TRENDS, TECHNOLOGY UPDATES AND USEFUL NEWS FOR MORTGAGE PROFESSIONALS
Study Proves Encompass Elevates Efficiency, Quality, ROI MarketWise
Advisors evaluated the ROI to be expected after implementing the
Encompass® all-in-one mortgage management solution, and results show clients were able to definitively improve efficiency and loan quality.
report, commissioned by Ellie Mae®, shows best results were achieved
through a network effect when adopting the full suite of Encompass
solutions. With compete suite adoption Encompass can help decrease loan
origination costs by as much as ten to twenty-five basis points per
loan, and deliver:
• Up to $970.14 of savings and value per loan • $446.64 origination cost reduction per loan • 477% projected ROI average payback period of 2.64 months
Ellie Mae Origination Insight Report – July Rates Hit Highest Levels Since 2014 Interest rates on mortgage loans in July reached their highest levels since the fall of 2014, according to the latest Origination Insight Report released by Ellie Mae.
The average rate on a 30-year fixed-rate mortgage rose to 4.29 percent
last month, up from 4.12 percent in June and its highest level since
October 2014, when the average rate was 4.37 percent.
data also showed that lenders’ share of purchase loan volume climbed to
63 percent, an increase of 22 points since February. Nearly two-thirds
of loan applications, or 66.2 percent, closed in July, the highest level
since Ellie Mae began tracking this data in August 2011. Meanwhile, the
closing rate on purchase loans climbed above 70 percent for the first
time in four years.
The Origination Insight Reportmines
its application data from a robust sampling of approximately 66 percent
of all mortgage applications that were initiated on the Encompass®
all-in-one mortgage management solution.
ELLIE MAE NEWS
Ellie Mae, Fannie Mae Announce New Strategic Partnership Ellie Mae announced it has entered into a strategic partnership
with Fannie Mae to further integrate Fannie Mae’s suite of risk
management tools into Encompass, Ellie Mae’s all-in-one mortgage
Joint customers will be able to leverage
Ellie Mae and Fannie Mae leading technologies from within a unified
workflow environment in Encompass, giving lenders a more efficient
process for delivering quality loans to Fannie Mae with greater
“We share a common goal with Ellie Mae, which is to
provide best-in-class tools to our lenders,” said Steve Pawlowski,
senior vice president of strategic initiatives and business solutions at
Fannie Mae. “By partnering with Ellie Mae, we will leverage our
combined technological innovation and expertise to create even greater
automation and transparency. Together, we will provide our customers
with greater certainty and access to technology that makes it easier to
do business with us.”
Additional RESPA-TILA Resources and Compliance Tools
Comprehensive Compliance Resources Available from AllRegs by Ellie Mae AllRegs®
by Ellie Mae is a leader in the business of delivering comprehensive
compliance resources and education, and offer tools to help lenders of
any scale prepare for RESPA-TILA, as well as the myriad of other state
and federal regulations.
• AllRegs RESPA-TILA Policy Manual:
Lenders will need a policy manual that addresses the RESPA-TILA
Integrated Mortgage Disclosures Rule. The AllRegs by Ellie Mae
Integrated Mortgage Disclosures (RESPA-TILA) Policy Manual and Readiness
Kit contains a complete, pre-written manual, ready for delivery, as
well as toolkit that outlines key steps needed to effectively prepare
for RESPA-TILA. Learn more here.
• The AllRegs Policy Audit
begins by collecting, organizing, and reviewing all of the
business’ existing materials. Next, discovery interviews are conducted
to gain insight into the goals and objectives of the organization. The
process concludes with a plan with actionable recommendations on what
needs to be clarified or updated based on regulatory, industry, or
operational expectations. Learn more here.
• AllRegs RESPA-TILA eLearning:
These two thorough, self-paced courses are engineered to introduce the
new concepts from RESPA-TILA integrated disclosures. The first,
Preparing the Loan Estimate Form, covers the requirements for each
field, scenarios leading to disclosure and reissuance, as well as the
form’s use in various loan product transactions. The second course,
Preparing the Closing Disclosure Form, addresses disclosure of fees and
charges, waiting periods, as well as when to disclose and when to
re-disclose. Content previews and more information are available by
SEE A DEMO
All-in-One – It Means One Solution for Every Loan, Every Stage, Every Day
Compliance. Quality. Efficiency.
A single system of record. Proven ROI.
All in one place. All RESPA-TILA ready.
Encompass® by Ellie Mae® delivers trusted performance for over 120,000 mortgage professionals.
Find out how Ellie Mae earned their trust. Find out what Encompass can do for your business.
Encompass Report: August 2015 – RESPA-TILA, ROI and More:
• Free RESPA-TILA Resources • Elevating Efficiency, Quality and ROI • Origination Insight Report - Rates Hit Highest Levels Since 2014 • Ellie Mae and Fannie Mae Partnership • And more RESPA-TILA Resources and Tools
Ellie Mae Offers Free
RESPA-TILA Resources – FAQ Page Gets Important New Content
Ellie Mae’s compliance team is known industry-wide for their
exceptional level of expertise. With RESPA-TILA moving quickly towards reality,
they are sharing their knowledge to help lenders be prepared for these
Recently updated with new chapters, the Ellie Mae® Online FAQ resource pulls together
key RESPA-TILA questions and delivers clear, concise answers that will help
lenders better understand and more effectively prepare for the new rules. Visit
Also important is Ellie Mae’s
Compliance Central, their free online resource for all things regulatory.
Compliance Central gives lenders and industry professionals free access to videos,
presentations, reports, whitepapers, webinars and other resources to help them
learn about the changes taking place in mortgage laws and regulations and
uncover ways to prepare and manage them. Content is constantly updated to keep
ahead of regulatory changes. Visit Compliance Central here.