Spend Less Time and Money Closing Loans
The traditional loan purchase value chain is famous 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.
Close high-quality loans, every time
Ellie Mae’s Total Quality Loan™ (TQL) program, integrated in Encompass®, drives quality practices early in the origination process to help you produce high-quality loans, every time. The program combines best-of-breed services to automate processes that help minimize suspensions, defects and fraud. With a streamlined approach to ordering and reviewing services, the TQL program improves consistency and workflow efficiencies, resulting in higher-quality loans that move through the loan lifecycle quickly for faster closing and purchasing.
- Reduce suspense conditions and minimize costs.
Identify compliance, income and fraud issues early in the origination process, and correct defects before the loan is offered for sale.
- Ensure consistency and collaboration.
Eliminate the need for re-ordering reports by ensuring the investor and seller are working off the same information
- Protect your business from buy-backs.
Avoid fines and loan buy-backs with automatic compliance checks throughout the loan’s lifecycle.
- Improve workflow efficiencies.
Increase your productivity with integrated compliance, income verification and fraud detection services–all within Encompass
- Move loans off the warehouse line faster.
Reduce suspense conditions and time on the warehouse line
What integrated services are included?
- Encompass Compliance Service™
Run automated compliance checks—including 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™
Fraud detection to assess and evaluate early payment default and fraud scoring and data alerts.