PLEASANTON, Calif.--(BUSINESS WIRE)--Ellie Mae® (NYSE:ELLI), the leading cloud-based platform provider for the mortgage finance industry, announced today that it has launched a new major release of its Encompass® digital mortgage solution. 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. Key highlights include enhancements to support Know Before You Owe 2 (KBYO2) rule changes, a new customizable TPO workflow, new correspondent investor integrations, and product and pricing enhancements.
“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,” said Jonathan Corr, president and CEO of Ellie Mae. “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.”
Key highlights for the Encompass 18.3 release include:
Know Before You Owe 2 Rule Enhancements: Highlights from our second and final round of KBYO2 rule updates include an improved workflow for disclosing to Non-Borrowing Owners and support for tolerance cures using Principal Reduction. This update ensures that lenders stay fully compliant with the CFPB’s KBYO borrower disclosure guidelines that are mandatory starting October, 2018.
Customizable TPO Workflow: To help wholesale lenders and correspondent investors provide their third party originators with an improved, streamlined user experience that enables them to process loans faster, Ellie Mae has made updates to Encompass TPO Connect™ that enable users to fully customize TPO website workflows, loan pipeline and reporting views, and notifications for each channel they support.
New Correspondent Investor Channels: To improve turn time for lenders and offer easier purchase decisions for investors, Ellie Mae’s Encompass Investor Connect™ offers streamlined closed loan delivery through integrations with Caliber Home Loans, Flagstar Bank, Pacific Union Financial and Wells Fargo. More integrations will be announced in the coming weeks.
Webhooks API: A new change event type has been added to the Webhooks API. The change event type allows users to subscribe to attribute level changes on the loan file. For example, users can automatically receive notification of changes in borrower information, loan milestones, loan assignment, etc. This enables lenders to automate and increase the speed of loan processing while reducing human intervention.
Product and Pricing: Ellie Mae is now offering Virtual Programs in Encompass Product & Pricing Service™ (EPPS) that enable lenders to offer uniquely priced versions of an investor’s programs while continuing to offer the investor’s existing programs. New Custom Field Tabs in the admin settings deliver greater qualification capabilities including the ability to pull in additional fields from Encompass at lock request. The new update also offers EPPS Field Mapping of the Borrower and Lender Paid Value in the Encompass Calculation for the Total Loan Amount when using Encompass-based compensation plans.
For more information about Encompass, visit: http://www.elliemae.com/encompass/encompass-overview
About Ellie Mae
Ellie Mae (NYSE:ELLI) is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call (877)355-4362 to learn more.
This press release contains forward-looking statements under the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the benefits to Ellie Mae’s customers of the Encompass 18.2 software release. These statements involve known and unknown risks, uncertainties, and other factors which may cause actual results to be materially different than those expressed or implied in such statements. The forward-looking statements included in this press release are made only as of the date hereof. Ellie Mae cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Ellie Mae expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances, unless otherwise required by law.
© 2018 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, Mavent®, Velocify®, the Ellie Mae logo and other trademarks or service marks of Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.