Ellie Mae Provides HMDA Readiness Initiatives; Ensures Customers are Compliant with UCD Requirements
Enhancements to Encompass 17.4 along with tools, resources and training supports client preparation for regulatory changes
PLEASANTON, Calif. – October 23, 2017 – Ellie Mae® (NYSE:ELLI), the leading cloud-based platform provider for the mortgage finance industry, announced today the Company’s readiness initiatives in advance of the 2018 Home Mortgage Disclosure Act and Regulation C (HMDA) collection and reporting changes. Additionally, Ellie Mae continues to work with clients to ensure they are compliant with Uniform Closing Dataset (UCD) requirements that went into effect on September 25, 2017. In addition to enhancements to Ellie Mae’s Encompass all-in-one mortgage management solution, Ellie Mae has provided a wide array of tools and resources to help clients prepare, educate and train internal teams.
“With each regulatory update, our lenders need to make changes to processes, reporting and workflow in order to remain compliant. By offering technology, information, training and resources in advance of these changes to HMDA, UCD or whatever regulation comes next, Ellie Mae ensures that our customers have time to educate and prepare,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae.
HMDA and Regulation C were created and implemented to require public disclosure of information that illustrates whether or not mortgage lenders are serving the housing needs of their local communities. This information helps public officials better distribute public-sector investments so they attract private investments to areas where it’s needed the most. Just as important, they mandate data collection and disclosure on application and borrower characteristics to help pinpoint potentially discriminatory lending practices for further review. To support Ellie Mae clients as they prepare for HMDA changes, the following offerings are available:
Encompass 17.4 Enhancements: Announced earlier this month, Ellie Mae Encompass 17.4 offers key updates to support the 2018 HMDA collection and reporting including:
- Multiple Legal Entity Identifier (LEI) Support: For clients with organizations who are required to report HMDA under multiple entities with separate reporting requirements, 17.4 enables lenders to establish and use a HMDA Profile for each LEI to be used within their organization. The HMDA Profile includes all HMDA related settings associated with the legal entity, from respondent information through channel and relied upon factors configuration.
- Relied Upon Factors Configuration: Lenders have the option to configure which fields they use in their normal underwriting practice as relied upon factors for Income, CLTV and DTI for HMDA reporting purposes.
- Demographic Data Updates: Per the Final rule, consumers no longer have to identify a category for race or ethnicity prior to selecting a more specific subcategory. Ellie Mae is providing consistent prioritization and reporting of the maximum five codes to be reported on the Loan Application Register (LAR) for loan scenarios where the consumer identifies with more than five choices in race and/or ethnicity.
HMDA Town Hall with HousingWire: On November 15th, at 11:00am PT/ 2:00pm ET, Ellie Mae will host a webinar with Ellie Mae’s HMDA compliance experts to discuss the impact, learn about specific aspects of the change and understand what organizations need to do today for the 2018 updates. To register, click here: https://goo.gl/cMtFke
HMDA: The New Frontier of Reporting Whitepaper: Download to understand what’s changing and how to ensure continued compliance success.
Brief on Upcoming HMDA Changes: A quick and essential primer on how to prepare and what Ellie Mae is doing to get lenders ready.
HMDA Compliance Training: Ellie Mae offers complete education solutions including an online learning management system (LMS). Course content includes course work on the practical application of HMDA which provides a functional understanding of the Home Mortgage Disclosure Act and Reg. C.
HMDA Policy Manual from AllRegs: The HMDA Policy Manual is a turnkey document ready and updated to reflect the 2015 HMDA Final Rule including recent amendments. The manual may be personalized with your organization’s name and logo and benefits businesses of any size and structure to save you developmental time and resources while still meeting regulatory compliance requirements.
HMDA Resources: For more information about HMDA changes, how Ellie Mae is supporting regulation, FAQs, white papers, briefs and more, visit Compliance Central at: http://elliemae.com/resources/compliance-central#hmda
The UCD is a component of the Uniform Mortgage Data Program (UMDP), an ongoing effort by Fannie Mae and Freddie Mac at the direction of their regulator, the Federal Housing Finance Agency (FHFA), to provide a common industry dataset to support the Consumer Financial Protection Bureau’s Closing Disclosure. To support the UCD data requirements, Ellie Mae works closely with Fannie Mae and Freddie Mac to ensure Encompass provides a comprehensive set of tools that support UCD data collection and exports to the GSEs. Ellie Mae provides UCD export and integrations to the Fannie Mae UCD Collection Solution and Freddie Mac’s Loan Closing Advisor.
In September, Ellie Mae announced it has been validated for UCD in Encompass by Fannie Mae and Freddie Mac. The majority of UCD functionality has been in production since Encompass 17.2 and Ellie Mae will continue to update the solution as well as lender resources. The Ellie Mae Resource Center offers:
- Information on using the UCD in Encompass
- The UCD Data Mapping document
- Registration guides for Fannie Mae and Freddie Mac
- Recent UCD Webinars
- New UCD Training Videos
- Additional documentation, release notes and guides
For more information about UCD changes, visit the Ellie Mae Resource Center.
About Ellie Mae
Ellie Mae (NYSE:ELLI) is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.
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