Hundreds of updates have been made to Ellie Mae Inc.’s mortgage lending platform. The improvements are designed to provide easier correspondent lending, increased mortgage compliance and enhanced document management. Some of the updates directly impact reverse mortgages and lines of credit secured by residential properties.
The mortgage technology provider claims that its Encompass360 mortgage management solution handled one out of every five residential loans originated during 2011.
Encompass360 handles loan processing, closing and secondary marketing for loan originators, according to Ellie, a Mortgage Daily advertiser. It also provides management reports and customer relationship management software.
Updates announced on Wednesday promise to enhance the offering even more.
“Many of the updates address compliance changes, including to the mortgage call report, to help lenders comply with home equity line-of-credit and reverse mortgage reporting requirements for the Nationwide Mortgage Licensing System & Registry,” Ellie said. “New disclosure tracking tools to help lenders comply with recent federal and agency requirements for appraisals, and to track borrower-received dates for eDisclosure Fulfillment packages.”
The Encompass360 Winter Release contains more than 400 updates and enhancements, Ellie said. The changes are expected to help originators improve efficiency and increase compliance.
Ellie’s Total Quality Loan program — which enables lenders to order investor-required services for fraud, compliance, valuation and verifications early in the sales process — is seeing a second major investor being integrated as part of the updates.
Other enhancements — including additional data consistency checks and visibility — are designed to improve the correspondent lending process.
“This program continues to gain traction among investors and our lender clients, whom are both looking to improve loan quality from origination through delivery,” Ellie Mae Chief Operating Officer Jonathan Corr said in the announcement. “The broad array of enhancements in the winter release will help our clients take advantage of new opportunities being created within the correspondent lending market and continue to strengthen their automated compliance and reporting efforts.”
Ellie said the updated version provides additional support for compliance with the Real Estate Settlement Procedures Act and an updated tool that enables client-driven policies for Good Faith Estimates.
The ability to batch export documents from one or more loan files is among the enhancements to electronic document management. Another improvement is new document stacking capabilities that reportedly increase visibility and flexibility and performance improvements in document conversion and uploading.
New e-mail templates reportedly enable system administrators to develop company-wide, custom e-mails.