JUNE 2015

As part of our ongoing RESPA-TILA readiness initiative, this month’s Encompass® Newsflash is packed again with resources and new workshops tips, tools, and educational opportunities to help you get ready for the changes coming October 3.

New RESPA-TILA resources available
You know RESPA-TILA is right around the corner, and we know it too. But with our comprehensive resources you’ll have all the help you need to get you ready to tame the regulatory beast. Check out our RESPA-TILA Resource center for easily accessible eLearning opportunities, hands-on workshops, in-depth Town Hall Webinars, and more.

As part of our ongoing readiness program we’ve also got new resources to help you prepare, including:

FINAL RESPA-TILA WORKSHOPS: Interactive Hands-on Learning
The final RESPA-TILA workshops are coming up fast: San Francisco (July 7), Chicago (July 16), and Honolulu (July 23). But there’s still a few spots left!

With hands-on learning led by our nationally recognized compliance experts, you won’t find a better way to get ready for Integrated Mortgage Disclosures arriving on October 3, 2015.

Space is limited and the events are close to filling up. Register now.

Cost: $895 for individuals, $795 discounted rate for groups of 5 or more.

Added bonus: All Workshop registrants will be eligible to receive, for free, the AllRegs RESPA-TILA readiness kit (a $975 value).
You’ve got questions, we’ve got answers

The Ellie Mae RESPA-TILA FAQ page is now live, and contains questions from users like yourself and answers from our in-house RESPA-TILA and compliance experts. We’ll be updating the FAQ as October 3 approaches, check back often for further insights and updates.

Join our weekly RESPA-TILA Town Hall webinars
Got a burning question about Encompass and the RESPA-TILA changes?

Join us for these 90-minute Town Hall Webinars each Wednesday from 10:30 a.m. – 12:00 noon Pacific Time and get your questions answered. The speakers will be John Haring, Director, Compliance Enablement and Rich Feinberg, Director, Product Management from Ellie Mae.

Be sure to fill out the brief survey as you register to ensure your questions are addressed

Register here:
RESPA-TILA eLearning courses from AllRegs®
Self-paced and thorough, both of these courses have been designed with randomized test questions and reporting options to ensure a thorough understanding of changes.
  • Preparing the Loan Estimate Form
    This course covers the requirements for each field, scenarios leading to disclosure and reissuance, as well as the form’s use in various loan product transactions.
  • Preparing the Closing Disclosure Form
    This course will address disclosure of fees and charges, waiting periods, as well as when to disclose and when to re-disclose.
Access to these courses can be granted through a paid subscription or via a learning management system. Give your team the information they need to tame RESPA-TILA. Learn more here.

And don’t forget the AllRegs® RESPA-TILA Policy Manual: The Integrated Mortgage Disclosures (RESPA-TILA) Policy Manual is a pre-written AllRegs Policy Manual. It’s a complete plan—56 pages of everything you need to articulate your company’s understanding and adherence to the new rules. You can customize it to include your own internal policy, and can even personalize it match your company’s brand identity. Get yours here.
Two new Encompass RESPA-TILA webinars now available:
The Encompass Fee Variance webinar recording is available to help with upcoming changes in Fee Variance, and discusses the new categories of fees with differing variances and how to address them. This includes a New Fee Variance Worksheet, and how to identify and cure potential tolerance violations.

The Encompass Title & Closing Center webinar is now available, and discusses the enhancements that have been made to adhere to the upcoming RESPA-TILA Integrated Mortgage Disclosures rule. Learn about the more than 250 new fields added to supply additional data along with new automated workflow capabilities for title ordering and fee reconciliation.

These and other webinar recordings for clients are available in the Encompass Resource Center. Check back often for updates and new info.
New Encompass CFPB audit guidelines available
We’ve put together a new document that shows how to leverage data recorded in specific fields and forms within Encompass to meet Consumer Financial Protection Bureau (CFPB) guidelines in case of an origination procedures audit conducted by the CFPB. Click here to access now.

And don’t forget

Ellie Mae Releases May Origination Insight Report – Purchase Share Continues Spring Forward
According to the latest Origination Insight Report purchase loans as a percentage of lenders' overall mortgage volume rose for the third straight month in May with a 6% jump to 58%. Along with that, the average 30-year rate on all closed loans fell slightly for the first time since February, from 4.062% to 4.013%.

“Our May data reflects a home buying season in full swing,” said Jonathan Corr, president and CEO of Ellie Mae. “While the share of purchase loan volume is lower than it was one year ago, lower mortgage rates has given some help to refinancing volumes and share.”  

The Origination Insight Report mines its application data from a robust sampling of approximately 66% of all mortgage applications that were initiated on Encompass®. Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country.

Other findings of the May report:
  • The overall closing rate for purchase loans climbed to 68.2%, the highest since January and almost 5% higher than the 2014 average.
  • The average closing period for all loans rose from 45 to 46 days.
To get a meaningful view of lender pull-through, Ellie Mae reviewed a sampling of loan applications initiated 90 days prior—or the February 2015 applications—to calculate an overall closing rate of 64.0 percent in May 2015.

More information, details, and analysis of closed and denied loans by loan purpose and investor are available in the full report. Don’t miss upcoming releases of the Origination Insight Report, sign up to receive email alerts for new releases. Subscribe now.
Note: Information in this section has been updated from the original post.

