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Encompass Compliance Service FAQ
What’s the difference between this new service and other compliance services?
The Encompass Compliance Service is powered by Mavent technology, which is used by some of the nation’s largest financial institutions to help them manage compliance risks. In addition to using sophisticated technology, the Encompass Compliance Service stands apart for its comprehensiveness and ease of use. The service runs compliance checks at multiple points in the origination process and it’s built into the workflow process of the originators. You choose the milestones at which to run reviews, starting as early in the process and checking as many times as you like, and the service will run automatically. There’s no need to train additional staff or make any change to your business process. Since the service is automated throughout the process, the checks are consistent from step to step and you lessen the risk of the variations possible with a manual review. And if a problem is found, the data in question is clearly highlighted so your staff knows what to fix.
How do I know the service has checked for all necessary regulations?
Our staff of compliance attorneys maintains the service and it’s also reviewed by outside counsel. Reviews include: Federal Truth in Lending Act Tolerance Tests, Federal (HOEPA), State, and Local High Cost Threshold Reviews, Fannie Mae Points & Fees and “HUD-HOEPA” Mortgage Threshold Reviews, Higher Priced Mortgage Review, CitiMortgage® Initiatives, FHA Enterprise Review, VA Enterprise Review, OFAC Review, State Consumer Credit Law Review, Home Mortgage Disclosure Act (HMDA) Review and HMDA Rate Spread Review.
Where does Ellie Mae get its regulatory compliance information?
The Encompass Compliance Service is maintained by a staff of Ellie Mae compliance attorneys and reviewed by outside counsel.
Is this the only way to do compliance checks in Encompass360?
No. We have a variety of fraud and compliance vendors available on the Ellie Mae Network including: ComplianceEase, AppIntelligence, LoanShield TruApp, ScreeningOne, PCi Wiz Sentinel and Sysdome ELR InterActive, Bankruptcy, E-SafeCheck, SSN Death Master and TP Review.
What’s included in the service?
With the Encompass Compliance Service, you can set the process that works for your company:
- Set manual or automatic file reviews
- Run reviews at multiple loan milestones
- Run an audit to identify problematic data
- Import Geocode and Rate Spread data
- Request a preview of TIL APR finance charges
Reviews are comprehensive and include:
- Federal Truth in Lending Act Tolerance Tests
- Federal (HOEPA), State, and Local High Cost Thresholds Review
- Fannie Mae Points & Fees and “HUD-HOEPA” Mortgage Thresholds Review
- Higher Priced Mortgage Review
- CitiMortgage® Initiatives
- FHA Enterprise Review
- VA Enterprise Review
- OFAC Review
- State Consumer Credit Law Review
- Home Mortgage Disclosure Act (HMDA) Review
- HMDA Rate Spread Review
How do I sign up for and set up the service?
Please contact your Ellie Mae account representative at 877-800-9639. They will help you sign up for and set up the service. The Encompass Compliance Service is also included in our closed loan pricing model. If your company is on this model, you can sign up when you sign the master agreement.
Is there just a one-time fee?
If you’re on our Success-Based Pricing model, the Encompass Compliance Service is included for no additional charge. If you’re not on Success-Based Pricing, you’ll pay a flat monthly fee, which includes unlimited report orders. For each report, you can set checks to run throughout the loan process, at as many milestones as you wish, with no change to your fee.
Do I need to activate the compliance check each time?
It depends on how you set up the service. If you choose to automate the service for all loans, it will automatically run at the milestones you’ve selected during the setup process. If you chose to manually implement the service, you will need to activate each time you want to check a loan. You can do this by going to the Compliance tool and clicking the Order button.