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Technology news for originators, executives and servicers. Coverage of LOS systems, loan product and p r i c i n g engines and other technology offered to the mortgage industry.


LOS Providers Address TRID

Recent LOS enhancements

July 20, 2015

By SAM GARCIA Mortgage Daily



portrait of Sam Garcia

Developers of loan origination systems have been busy improving their products with features that will help lenders be compliant with integrated disclosure requirements. Other LOS enhancements include the integration of settlement fees and advanced signature capabilities.

An independent ROI Benchmark study conducted by MarketWise Advisors LLC reportedly showed that Ellie Mae Inc.'s Encompass all-in-one mortgage management solution provided as much as $970 of potential savings and value per loan, a recent news release from Ellie said.

The survey, which was commissioned by Ellie, was conducted in the fourth quarter of last year and measured results from actual clients of Ellie. The savings came from reduced origination costs, improved operational efficiencies and increased loan quality and compliance.

Title insurance and settlement fees from Mortgage Information Services Inc. have been integrated into Encompass360. The fees will be automatically be populated in loans.

MIS noted that the move was made in anticipation of integrated disclosures that will be required by the Truth in Lending Act and the Real Estate Settlement Procedures Act.

Both MIS and Ellie are Mortgage Daily advertisers.

Advanced electronic signature capabilities have been integrated into Encompass through a partnership with DocuSign Inc.

Pleasanton, California-based Ellie said earlier this month that LenderFi had selected Encompass as its platform for originating mortgages.

In addition, Centier Bank in Merrillville, Indiana, has become an Encompass client.

"Of all five systems we considered, only Ellie Mae seemed to be ahead of the curve with its Encompass technology enhancements and readiness initiatives to support the new integrated disclosure rule RESPA-TILA," Centier Bank Vice President of Mortgage Operations Ronni Guldberg said in the announcement.

Another client of Ellie, Denali Alaska Federal Credit Union, has reportedly had great success since implementing Encompass in January 2014. Jim Picard was quoted in the recent announcement as saying that the credit union has had no repurchase demands since implementation.

In West Palm Beach, Florida, OpenClose recently announced that product upgrades to its OC Optics enables users of its LenderAssist LOS platform to analyze activities happening in their retail, wholesale and correspondent channels.

Point 9.2 will help mortgage companies deliver accurate, compliant TRID Loan Estimates and Closing Disclosures, software developer Calyx Software said last month.

The Dallas-based company said Point 9.2 automates the TRID forms while preserving the old disclosures through TRID implementation -- which is likely to occur in October.

A week ago, Black Knight Financial Services announced that W.R. Starkey Mortgage LLP signed on to use its Empower LOS and its SalesEdge Solution.

"We were looking for a comprehensive LOS that would offer greater scalability to accommodate our growth strategy," W.R. Starkey Mortgage President Jim Clapp was quoted as saying in the news release. "With its proven success and continuous updates to support regulatory requirements, we felt the Empower system was the right choice to help us expand our originations operations."


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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