Ellie Mae Completes Launch of New Version of Encompass

July 23, 2015

Ellie Mae has completed the release of a new version of its Encompass all-in-one mortgage management solution across its entire client base of over 3,000 lending institutions.

According to Ellie Mae, Encompass 15.1 was designed to ensure mortgage lenders are in compliance with the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule scheduled to take effect on Oct. 3. 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 TILA-RESPA compliance. Encompass also enables lenders to set the date when their loans will use new 2015 TILA-RESPA 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.

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