You have been granted a
RESPA-TILA respite – but this delay is no reprieve. You need to keep
pushing your education and leveraging tools that can get you prepared to
wrangle this regulatory t-rex. This edition of NewsFLASH delivers seven
simple ways to do it.
RESPA-TILA – It’s Still Stomping Right Toward Us Take
a breath – RESPA-TILA has been pushed back until October 3, 2015.
That’s great – but it doesn’t mean it’s not coming. It’s still the t-rex
of regulation, stomping towards us all, and preparation is essential.
Leverage these workshops, webinars, tools and educational opportunities:
1. Hands-On Workshops:
It’s a deep dive into the fully functional version of Encompass® 15.1
in a test environment that will allow for exploration, experimentation,
and flexibility. This is real hands-on learning – not lectures – led by
our by nationally recognized compliance experts. The next is July 23 in
Honolulu, and there’s still spots available, sign up here. You’ll learn how to:
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
And, good news, there’s going to be more Hands-On Workshops.
Since the RESPA-TILA deadline has been pushed out to October 3 we’re
planning them now, stay tuned for an announcement, we’ll be sending an
email out with the needed details soon.
2. New - Personal RESPA-TILA Consultations:
RESPA-TILA is big and complicated, so let Encompass experts help you
out. Book a consultation now and get more than 90 minutes of one-on-one
advice for using Encompass to comply with the new RESPA-TILA
requirements and workflow. It’s your personalized consultation – you
create your own agenda and get the answers you want and need from the
Ellie Mae Compliance Team. Available through August 31, 2015, the
consultation fee is only $400, and availability is limited. Sign up right here, right now.
3. Online FAQs and Answers:
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 you better understand and more
effectively prepare for the new rules. It’s direct and comprehensive –
and it’s online now. Visit the new RESPA-TILA FAQs here.
4. 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.
5. 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. 6. Online Town Hall Meeting:
Be a part of the next Ellie Mae RESPA-TILA Webinar: the Encompass Open
Town Hall. This is a complimentary, interactive session where you get to
ask your pressing RESPA-TILA questions, and hear what others are doing
to manage the looming rules. Led by two Ellie Mae experts, this is a
unique opportunity to learn in a collaborative environment. It’s free,
and offered exclusively to Ellie Mae clients. Sign up now.
Speakers: Rich Feinberg – Director, Product Management, Ellie Mae & John Haring – Director, Compliance Enablement, Ellie Mae
7. Leverage the Title & Closing Center:
RESPA-TILA requires all the tools you can leverage, and we’re
determined to deliver them. Whether it’s ordering closing docs,
services, title reports, or anything else – with RESPA-TILA, it’s more
important than ever to work closely with title agents and attorneys. The
Encompass® Title & Closing Center lets you perform important
title-related tasks without having to leave Encompass.
month, we presented a webinar going over the enhancements we’ve made to
adhere to the upcoming RESPA-TILA Integrated Mortgage Disclosures rule.
It’s informative and useful – and don’t worry if you missed it – you can
watch a recording here, and download the slides here.
more than 250 new fields added to supply additional data along with new
automated workflow capabilities for title ordering, the Encompass Title
& Closing Center is a quick, efficient, and secure. It’s your tool, so learn about it. Watch the webinar recording and start leveraging the Encompass Title & Closing Center to make the RESPA-TILA beast that much more manageable. 8. The Resource Center:
Loaded with content, the Ellie Mae Client Resource Center is your
online portal to all things Encompass. Recently we added a RESPA-TILA
section. It is packed with documentation, updates, answers, resources
and tutorials. Take advantage – visit and bookmark the RESPA-TILA section of the Ellie Mae Client Resource Center. It’s there to help you tame the bronto-sized RESPA-TILA beast.
Encompass 15.1 Release Now Available for Self-Hosted Clients Encompass
15.1 has been released for download to all of our self-hosted clients,
so it’s time for everyone to be up and running on this latest version.
15.1 is a major upgrade and we’ve got the resources – including the new 15.1 Topics & Communicationspage – 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 October 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
Updated Encompass Field List —
This document lists the input form fields used throughout
Encompass. Find the Field List in the System Administration &
Management of the Documentation Library.
The 15.1 Topics & Communications
page is a place for you to get a snapshot of trending topics as well as
planned functionality and future updates. Located in the Ellie Mae®Resource Center,
the 15.1 Topics & Communications page is where we’ll be posting
planned functionality, product updates, and responding to release
feedback. Feel free to check in regularly to get info on known issues,
planned content, status, and workarounds.
The 15.1 Release Feedback Forum
has been set up to address any issues or questions you might have. The
forum allows those that have been designated as Named Contacts or System
Administrators to interact within the forum, and our Product Team will
be moderating and escalating any release issues.
The Next Big Idea – Your Encompass 15.1 Idea Center Coming Later This Summer We’re giving some power to the people with the Ellie Mae® Encompass® 15.1 Idea Center. Coming later this summer, the Idea Center leverages the power of you, the User Community.
Here’s how it works:
Have an Idea? Post it.
Before posting a new idea, search to see if it already exists. Chances
are another User Community member might have had the same Idea and added
it to the Idea Center. If it exists, great – just log your vote. If
you’ve searched and are unable to find an existing idea then, click on
the “Post Idea” button to submit a new one.
Posted an idea? Then generate votes.
You need to build the support for your Idea. Leverage the User Forums,
Chatter, Twitter and word of mouth to tell your friends, followers and
co-workers. If an Idea reaches 250 votes and 4 stars, it will be
reviewed by our Product Team and an official response will be
Got the votes? Then it’s in our hands.
Once the Idea hits the minimum point threshold, we’ll review to
determine Roadmap alignment. If an Idea doesn’t hit this threshold we
can’t guarantee a response, but Product Managers can and do chime in on
other Ideas on an ad-hoc basis.
Keep an eye out for the Idea Center – it’s coming soon – so get your ideas ready. We know you have some great ones.
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 you 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 your business’ 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? Learn more
about program details and pricing here.
2016 ELLIE MAE EXPERIENCE USERS CONFERENCE
Save the Date – Here Comes the 2016 Ellie Mae Experience User Conference Save the date: Ellie Mae Experience 2016
will be held at the Wynn Las Vegas from February 29 – March 2, 2016.
This is the leading conference for mortgage professionals – a
must-attend event offering an unprecedented opportunity to hear from
industry leaders, network with the best and brightest, learn about
compliance changes and best practices.
Registration opens up later this summer. Visit experience.elliemae.com to stay updated on user track, speaker and early bird discounts.
June Origination Insight Report – Purchase Loan Activity, Closing Rates Climb Purchase loan activity climbed 3 points to account for 61 percent of lenders' overall mortgage volume, according to the latest Origination Insight Report.
Meanwhile, lenders’ closing rate on all purchase loans rose to 69
percent, 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%
Ellie Mae – 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