Encompass Compliance Service

Put an end to compliance violations

Minimize risk by automating reviews for federal, state, and local compliance regulations.

Benefits

  • Fully integrated within Encompass
  • Maintained by internal compliance experts and outside legal counsel
  • Includes multiple, automated checks throughout the loan lifecycle
  • Checks loans against complex federal and state laws and regulations as part of your workflow

Total Quality Loan Program

PRODUCE HIGH QUALITY LOANS

Lenders that produce high-quality loans may have a competitive edge in this highly-regulated market. Loans that are free of compliance risks may be priced better and easier to sell to investors.

Ellie Mae’s Encompass Compliance Service, powered by Mavent®, takes the stress and complexity out of regulatory compliance. Using the service’s instant loan file check and easy pass/fail system, you’ll know if your loan complies with a variety of federal and state residential mortgage lending laws and regulations right away, and be able to address any problems quickly to avoid delays. The service also eliminates tedious and time-consuming manual processes by integrating automated checks into your existing workflow.

REVIEW LOANS WHEN, WHERE AND AS OFTEN AS YOU WANT

Encompass Compliance Service is integrated within Encompass®; you decide when and how often to run compliance checks. Set the service to run automatically for some or all loans in your system, and run as many checks as you need throughout the loan process for one flat fee. When the compliance check runs, you get a clear pass/fail notice. If a loan fails, the solution highlights problem data, so you can easily see what issue needs attention.

USE THE SAME TECHNOLOGY AS TOP INVESTORS

Encompass Compliance Service checks your loans for hundreds of complex federal and state residential mortgage lending laws and regulations. Because the system is automated, compliance reviews are consistent across all loan files, helping you to mitigate the risk of variations resulting from manual reviews.

CUSTOMIZE YOUR COMPLIANCE PROCESS

Encompass Compliance Service enables you to set up a review process that works for your company:

  • Create reports and business rules based on the results of individual compliance tests or the compliance review as a whole
  • Report detailing ATR/QM rate thresholds, fee assessments and discount points towards 3% QM cap
  • Set compliance to run automatically and often during the loan origination process
  • Run reviews at multiple loan milestones
  • Run an audit to identify problematic data
  • Import Geocode and Rate Spread data into Encompass
  • Preview compliance with TILA disclosure tolerances before disclosing to the borrower

ENSURE COMPLIANCE WITH:

Encompass Compliance Service helps you in staying in full compliance with Dodd-Frank, Title 14 Rules as implemented by the CFPB, including the following:

  • National Mortgage Licensing System “NMLS” Registration Review
  • Ability to Repay and Qualified Mortgage Reviews and Threshold Tests
  • Loan Officer Compensation Rules
  • Truth In Lending “TILA” including MDIA Tolerance & Right of Rescission Review
  • Federal “HOEPA”, State & Local High Cost Threshold Tests
  • Higher Priced, Subprime, Non-Prime, and Rate Spread Mortgage Loans
  • State Consumer Credit Law Review
  • Fannie Mae and Freddie Mac 5% Fee Review
  • FHA/VA Enterprise Rule
  • Investor guidelines
  • OFAC/SSN Review
  • Home Mortgage Disclosure Act “HMDA” Review including loan level validity and quality error check
  • Geocoding & Address Verification