TRENDS, TECHNOLOGY UPDATES AND USEFUL NEWS FOR MORTGAGE PROFESSIONALS
RESPA-TILA Is Still Coming – Leverage These Resources and Get Ready RESPA-TILA
has been delayed until October 3, 2015. This gift of time may bring
some relief, but it does not mean lenders can relax. Preparation remains
essential. Ellie Mae® is dedicated to delivering reference and educational tools to help prepare for these still looming new rules.
Authored by the Ellie Mae team of compliance experts, this online
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.
AllRegs RESPA-TILA Policy Manual: The CFPB will demand a RESPA-TILA policy manual that’s clearly outlined and easily accessed onsite. The AllRegs®
by Ellie Mae Integrated Mortgage Disclosures (RESPA-TILA) Policy Manual
is pre-written, ready for delivery, and ready for your next audit.
Learn more here.
AllRegs RESPA-TILA eLearning:
Get smart – and get compliant. These two thorough, self-paced online
courses are engineered to introduce your team to the new concepts from
RESPA-TILA integrated disclosures so they can understand – and manage –
the regulatory demands of these new forms.
#1: 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.
#2: Preparing the Closing Disclosure Form: Addresses disclosure of fees
and charges, waiting periods, as well as when to disclose and when to
Content previews and more information are available via a live demo. Get started here.
Ellie Mae’s Compliance Central is the free online resource for all
things regulatory, including RESPA-TILA. Lenders and industry
professionals can access 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.
AllRegs Policy Audit – Find Missing Links Before they Mutate It’s
a modern world, but RESPA-TILA is a beast of Jurassic proportions.
Compliance needs to adapt to survive in these changing times, and
keeping up this constant evolution can result in missing links. Whether
out-of-date or overlooked, policy manuals are often a problem. AllRegs® by Ellie Mae® has developed an auditthat helps find missing links so they can be fixed before mutating into a violation.
AllRegs Policy Audit begins by excavating, collecting, organizing, and
reviewing all of the business’s existing materials. Next, discovery
interviews are conducted to gain insight into the goals and objectives
of the organization. The powerful process concludes with a plan of
attack: AllRegs providing actionable recommendations on what needs to be
clarified or updated based on regulatory, industry, or operational
Currently, AllRegs by Ellie Mae is bundling this
audit with two RESPA-TILA eLearning courses that will help prepare staff
to better handle the Loan Estimate and Closing. Interested lenders may
learn more about program details and pricing here.
The Bottom Line – New Study Shows Encompass Improves Efficiency, Quality, ROI Ellie
Mae commissioned MarketWise Advisors to evaluate what kind of ROI to
expect after implementing the Encompass® all-in-one mortgage management
solution, and results showed clients were able to definitively improve efficiency and loan quality.
report shows best results were achieved through a network effect when
adopting the full suite of Encompass solutions. With complete 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 – June Purchase Loan Activity, Closing Rates Purchase loan activity climbed 3 points to account for 61% of lenders' overall mortgage volume, according to the latest Origination Insight Report
released by Ellie Mae®. Meanwhile, lenders’ closing rate on all
purchase loans rose to 69%, the highest level since Ellie Mae began
tracking this data in August 2011. The average 30-year rate on a closed
loan rose from 4.013% to 4.118%.
The Origination Insight Report
mines its application data from a robust sampling of approximately 66%
of all mortgage applications that were initiated on the Encompass®
all-in-one mortgage management solution.
ELLIE MAE NEWS
Ellie Mae Names Peter Hirsch EVP, Technology & Operations On
June 29, 2015 Ellie Mae® announced that Peter Hirsch has joined the
company as executive vice president of technology and operations. In
this newly created role, Hirsch will be responsible for leading all of
Ellie Mae's technology groups.
Hirsch brings more than 30 years
of technology experience to his new role, with specific expertise in
cloud technology applications. Prior to joining Ellie Mae, Hirsch served
as a senior vice president at Ariba Inc., an SAP company, where he was
responsible for the company's SaaS application suite and global data
“I am delighted to be joining a true
innovator in the mortgage industry,” Hirsch said. “Ellie Mae’s
commitment to transforming the way lenders do business is important
work, and the broad effect the company has had in the industry made this
a unique opportunity. I look forward to helping the organization to
grow and continue to deliver products and services that surpass the
expectations of lenders in today’s challenging market.”
Client Case Study – Volume Up by $103 Million Without Adding Staff “We’ve
increased staff productivity, which saves us money,” shares Christine
Adams, Senior Manager, Mortgage Operations, University Federal Credit
Find out how University Federal Credit Union increased
loan volume by $103M without adding processing staff. Their Encompass®
Case Study is available here.
Upcoming Events – A Time to Connect We will be attending several national events
in the coming months. They provide opportunities to connect one-to-one,
discuss new solutions, find ways to maximize existing ones, and
discover the latest Ellie Mae mortgage technologies.
Connect with Ellie Mae at these upcoming events:
August 2-5, 2015 Lenders One Summer Conference, Washington, DC
September 16-18, 2015 New England Mortgage Bankers Conference, Newport, RI
September 20-22, 2015 MBA Regulatory Compliance Conference, Washington, DC
October 4-6, 2015 ABA Marketing and Retail Conference, Denver, CO
October 18-21, 2015 MBA Annual Convention and Expo, San Diego, CA