California-based cloud-based platform provider for the mortgage finance industry, Ellie Mae, announced the launch of 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, Ellie Mae said. 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 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 such as improved workflow for disclosing to Non-Borrowing Owners and support for tolerance cures using Principal Reduction. A customizable TPO Workflow helps wholesale lenders and correspondent investors provide their third-party originators with an improved, streamlined user experience that enables them to process loans faster.
The new correspondent investor channels improve turn time for lenders and offer easier purchase decisions for investors, along with 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.
A new change event type has been added to the Webhooks API of the platform. The change event type allows users to subscribers to attribute level changes on the loan file. Ellie Mae is now also 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.