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FEATURE ARTICLE
MARCH 2015
Encompass Experience 2015 – Wrapping It Up and Looking Ahead
Encompass Experience 2015 is in the books. Thank you to our wonderful clients, partners, guests and friends for making this the most successful Experience ever. The event was packed with high points – a look at the future of Encompass®, tools and tricks to tackle RESPA-TILA, powerful speakers and presenters, a live Respatilasaurus, and the opportunity to come together and uncover new ways to build a better industry.

And it’s not quite over – be sure to take our attendee survey, check out videos and photos from the event, and share your Experience experiences. Everything is right here.

Already looking forward to next year? So are we. Save the date for our return to Vegas – Encompass Experience 2016 will be held February 29 – March 2, 2016 at the Wynn, Las Vegas. Visit the Experience website and sign up for exclusive 2016 discounts, alerts and insider information.

But first – some 2015 highlights…

Ellie Mae® Vice President of Product Strategy, Jonas Moe, opened a packed general session by outlining the evolution of the next generation of Encompass, including new consumer direct, mobile and correspondent solutions. There’s a lot in the pipeline geared to help you effectively meet the demands of today’s – and tomorrow’s – customers.

Another highlight was the RESPA-TILA Learning Lab, an interactive area specifically focused to deliver a hands-on opportunity to discover what’s coming in Encompass and walk through exercises to build familiarity with new functionalities. And they got to take home educational materials, exercise books, and FAQs – with answers – regarding RESPA-TILA.

We worked hard to bring top talent to share their ideas and insight. Encompass Experience 2015 may have featured our most powerful slate yet. Speakers and session presenters included:
  • Don Tapscott, best-selling author of The Digital Economy and Radical Openness
  • Mike Cafferky, Fannie Mae’s program manager for electronic mortgages (eMortgages)
  • Brain Webster, Originations Program Manager, Mortgage Markets for the CFPB
  • David Stevens, President and CEO of the Mortgage Bankers Association
There was also a hilarious performance by comedian Jim Gaffigan, and a surprise appearance by a real, live Respatilasaurus.

And, of course, the prestigious Ellie Mae Hall of Fame’s new inductees were announced. These are leaders whose innovative use of Encompass sets them apart. These innovators can be resources for you – be sure to connect on the Ellie Mae user forum.

And now, as introduced by U.S. Olympic hockey legend, Jim Craig, the inductees, by category, are:

Exceptional Achievement in Business Growth
  • Nationstar Mortgage
  • The Federal Savings Bank
  • PennyMac
Excellence in Compliance Automation
  • Union Home Mortgage Corp.
  • University Federal Credit Union
Exceptional Achievement in Loan Quality
  • GVC Mortgage Inc.
  • LeaderOne Financial Corporation
Outstanding Efficiency and Return on Investment (ROI)
  • Gold Star Mortgage Financial Group
  • Ryland & RMC Mortgage
  • Waterstone Mortgage Corporation
Implementation Excellence Award
  • HomeServices Lending, LLC
  • Primary Residential Mortgage, Inc.
Take the survey, share your thoughts, and – most importantly – save the date for Encompass Experience 2016.
INDUSTRY TRENDS
Latest Origination Insight Report – Refi Share Rises as Time to Close Drops
Mortgage refinancing as a share of overall loan volume jumped eight percent in February to comprise 59 percent of lenders’ loan volume, according to the latest Origination Insight Report released by Ellie Mae. Meanwhile, the average time to close a refi loan fell to 36 days, the lowest level since Ellie Mae began tracking this data in August 2011.

The average interest rate for a 30-year fixed rate mortgage fell from 4.154% to 4.008%, the lowest level in two years, according to Ellie Mae’s data. The average interest rate for 30-year fixed FHA loans fell below 4% for the first time since June 2013.

“The drop in the average 30-year fixed rate in last few months, has kept lenders busy with increased refinance business,” said Jonathan Corr, president and CEO of Ellie Mae. “Considering the demand, the fact that lenders are taking fewer days to close the average refi loan is very good news.”

The Origination Insight Report mines its application data from a robust sampling of approximately 57 percent of all mortgage applications that were initiated on the Encompass origination platform. Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country.

The monthly Ellie Mae Origination Insight Report may be read in its entirety here.

Taming RESPA-TILA – Training Workshops, Webinars, Resources
RESPA-TILA – the T-rex sized beast is all but here. We’ve been working hard to help you tame it, and we want to make sure you take full advantage of our resources. Software updates, slide decks, webinars, tool kits, in-person training, online training – this is what we offer. So what can you do to maximize our taming tools?

