Spend Less Time and Money Closing Loans
The traditional loan purchase value chain is infamous for manual data entry and very little collaboration–characteristics that lead to overall loan quality issues, fraud and defects and, eventually, buy-backs or lawsuits. Without common review processes and loan file standards, suspense conditions can result in huge delays, driving costs up and affecting your productivity. And with laws and regulations becoming increasingly stringent, it’s only going to get worse.
High-quality loans, from start to finish
Ellie Mae’s Total Quality Loan™ (TQL) program is a best-practice workflow for originating all residential mortgage loans, ensuring a high level of quality, compliance and efficiency throughout the loan lifecycle.
Integrated within Encompass®, the TQL program leverages best-of-breed services to automate processes, and applies quality checks throughout the mortgage lifecycle to reduce resource costs and operational friction, resulting in more profitable loans with fewer suspense conditions.
- Gain important compliance visibility, down to the Loan Officer level. Use reporting and dashboards to identify trends and communicate expectations across your organization.
- Create error-free loans from start to finish. Identify compliance, income and fraud issues early in the origination process, and correct defects before the loan is offered for sale.
- Provide compliance controls, documentation and proof. Avoid fines and loan buy-backs with automatic compliance checks throughout the loan’s lifecycle.
- Shorten processing and underwriting time with workflow efficiencies. Increase your productivity with integrated compliance, income verification and fraud detection services–all within Encompass360.
- Reduce suspense conditions and decrease time on the warehouse line. Ellie Mae clients can reduce time on the lines from 7-10 days to just 2-3 days, and reduce suspended files by 7 percent.
- Ensure consistency and collaboration. Eliminate the need for re-ordering reports by ensuring the investor and seller are working off the same information
What services are included?
- Encompass Compliance Service™–Run automated compliance checks—including ATR/AM, HOEPA, HMDA, FHA, TILA and NMLS licensing—early and often during the mortgage lifecycle.
- Encompass 4506-T Service™ –Verify income by ordering tax return data from the IRS. Receive a report back in as fast as 24 hours and automatically compare it to income stated by the borrower.
- Encompass Fraud Service™ –Assess and evaluate early payment default and loss severity risk and pattern-recognition fraud scoring and data alerts.
- Optional Buyback Insurance, underwritten by Lloyd’s of London–Get protection from potential losses due to borrower and collateral fraud and regulatory non-compliance claims.
Tackle ATR/QM with confidence
The Encompass TQL program provides you with the tools necessary to easily demonstrate controls, quality tracking and proof of compliance with Ability-to-Repay and Qualified Mortgage (ATR/QM):
- Central repository for all data, proof of verification and documentation.
- Additional quality validations for services.
- Auto creation of quality summary in CFPB format.
- The ability to export proof of ATR/QM.
- Vendor management.