Ellie Mae  recently announced its new update of its mortgage management solution, Encompass. In a piece from BusinessWire, the cloud-based platform provider for the mortgage finance industry intends to help lenders of all sizes originate more loans at lower costs and shorten the time it takes to close. The new release also includes updates for 2018 HMDA collection and reporting changes, electronic document enhancement, and Correspondent Trade enhancements.
According to Jonathan Corr, president and CEO of Ellie Mae, “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.”
In previous Encompass releases, Ellie Mae included enabling the collecting of 2018 HMDA data for Purchased and Originated loans, ongoing support of HMDA filing years, and enabling reporting on new Repurchased Loans tab and enhancements to the Demographic Information Data Points.
“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” he said.
The 17.4 update includes three main changes. The Multiple Legal Entity Identifier (LEI) Support enables lenders to establish and use a HMDA Profile for each LEI used within their organization. This addition is ideal for those required to report HMDA under multiple entities with separate reporting requirements. Lenders also have the option to configure which fields they use in their normal underwriting practice with the Relied Upon Factors Configuration, which include CLTV and DTI for HMDA reporting purposes.
Finally, Per the Final rule, consumers don’t have to identify a category for race or ethnicity prior to selecting a more specific subcategory. Borrowers can report multiple ethnicity options within Encompass, as Ellie Mae is providing consistent reporting of the maximum five codes to be reported on the Loan Application Register (LAR) for loan scenarios where a consumer identifies as multiple races or ethnicities.
Click here  to read more details on the release.