Encompass REPORT

JULY 2015
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.

Online FAQ: 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.
  • Course #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.
  • Course #2: 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 via a live demo. Get started here.

Compliance Central: 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 Whether out-of-date or overlooked, policy manuals are often a problem.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 audit that helps find missing links so they can be fixed before mutating into a violation.

The 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 expectations.

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.

The 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
Download the full report here.

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 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 center infrastructure.

“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.”

The official press release may be read here.

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 Union.

Find out how University Federal Credit Union increased loan volume by $103M without adding processing staff. Their Encompass® Case Study is available here.

More client case studies may be accessed 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.

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
The complete event schedule may be found on the Ellie Mae website events page.