... Read More
Encompass Compliance Service
Instant Compliance Checks Right in Your Software
How do you handle regulatory compliance and information reporting requirements to regulators today? If it is not with an automated and consistent service across your business and branches, you could be putting your company at risk.
How can one person—or even one company—keep up with all of the complex federal and state residential mortgage lending laws and regulations? Especially when they keep changing.
With the Encompass Compliance Service™, you don’t have to worry about checking off a laundry list or keeping up with changes. The service does it for you.
How it works is easy. You can set the service to run automatically for all of your loans in Encompass360®, or you can choose when to activate it. You pick the milestones when you want the review to take place—such as when you send the loan to processing or at loan approval—and you’re done. At each point you specified, the service will automatically review your loan for potential violations. You’ll get a pass/fail notice and if your loan fails, problem areas will be highlighted so you know what to fix quickly.
What Makes Encompass Compliance Service Unique?
- Powered by Mavent® technology—the same compliance engine technology used by some of the nation’s top investors;
- Built into your workflow—no need to train additional staff or change your existing business process;
- Automatic checks based on milestones and completed fields;
- Checks loans against various complex federal and state laws and regulations;
- Consistent reviews across all loan files—lessens the risk of variations possible with manual reviews;
- Unlimited report orders;
- Clear pass/fail notice and highlight of any problem data to fix; and
- Maintained by Ellie Mae® compliance attorneys and reviewed by outside counsel.
Encompass Compliance Service reviews are comprehensive and include:
- National Mortgage Licensing System “NMLS” Registration Review
- 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 including 203(k);
- Investor guidelines;
- OFAC/SSN Review;
- Home Mortgage Disclosure Act “HMDA” Review including loan level validity & quality error check; and
- Geocoding & Address Verification