Download
to understand what’s changing and how to ensure continued
compliance success.
Brief on Upcoming HMDA Changes: A quick and essential
primer on how to prepare and what Ellie Mae is doing to get lenders
ready.
HMDA Compliance Training: Ellie Mae offers complete
education solutions including an online learning management system
(LMS). Course content includes course work on the practical
application of HMDA which provides a functional understanding of
the Home Mortgage Disclosure Act and Reg. C.
For more information about HMDA changes, how Ellie Mae is
supporting regulation, FAQs and more, visit Compliance Central
athttp://elliemae.com/resources/compliance-central#hmda
About Ellie Mae
Ellie Mae (NYSE:ELLI) is a leading provider of innovative
on-demand software solutions and services for the residential
mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s
Encompass® all-in-one mortgage management solution, Mavent
Compliance Service, and AllRegs research, reference and education
resources to improve compliance, loan quality and efficiency across
the entire mortgage lifecycle. Visit EllieMae.com or
call (877) 355-4362 to learn more.
© 2017 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®,
the Ellie Mae logo and other trademarks or service marks of
Ellie Mae, Inc. appearing herein are the property of Ellie Mae,
Inc. or its subsidiaries. All rights reserved. Other company and
product names may be trademarks or copyrights of
their respective owners.
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version on businesswire.com: http://www.businesswire.com/news/home/20170417005791/en/
Ellie Mae, Inc.Erica Harvill,
925-227-5913Erica.harvill@elliemae.comorAllison+PartnersAlexandra
Gardell Kreuter, 646-428-0618EllieMae@allisonpr.com
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