Ellie Mae Announces New Major Release of Encompass All-in-One Mortgage Management Solution
October 16 2017 - 9:00AM
Business Wire
Release Offers Additional 2018 HMDA and New
Correspondent Trade Enhancements
Ellie Mae® (NYSE:ELLI), the leading cloud-based platform
provider for the mortgage finance industry, announced today that it
has launched a new major release of Encompass, its all-in-one
mortgage management solution. Encompass 17.4 enhancements help
lenders of all sizes originate more loans, lower origination costs
and shorten the time to close with efficiency, quality and
compliance. Specifically, the new major release of Encompass
includes additional updates for 2018 HMDA collection and reporting
changes, electronic document enhancements and Correspondent Trade
enhancements.
“HMDA readiness remains a top priority for the entire mortgage
industry and Ellie Mae is committed to supporting our customers as
they prepare by offering solutions, information, training and
resources well in advance,” said Jonathan Corr, president and CEO
of Ellie Mae. “With the 17.4 major release of Encompass, we are
providing additional 2018 HMDA collection and reporting updates as
well as Correspondent Trade enhancements. This comprehensive
release offers technology to ensure complete compliance with
regulatory updates, as well as the innovative capabilities that
enable our banks, credit unions and mortgage lenders to originate
and fund more loans, lower origination costs and shorten the time
to close.”
The major release of Encompass 17.4 includes:
2018 HMDA Collection and Reporting Updates
Ellie Mae is the industry compliance leader and is taking the
most comprehensive approach by delivering solutions for lenders to
be in complete compliance with the most automation and accuracy.
Prior Encompass releases included enabling collection of 2018 HMDA
data for Purchased and Originated loans, ongoing support of HMDA
filing years, as well as enabling reporting on new Repurchased
Loans tab and enhancements to the Demographic Information Data
Points. Encompass 17.4 offers additional updates for 2018 HMDA
collection and reporting including:
- Multiple Legal Entity Identifier
(LEI) Support: For clients with organizations who are required
to report HMDA under multiple entities with separate reporting
requirements, 17.4 enables lenders to establish and use a HMDA
Profile for each LEI to be used within their organization. The HMDA
Profile includes all HMDA related settings associated with the
legal entity, from respondent information through channel and
relied upon factors configuration.
- Relied Upon Factors
Configuration: Lenders have the option to configure which
fields they use in their normal underwriting practice as relied
upon factors for Income, CLTV and DTI for HMDA reporting
purposes.
- Demographic Data Updates: Per
the Final rule, consumers no longer have to identify a category for
race or ethnicity prior to selecting a more specific subcategory.
Borrowers now also have the option to report multiple ethnicity
options within Encompass. Ellie Mae is providing consistent
prioritization and reporting of the maximum five codes to be
reported on the Loan Application Register (LAR) for loan scenarios
where the consumer identifies with more than five choices in race
and/or ethnicity.
Additionally, to further prepare Ellie Mae clients in advance of
the 2018 HMDA reporting changes, Ellie Mae has a substantial number
of tools and resources available to help clients prepare and train
internal teams. View HMDA information on the Ellie Mae Resource
Center at:
http://elliemae.com/resources/compliance-central#hmda
Encompass Electronic Document Management: Encompass
customers can now complete check boxes, radio buttons and text
boxes to go with the eSignatures and eInitials in electronic
documents. Borrowers are offered a true paperless electronic
document experience when completing standard forms generated by our
Encompass Docs Solution™ which eliminates an extra step in the
workflow.
Correspondent Trade Enhancements:. Correspondent
investors need the ability to identify loans and commitments as
voided. Encompass 17.4 adds new void workflow at the trade loan
level and at the trade level which includes trades view for voided
loans, validation for the void process and auto-population of the
voided dates to the Correspondent Loan Status screen for loans
assigned to a voided trade. This helps lender relationships with
investors who will save time processing voided transactions with
the new workflow.
For more information about Encompass, visit:
http://www.elliemae.com/encompass/encompass-overview
About Ellie Mae
Ellie Mae (NYSE:ELLI) is the leading cloud-based platform
provider for the mortgage finance industry. Ellie Mae’s technology
solutions enable lenders to originate more loans, reduce
origination costs, and shorten the time to close, all while
ensuring the highest levels of compliance, quality and efficiency.
Visit EllieMae.com or call (877) 355-4362 to learn
more.
Forward-Looking Statements
This press release contains forward-looking statements under the
safe harbor provisions under The Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
statements regarding the benefits to Ellie Mae’s customers of the
Encompass 17.4 software release. These statements involve known and
unknown risks, uncertainties, and other factors which may cause
actual results to be materially different than those expressed or
implied in such statements. The forward-looking statements included
in this press release are made only as of the date hereof. Ellie
Mae cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, you should not place
undue reliance on these forward-looking statements. Finally, Ellie
Mae expressly disclaims any intent or obligation to update any
forward-looking statements to reflect subsequent events or
circumstances, unless otherwise required by law.
© 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/20171016005326/en/
Ellie Mae, Inc.Erica Harvill, (925)
227-5913Erica.harvill@elliemae.comorAllison+PartnersAlexandra
Gardell Kreuter, (646) 428-0618EllieMae@allisonpr.com
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