RESPA-TILA is getting closer and closer. Preparation is essential. We are getting ready for this summer’s new regulations with product updates, and we are helping you get ready with compliance education programs, product-training opportunities, workshops and resources that will help you manage and understand RESPA-TILA. To that end, we are dedicating much of this month’s Newsflash to three big things – support, preparation, and education – we are offering to help you get ready…
RESPA-TILA Support – Leverage the Ellie Mae Resource Center’s New RESPA-TILA Page The new Ellie Mae Resource Center just launched its RESPA-TILA page. It’s dedicated to putting everything – documentation, support, education, and more – all in one place so you can access it with a click. Visit it now, bookmark it, and keep checking back. We will be updating it often.
Packed with information, the RESPA-TILA resource page includes:
Quick reference guides
FAQ’s – and answers
Documentation – including the Ellie Mae RESPA-TILA Taming Guide
A newly redesigned support component delivering ease of access to open and closed cases.
Easier navigation of the vast library of documentation, recorded training, self-help resources, and more.
An improved Ellie Mae Knowledge Base.
And here’s something else new – Ellie Mae Learning.This powerful learning system offers short (4 to 12 minute) self-paced educational modules that focus on specific role-based tasks in Encompass®. It’s an organized, in-depth, time-efficient way to build your – and the team’s – Encompass skills set. Through a single sign-on into Ellie Mae Learning, you can register for classroom sessions, live virtual webinars, webinar recordings, student guides and self-paced online modules.
The Resource Center is free for all Encompass users with a current software hosting or maintenance contract.
RESPA-TILA Ready – The Policies and Procedures You Need. Ready for Business. AllRegs by Ellie Mae has developed easy-to-use integrated disclosures procedures to help you inform your teams as to what the new forms contain, how to fill them out properly, when to deliver them to the consumer, and so much more.
Closing Disclosure Procedure Template
Includes information about issuing and delivering the closing disclosure as well as step by step instruction to complete each section in detail. Price: $295
Loan Estimate Procedure Template
Includes information about issuing and delivering the loan estimate as well as step by step instruction to complete each section in detail. Price: $295
RESPA-TILA Education - Attend a Hands-On, Interactive RESPA-TILA Workshop You have less than 80 business days to get ready for new Integrated Mortgage Disclosures. Take one of those days to get ready. Register now for one of our new hands-on RESPA-TILA workshops in a city near you. It’s your opportunity to collaborate with our experts and uncover – and apply – tips, tricks and best practices to leverage Encompass 15.1 and wrangle the RESPA-TILA beast.
Exclusively for Encompass users, this interactive learning opportunity lets you:
Use Encompass to handle new form, delivery and workflow requirements
Get materials and knowhow that benefits your entire team
Conduct real-time exercises and tests to make sure you’re ready
These are powerful workshops you won’t find anywhere else. It’s real hands-on learning – not lectures – led by our by nationally recognized compliance experts. Space is limited. Find locations and register now.
What you'll learn to do:
Navigate new disclosure workflow in Encompass
Prepare and re-disclose the new loan estimate
Handle changes of circumstance
Prepare the new closing disclosure
Review disclosure tracking tool
Breakfast, lunch and laptops are provided. All Workshop registrants will be eligible to receive, for free, the AllRegs RESPA-TILA readiness kit (a $975 value).
Tap into Mortgage Trends Get vital mortgage industry data and insight into your hands every month with the Ellie Mae Origination Insight Report. The free monthly report mines its data from a robust sampling of closed loan applications that flow through Ellie Mae’s Encompass all-in-one mortgage management solution and Ellie Mae Network™.
“The Clear Winner” – Independent Bank Selects Encompass as their LOS On April 7, 2015, Ellie Mae announced that Independent Bank has chosen Ellie Mae’s Encompass all-in-one mortgage management solution as its platform for originating mortgages.
Based in Ionia, Michigan, Independent Bank is a full-service mortgage lender with 64 branch locations throughout Michigan and $2.3 billion in total assets. The company had been using the same technology platform for originating mortgages since 1999. However, with new federal regulations requiring lenders to make major changes to the disclosures they provide borrowers, the company decided it was a good time to consider its alternatives, according to Russ Daniel, senior vice president of lending for Independent Bank.
After other lenders referred Independent Bank to Ellie Mae, company officials considered two alternatives in addition to Encompass by Ellie Mae. After closely weighing the attributes and functionality of all three systems, Ellie Mae’s Encompass solution emerged as “the clear winner” due to its integrated compliance features and its ability to interface with Independent Bank’s core systems.
