PLEASANTON, Calif.--(BUSINESS WIRE)--Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced today that it has launched a new version of Encompass, its all-in-one mortgage management solution. Encompass 16.1 includes new trade management reporting, a new eSign platform, and expanded construction lending support. Additionally, enhancements to integrations with Fannie Mae, FHA, and Freddie Mac will improve efficiency for clients.
“This spring, our latest version of our Encompass all-in-one mortgage management solution will offer more powerful trade management reporting, broader construction lending support and expanded Fannie Mae, and Freddie Mac integrations. Our new eSign platform and FHA integrations will be available later this spring,” said Jonathan Corr, President and CEO of Ellie Mae. “With this new release of Encompass we’re providing new capabilities that enable our banks, credit unions and mortgage lenders to originate and fund mortgages with improved compliance, loan quality and efficiency.”
New Trade Management Reporting
Encompass now provides access to all fields in Trade Management with the addition of a new “Trades” Data Source in Encompass. This gives lenders the flexibility to create custom reports to manage their trade positions more effectively. In addition, these Trade Management fields are available to enable a programmatic interface to other systems.
DocuSign eSign Platform Integration
A new, more secure eSign platform, a result of Ellie Mae’s partnership with DocuSign, is coming to Encompass later this spring. Ellie Mae has chosen to partner with DocuSign, the leader in global standard for digital transaction management, to accelerate transactions with the easiest, fastest, most secure network for sending, signing, tracking, and storing documents in the Cloud.
Expanded Construction Loan Support
To support new calculations and forms stipulated by Know Before You Owe, Encompass 16.1 includes automated calculations for the Loan Estimate and Closing Disclosure forms for construction only and construction-to-perm loans. Additional enhancements and management tools will be available in the upcoming Encompass 16.3 release.
Fannie Mae Workflow Enhancements
The new version of Encompass provides availability to Fannie Mae’s EarlyCheck (EC) tool for the Uniform Loan Delivery Dataset (ULDD) in addition to the 1003/MISMO AUS format previously available. EC provides users with access to Fannie Mae eligibility, data quality, and delivery edits at any point in the lender's business process. The addition of delivery edits checks within Encompass will provide our clients with the ability to better detect and resolve data quality issues earlier in the loan cycle. In addition, the new version of Encompass offers a new Fannie Mae "opt in" workflow with automated service ordering for EC and Desktop Underwriter (DU), the mortgage industry’s leading automated underwriting system. The new workflow will create efficiency for users as automated submissions will keep loan data in sync with Fannie Mae underwriting and data quality tools. This is the first of several enhancements planned to streamline the origination process within Encompass for Fannie Mae loans.
FHA Electronic Appraisal Delivery Availability
FHA Electronic Appraisal Delivery will be available later this spring through Encompass, enabling electronic submission of appraisal data to FHA.
Freddie Mac Loan Prospector® Enhancements
Encompass 16.1 also includes enhancements to the Freddie Mac Loan Prospector® (LP) integration, Freddie Mac’s automated underwriting system that gives lenders access to Freddie Mac’s eligibility and credit requirements. With the new version of Encompass, users will be able to access LP with fewer clicks and will have the ability to import findings from LP and use those findings in their conditions and business rules. Encompass 16.1 is the first step toward Ellie Mae’s integration of Freddie Mac’s Loan Advisor Suite this summer, with the recently announced Loan Product Advisor℠, the next generation of Loan Prospector. Freddie Mac’s Loan Advisor Suite℠ is the company’s flexible new end-to-end loan delivery solution designed to increase lender efficiency and provide earlier insight into representation and warranty relief. Loan Advisor Suite integrates current Freddie Mac tools and applications, Loan Quality Advisor, Selling System and Loan Coverage Advisor, with new functionality in Loan Closing Advisor, Loan Collateral Advisor and Business Intelligence.
For more information about Encompass, visit: http://www.elliemae.com/encompass/encompass-overview
About Ellie Mae
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution, Mavent Compliance Service, and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call (877) 355-4362 to learn more.
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