Encompass 15.1 has arrived

Encompass 15.1 has been released and all hosted clients should be on the latest version. Self-hosted clients will be able to download Encompass 15.1 starting in early July, an email will sent out when it’s ready.

We’ve also created a 15.1 Topics & Communications page in our Resource Center, and 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 designated named contacts to interact within the forum, and our Product Team will be moderating the forum and escalating any release issues.

15.1 is a major upgrade and we’ve got the resources to help you hit the ground running:
  • What’s New in the Encompass 15.1 Release – Watch a series of videos that provide overviews of the key features and enhancements available in the Encompass 15.1 Release.
  • 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 form.
  • 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.
For details and the most up-to-date information, be sure to visit, bookmark and keep checking the new Ellie Mae Resource Center and its dedicated RESPA-TILA page.

The Loan Origination Process Map is here
Remember the big loan process map at Experience 2015? Due to the high demand from our customers, we’ve made map into a high-resolution digital version available for download here.

Also available for download is the Encompass Primary Personas overview. This overview maps out the typical roles, needs, goals, tasks, and challenges that a group of Encompass users experience, along with the way they connect through and might use Encompass. The overview is a great way to gain insight into the way users in different roles interact with Encompass and each other.

Those who participated in our Correspondent focus group at Experience have also seen the Correspondent Process Map, and we’ll be publishing that later this year. Stay tuned and sign up for our other research activities to get access to more of our research findings.

We’re always looking for Encompass users like you to share valuable feedback and ideas with us in order to improve user experience. Interested in participating future research? Click here to enroll.

Or contact us via email: LOSresearch@elliemae.com.

Encompass Title & Closing Center also ready for RESPA-TILA
The Encompass Title & Closing Center webinar is now available, and discusses the enhancements that have been made to adhere to the upcoming RESPA-TILA Integrated Mortgage Disclosures rule.

Learn about the more than 250 new fields added to supply additional data along with new automated workflow capabilities for title ordering and fee reconciliation.

You’ll also learn about how Encompass Title & Closing Center provides integrated ordering from within Encompass:

  • Orders are placed from within the Title & Closing Center, ensuring that lenders never have to leave the secure environment of Encompass, thereby protecting any non-public personal information (NPPI).
  • The two-way collaboration and communication, within the Title & Closing Center, drives better efficiency, accuracy and compliance.
  • Closing documents can be imported back into the Title & Closing Center and automatically placed in the appropriate Encompass eFolder, eliminating the need for scanning, uploading and indexing closing packages in order to enter them into Encompass.
CondoTek’s CondoPak is now available through Encompass
CondoTek’s CondoPak™ is the most efficient condo document solution for lenders that underwrite condo loans, and it is now integrated in Encompass®.
is the premier “lender focused” Condominium Documentation solution. It includes all of the condominium documentation needed for approval review, and helps lenders improve efficiency, consistency and quality.
Each CondoPak
includes the Certified Questionnaire, necessary Governing Documents, Current Budget and Certificates of Insurance, and more.
The CondoPak™ is offered by CondoTek™, a Technology and Information firm that provides lender-focused real estate related products and services in the Condominium space with a concentration on creating efficiency for lenders when underwriting condominium loans.

Encompass Product and Pricing Service Adds New Investor Partners
Three new Investor Partners have recently been added to the Encompass Product and Pricing Service™. Adding investors gives you more options to offer your borrowers, and more opportunity for you in the secondary market.

Our new EPPS Investor Partners are:
For more information about Encompass Product and Pricing Service, click here.

AccountChek™ Automated Asset Verification is now available through Encompass
AccountChek™ from FormFree enables Encompass users the ability to order, analyze, and certify a borrower’s electronic bank statement data. It provides Lenders, Loan Officers and Borrowers with the market’s first fully automated, direct source Verification of Assets (VOA) report, enabling asset verification in minutes instead of days.

Each report uses a patented proprietary analytics engine to identify direct deposits, employer, and flag potential risk, making lending decisions easier and providing quality assurance and proof of ATR compliance.

AccountChek™ Verification of Deposits & Assets can be found in Encompass under the Order Verification services tab, and by completing a few simple steps a summary report can be quickly generated and delivered directly to the Encompass file folder.

AccountChek™ helps lenders eliminate fraud by digitally collecting data from financial institutions, significantly reducing buyback exposure, while also providing an easy solution for complying with new “ability-to-pay” rules.

For more information please visit www.formfree.com.

Encompass Product and Pricing Service Adds New Investor Partner
First Community Mortgage has been added to the Encompass Product and Pricing Service. This gives you more options to offer your borrowers, and more opportunity for you in the secondary market.

FCM Correspondent offers Conventional, FHA, VA, and USDA products at competitive prices. Find out why our lenders have made First Community Mortgage their investor of choice. For information about becoming an approved seller with FCM Correspondent, please email your request to dennis.patchett@fcmpartners.com.

For more information about Encompass Product and Pricing Service, click here.
Events – Meet Up with Us
Come see us in person. Ellie Mae® will be a part of these upcoming industry events:

  • July 8-10, 2015 California MBA Western Secondary Marketing Conference, San Francisco, CA
  • 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
These events are great opportunities to meet with Ellie Mae staff to discuss new solutions, find ways to maximize existing ones, and connect one-to-one.

The complete event schedule may be found on the Ellie Mae website events page.
Updated Encompass 15.1 release information can be found in the
Product Update section below.