Home / News / Technology / Ellie Mae Launches Enhanced Mortgage Management Product
Print This Post Print This Post

Ellie Mae Launches Enhanced Mortgage Management Product

California-based ""Ellie Mae"":http://www.EllieMae.com, a mortgage origination technology provider, announced the launch of its second major release of Encompass360 this week. The mortgage[IMAGE]

management product includes 24 upgrades designed to make it easier for users to comply with lending regulations and improve business management, productivity, and visibility, according to a statement from the company.

""Forty-five percent of surveyed lenders responded that the cost of complying with new regulations is their primary concern,"" said Jeff Lebowitz, founder of ""Mortech, LLC"":http://www.mortech-llc.com/, which conducts an annual syndicated survey of lenders' use of mortgage technology. ""Compliance is at the top of the list of challenges, cited by twice as many lenders than those most concerned with the mortgage origination drought. This is a troubling drain on lender resources.""

Six of Encompass360's upgrades focus on compliance, including the ability to set up and store company and

[COLUMN_BREAK]

branch licensing information, three risk-based pricing disclosures, and the ability to import appraisals in XML file format, among other features.

""Compliance is a two-fold concern for lenders; there is the issue of the fees and fines for compliance failures, but there is also a huge concern about buybacks,"" said Jonathan Corr, chief strategy officer for Ellie Mae. ""These enhancements help address those concerns with improved tools that promote total loan quality, which is ultimately the cornerstone of achieving fully compliant operations.""

Additional enhancements include upgrades to Encompass360's product and pricing integrations, eDisclosure workflow, LoanCenter, WebCenter, and other administrative features. Users can also send messages to other users when changes are made to documents or conditions, and the system now designates the documents still awaiting signature.

Administrators also have more control over system updates and can choose to manage how and when system updates are applied.

""These enhancements represent a direct response to our clients' needs and were designed to help them achieve total loan quality for each and every transaction,"" Corr said.

He continued, ""I think they'll be pleased to find that the fall release of Encompass360 offers increased efficiency that not only helps transact higher quality loans but also helps control the fixed costs of staying compliant while achieving faster performance throughout the loan process, from logging in and opening files to moving between forms and fields on the borrower summary.""

About Author: Heather Cernoch

x

Check Also

Expert Insights: Maximizing Loss Mitigation Options

Donna Schmidt, Managing Director and Founder of DLS Servicing, discusses the intricacies and difficulties in administering the loss mitigation waterfall.