Ellie Mae launches major Encompass release for Know Before You Owe compliance

by Francis Monfort07 Aug 2018

Ellie Mae has introduced a new major release of its Encompass digital mortgage product to ensure compliance with the upcoming Know Before You Owe guidelines, among other enhancements.

Other highlights include a new customizable TPO workflow, new correspondent investor integrations, and product and pricing enhancements. Ellie Mae said the latest release will help lenders of all sizes originate more loans, lower origination costs, and shorten the time to close with compliance, efficiency, and quality.

“We’re offering complete digital mortgage solutions 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,” Ellie Mae President and CEO Jonathan Corr said. “With the 18.3 major release of Encompass we’re ensuring compliance with the upcoming Know Before You Owe guidelines and offering enhancements to our Connect solutions to help our lenders be more productive while growing their businesses.”

According to Ellie Mae, an improved workflow for disclosing to non-borrowing owners and support for tolerance cures using principal reduction are included in its second and final round of updates for Know Before You Owe 2 rule. With the update, lenders are ensured of full compliance with the CFPB’s borrower disclosure guidelines that are mandatory starting October 2018.

Additionally, Ellie Mae updated Encompass TPO Connect to enable users to fully customize TPO website workflows, loan pipeline and reporting views, and notifications for each channel they support.

For its Encompass Investor Connect offering, Ellie Mae has introduced closed loan delivery through integrations with Caliber Home Loans, Flagstar Bank, Pacific Union Financial, and Wells Fargo. The company plans to announce more integrations in the coming weeks.

 

Related stories:
Purchase loans hit new high says Ellie Mae
Ellie Mae announces general availability of online loan application

 

 

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