“One of the biggest benefits was that Ellie Mae’s Encompass is a fully-integrated, all-in-one solution with a huge focus on compliance,” Daniel said. “In fact, before we had even looked at Encompass, members of my team had been attending Ellie Mae’s free webinars on RESPA-TILA compliance. With these new lending requirements about to take effect, it’s a huge confidence booster to know we have a partner like Ellie Mae working behind the scenes to guide us through these changes.”
“The fact that more large regional banks are switching to Encompass because of its compliance features is a sign of how serious these upcoming regulatory changes are,” said Jonathan Corr, president and CEO of Ellie Mae. “Companies the size of Independent Bank do not change their mortgage platforms very often. The fact that they are choosing Ellie Mae demonstrates our ability to help lenders achieve loan quality, efficiency and compliance in every loan they sell.”
Encompass and RESPA-TILA – New Integrated Disclosures Solution Set to Launch This month, Ellie Mae launches its new RESPA-TILA integrated mortgage disclosures solution to clients as part of its Encompass all-in-one mortgage management solution.
The new solution is part of our ongoing RESPA-TILA Readiness Initiative designed to prepare you for the Consumer Financial Protection Bureau’s RESPA-TILA Integrated Mortgage Disclosures Rule that takes effect on August 1st, 2015.
With the new comprehensive RESPA-TILA integrated disclosures solution, we have reduced the impact of the new regulation to its clients with new system functionality that automates workflow and the creation and management of disclosures. Included within new release of Encompass are enhancements that integrate evidence of compliance with disclosure timing and fee variance requirements.
“There is a huge difference between creating new disclosure forms and integrating them seamlessly into a lender's workflow, which is what Ellie Mae has done,” said Angela Cheek, vice president and counsel of product compliance for Ellie Mae. “Lenders that are relying on a separate system or vendor for disclosures could find the process disjointed and possibly non-compliant. As an all-in-one solution, however, Encompass does not have that problem.”
For the past year, we’ve been preparing the industry for the new regulation through its ongoing RESPA-TILA Readiness Initiative. Our efforts will continue to include:
Hands-On Training – In-depth, hands-on, one-day training events have been scheduled in seven cities beginning in May and running through July.
Online Training – A series of online eLearning opportunities to help clients to learn how to comply with RESPA-TILA at their own pace.
AllRegs® RESPA-TILA Policy Manual & Readiness Kit – Developed by AllRegs by Ellie Mae, the RESPA-TILA Policy Manual & Readiness Kit will assist lenders on addressing necessary changes to their business practices as a result of the new disclosure rule.
Free RESPA-TILA Educational Webinars – A series of free monthly compliance education webinars hosted by Ellie Mae compliance and product executives as well as outside legal and compliance experts.
Compliance Central – Free online resources including white papers, articles and blogs designed to help mortgage professionals understand and plan for the new regulation.
More details are available in the official press release. It may be accessed here.
Encompass 15.1 Has Landed in Test Environments – Production Rollout Coming Soon On April 16, 2015, test systems were updated with Encompass 15.1 Release giving those users an opportunity to inspect and utilize the new features and enhancements prior to the production rollout.
Before 15.1 deploys fully later this spring, you have the opportunity to learn about this update to Encompass. Here are some resources to help you hit the ground running:
2015 RESPA-TILA Workflow – A quick reference guide that describes the typical loan workflow required to complete documents impacted by the RESPA-TILA regulations effective August 1, 2015 and how fee data flows across the RESPA-TILA forms and tools.
2015 Itemization Fee Details Window – A quick reference guide that explains how to use the Fee Details pop-up windows provided on the 2015 Itemization input form to enter or edit detailed information about the fee. Data entered in the pop-up window is used to update the fee information on the 2015 Itemization form.
2015 Itemization Input Form Field List – This document lists the field information for fields found on the new 2015 Itemization, Fee Details pop-up windows, and the Disclosure Tracking tool. New fields used for this form and existing fields re-used on this form are identified.
The Encompass 15.1 release is geared to handle RESPA-TILA Integrated Mortgage Disclosures, and will include the functionality and forms necessary to comply with the new regulation that goes into effect on August 1, 2015.
And – in addition to delivering a robust solution for RESPA-TILA – the 15.1 Release will include:
Correspondent support, including –
Trade management and loan assignment
Master commitment management and trade assignment
Correspondent purchase advice updates including warehouse bank details and templated TPO fees
TPO document management
Delegated and non-delegated underwriting control
Encompass Product and Pricing Service™ updates, including –
Validate lock with notification of data changes impacting eligibility and pricing
Auto-lock with lock requests, extension requests, and cancellation requests
Lock expiration date calendar
For details and the most up-to-date information, be sure to visit, bookmark and keep checking the new Ellie Mae Resource Center and its dedicated RESPA-TILA page.
