Home >> Headlines >> Ellie Mae Updates its Digital Solution
Print This Post Print This Post

Ellie Mae Updates its Digital Solution

Ellie Mae, the California-based cloud-based platform provider for the mortgage finance industry, has announced the launch of a new major release of its Encompass digital mortgage solution. Ellie Mae has said that the release of Encompass 18.2 will help lenders of all sizes originate more loans, lower origination costs, and shorten the time to close with compliance, efficiency, and quality.

Specifically, the new release includes compliance updates related to Know Before You Owe (KBYO) and the Home Mortgage Disclosure Act (HMDA), as well as Construction Workflow and Correspondent Trades. Ellie Mae also announced plans for new innovative Encompass TPO Connect functionality.

“Our mission is to provide complete digital mortgage technology to help our customers succeed by enabling them to close more loans by increasing efficiencies, reduce the time to close by offering intelligent automation and reducing the cost to originate,” said Jonathan Corr, President, and CEO of Ellie Mae. “With the 18.2 major release of Encompass, we are providing expanded support and new capabilities to improve efficiency, transparency, and workflow automation while offering the quality and compliance synonymous with the Ellie Mae name. Additionally, by offering an array of new functionality to Encompass TPO Connect, we’re helping our third-party originators be more productive while growing their businesses.”

The KBYO mortgage disclosure updates include updates to the loan estimate and closing disclosure for treatment of gift funds, closing cost expiration after Intent to Proceed and other workflows to incorporate these technical clarifications.

The Construction Loan Workflow consists of updates to cash to close calculations on the Loan Estimate and Closing Disclosure input forms to align with KBYO clarifications and guidance for construction and construction-to-permanent transactions, representing a significant improvement in workflow and efficiency for construction loans originated on the platform.

Through the extensions for Correspondent Trades, correspondent lenders can now request, and investors can now initiate trade expiration date extensions for multiple loans within a trade, removing the friction and manual communication process between lenders and investors that is often required to extend loan expiration dates.

About Author: Radhika Ojha

Radhika Ojha, Online Editor at the Five Star Institute, is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her master’s degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Dallas, Texas. You can contact her at Radhika.Ojha@theMReport.com.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Updates

Eye on the Industry: Updates on Carrington, Ellie Mae, and More

From new technology platforms for lenders to events to honor our veterans, get the latest buzz on the mortgage industry in this weekly update.

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.