Encompass REPORT

RESPA-TILA Readiness
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. 

The 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

Download the full report here.

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.

Ellie Mae’s 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.

Origination Insight Report mines 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, 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 management solution.

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 certainty.

“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.”

The official press release may be read here.

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 clicking here.

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.

Schedule a personalized demo of Encompass today.

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 next-generation regulations.

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 it here.

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.