The Ellie Mae Resource Center – In With the New… The new Ellie Mae Resource Center is a serious upgrade – updated support features, easier navigation, the RESPA-TILA resource page – and we are excited to have it up and running so you can easily access all of its documentation, recorded training, self-help resources, and tools created to help you navigate the lending landscape.
But bringing in the new means parting with the old. As of May 31, 2015, the old Resource Center will no longer be available.
So – if you haven’t already – be sure to make the switch. Log onto the new Resource Center here. And if you want to hit the ground running, take a look at this PDF – it’s a great overview of what the new Resource Center offers.
The Resource Center is free for all Encompass® users with a current software hosting or maintenance contract.
Ellie Mae’s Encompass Title & Closing Center is RESPA-TILA Ready Since 2010, the Encompass Title & Closing Center has been leveraged by thousands of Encompass users for an efficient and secure way to order and receive title and closing fees as well as documents directly into Encompass.
To continue to prepare Encompass clients and partners for the new RESPA-TILA Integrated Mortgage Disclosures rule going into effect August 1st, Ellie Mae is expanding the breadth of data and automated workflow within the Encompass Title & Closing Center to help our lenders leverage this streamlined approach to integrated title ordering and fee reconciliation. In preparation for the new regulations, we have:
Added more than 250 new title and recording fields to the Title & Closing Center, including new fees as well as borrower and transaction details.
Enhanced the current fee reconciliation workflow that exists today within the Title Center in order to meet the new RESPA-TILA 2015 requirements.
Updated for RESPA-TILA, the Title & Closing Center continues to facilitate thousands of orders each month for our clients who enjoy the benefits of integrated ordering from within Encompass:
Orders are placed from within the Title & Closing Center, ensuring that lenders never have to leave the secure environment of Encompass, thereby protecting any non-public personal information (NPPI).
The two-way collaboration and communication, within the Title & Closing Center, drives better efficiency, accuracy and compliance.
Closing documents can be imported back into the Title & Closing Center and automatically placed in the appropriate Encompass eFolder, eliminating the need for scanning, uploading and indexing closing packages in order to enter them into Encompass.
Not Currently Using the Encompass Title & Closing Center?
The Encompass Title & Closing Center currently provides access to most Title Companies, Title Agents and Closing Agents, but the best news is that it is already integrated into Encompass and available for you to begin using today. Please watch this quick video to learn how.
Is Your Provider Not Currently Available In the Encompass Title & Closing Center?
If your title provider is not currently available through the drop-down list, you can sign them up by clicking the ‘Add Title Company’ icon under the Service tab / Order Closing & Title.
If you have any questions about the use of the Title & Closing Center, please feel free to contact your Ellie Mae Account Manager.
CondoTek’s CondoPak is now available through Encompass CondoTek’s CondoPak™ is the most efficient condo document solution for lenders that underwrite condo loans, and it is now integrated in Encompass®.
CondoPak™ is the premier “lender focused” Condominium Documentation solution. It includes all of the condominium documentation needed for approval review, and helps lenders improve efficiency, consistency and quality.
Each CondoPak™ includes the Certified Questionnaire, necessary Governing Documents, Current Budget and Certificates of Insurance, and more.
The CondoPak™ is offered by CondoTek™, a Technology and Information firm that provides lender-focused real estate related products and services in the Condominium space with a concentration on creating efficiency for lenders when underwriting condominium loans.
Encompass Product and Pricing Service Adds New Investor Partners Three new Investor Partners have recently been added to the Encompass Product and Pricing Service™. Adding investors gives you more options to offer your borrowers, and more opportunity for you in the secondary market.
For more information about Encompass Product and Pricing Service, click here.
AllRegs by Ellie Mae FHA Mortgage Mentor Guide – Simplifying FHA Lending The FHA Handbook is 559 pages long, and is written in a way that makes getting through it a daunting task. It’s important stuff, but couldn’t it be easier? Yes. AllRegs® by Ellie Mae has taken each facet of the loan process and created a simple, step-by-step online guide to each stage of an FHA loan.
Written in clear, clean English, and loaded with supplemental resources, charts, worksheets, checklists, and calculation exercises, the AllRegs FHA Mortgage Mentor® Guide makes navigating the FHA process a lot easier.
Continually updated as agency changes and actions require, this is an intuitive, comprehensive and extensively researched practical guide to FHA Mortgages. The information is organized logically, to mirror the steps in the mortgage process. And the entire Mortgage Mentor® Guide is available online, with links to actual FHA documents, in a searchable format.