Ellie Mae released an updated version of its mortgage management solution, Encompass 17.1 in February. Ellie Mae enhanced Encompass with additional construction loan support, GSE workflow enhancements, and updated reporting.
“Our latest version of our Encompass all-in-one mortgage management solution will expand support for Construction loans, offer more powerful trade management enhancements, and Fannie Mae and Freddie Mac workflow enhancements,” said Jonathan Corr, President and CEO of Ellie Mae.
“With this new release of Encompass we’re providing innovative capabilities that enable our banks, credit unions and mortgage lenders to originate and fund mortgages with improved compliance, loan quality and efficiency,” he added.
A new Construction Management Tool in Encompass offers a way to process construction-only and construction-to-permanent loans. To ensure federal, state, and local compliance, Encompass 17.1 extends the Encompass Compliance Service to construction loans.
Encompass 17.1 also offers integration with Fannie Mae’s reddie Mac’s Uniform Closing Dataset. Lenders can ensure their loans meet the UCD requirements and deliver UCD files through the system. Encompass also now supports Fannie Mae’s affordable lending program, HomeReady.
A new Trade Update Queue runs loan trades, mortgage backed securities pools, or correspondent trades in the background while lenders continue their tasks.
Lastly, the updated Encompass software has updated reporting capabilities to help address questions from auditors.