Ellie Mae, the leading cloud-based platform provider for the mortgage finance industry, announced that it has launched a new major release of its Encompass digital mortgage solution. The latest release, 18.4, is designed to assist lenders originate more loans, lower origination costs, and shorten the time to close with compliance, efficiency, and quality.
“Ellie Mae is offering a complete digital mortgage solution to help our customers succeed in today’s competitive marketplace,” said Jonathan Corr, President and CEO of Ellie Mae. “With this new release, we’re offering innovation, enhancements, and support so our lenders can grow their businesses with HELOCs, operate more efficiently using Encompass Dynamic Data Management, provide a more streamlined mortgage process with centralized service ordering, and achieve complete compliance.”
The enhancements include the first phase of a comprehensive solution expansion to streamline the application and underwriting of home equity line of credit (HELOC) loans. To support the unique investor requirements for calculating HELOC payments, both initial and qualifying, the new release of Encompass includes configuration options for both situations, including support to calculate interest-only and amortizing payments on the basis of a selected rate, a fraction of principal balance, or a percentage of principal balance.
Mortgage Insurance (MI) Service for Ellie Mae’s Total Quality Loan (TQL) leverages secure, single sign-on and services to automate processes while also applying checks throughout the mortgage lifecycle to reduce resource costs. Enhanced integrations between this platform and Arch MI, MGIC, and Radian are designed to provide a more streamlined MI-ordering process. Encompass MI Service aims to automate orders for customers and provide side-by-side rate quote comparisons with an automated allocation model. The new service also offers faster processing, increased visibility into order history, and the ability to monitor key data changes.
To increase productivity and enhance accuracy, Ellie Mae is also releasing a new scenarios-based rule engine for Encompass designed to automate data entry across any form used during the origination process. The new engine is called Encompass Dynamic Data Management.
“Encompass Dynamic Data Management is an amazing new feature that provides Encompass Administrators an incredibly powerful set of tools for automating data input in Encompass,” said Adam Ard, Implementation and Development Lead, New American Funding. “We are extremely excited for the release of Encompass Dynamic Data Management functionality because of the dramatic improvements it provides in flexibility, maintainability, visibility, and control of systematic data automation.”