Get Encompass 15.1
Encompass 15.1 will be available in the spring. This update focuses on RESPA-TILA with changes to settings, new disclosure tools, worksheets, comparisons, Encompass Compliance Service™ updates, plus a lot more.

Watch Webinars – Upcoming and Recently Recorded
Our webinars are outstanding educational tools. Access recordings of our six-part RESPA-TILA webinar series, as well as our recently held RESPA-TILA Integration – Policy Impacts webinar. You can go to Compliance Central here

Be sure to register for the next in our RESPA-TILA Webinar Series: Encompass Fee Itemization and New Forms, complimentary 60-minute webinar on Wednesday, April 8 at 11:00 a.m. PDT.

Download Encompass Experience Presentation Slides
The recently concluded Encompass Experience 2015 put a strong focus on RESPA-TILA. The event may be over, but the education lives on. Download these slide decks from the Encompass Experience compliance sessions.
Attend Regional Hands-On Training Workshops
Attend one of our regional RESPA-TILA hands-on training workshops and learn from the experts. To be held in a range of locations around the United States, these intensive hands-on workshops will deliver next-level learning in a focused, interactive environment. Sign-up to be notified as soon as we post upcoming workshop dates and locations. These hands-on training workshops include:
  • A RESPA-TILA Town Hall session with an Ellie Mae Compliance Expert
  • A look at the Impact of RESPA-TILA on Encompass users – by persona
  • A hands-on workshop in a BETA version of Encompass with the new RESPA-TILA enhancements
Visit Compliance Central
Find videos, presentations, reports, whitepapers, webinars and other resources to help you learn about RESPA-TILA and other mortgage laws and regulations. It’s one stop shopping for compliance education. Visit Compliance Central here – and be sure check back often for updates.

We are always committed to compliance – and RESP-TILA is taking us to the next level. Take advantage – leverage Encompass and educational the tools we offer. It’s the way to tame the beast.


ELLIE MAE NEWS
PRODUCT UPDATE
Encompass 15.1 Update – Robust, RESPA-TILA Ready and Coming This Spring
Targeted for late this spring, and available to clients with test environments in April, the Encompass 15.1 Release is geared to handle RESPA-TILA Integrated Mortgage Disclosures. The update includes changes to Encompass settings, new disclosure tools, worksheets, comparisons, Encompass Compliance Service™ updates, plus a lot more – all geared to help you better manage RESPA-TILA. And, while RESPA-TILA is a focus, 15.1 brings updated functionalities to correspondent support, product and pricing, and more.

We recommend watching the recorded versions of our recent RESPA-TILA webinar series to help you further prepare for this August’s new regulations. The webinars are available on-demand here.

The release will include the functionality and forms necessary to comply with the new regulation that goes into effect on August 1, 2015.

And – in addition to delivering a robust solution for RESPA-TILA – the 15.1 Release will include:

Correspondent support, including –
  • Trade management and loan assignment
  • Master commitment management and trade assignment
  • Correspondent purchase advice updates including warehouse bank details and templated TPO fees
  • TPO document management
  • Multiple DBAs
  • Delegated and non-delegated underwriting control
Encompass Product and Pricing Service™ updates, including –
  • Historical pricing
  • Validate lock with notification of data changes impacting eligibility and pricing
  • Auto-lock with lock requests, extension requests, and cancellation requests
  • Lock expiration date calendar
Details will be available soon including release notes, instructional videos, and training webinars.

AllRegs Market Clarity 3.0 – Awesome Just Got Better
AllRegs® Market Clarity® 3.0 has landed. This new version includes a powerful new user interface that lets users compare and contrast more than 3,000 loan products from 95 different investors, giving them better insight on the differences between products and investors. And – to make accessing it all easier – Market Clarity 3.0 features new search functions and improved navigation. It is part of the AllRegs by Ellie Mae product line, created following our acquisition of AllRegs in October 2014.

Market Clarity is a business information tool for the mortgage banking industry that helps lenders and investors manage risk, identify market opportunities and maintain a competitive edge. The tool is web-based and features product templates and detailed investor guidelines.

In addition to a more streamlined, intuitive user interface and the new loan product overlay search tool, Market Clarity 3.0 now lets users track changes to loan product guidelines over time. This allows lenders in particular to stay up to date with ever-changing requirements and underwrite loans correctly based on real-time information. Anyone interested in learning more is encouraged to arrange a demo.

Market Clarity 3.0 allows users to search thousands of different loan programs in three different ways:
  • A Product Eligibility search tool lets users type in a borrower's criteria and loan requirements to find available products from more than 3,000 products from 95 different vendors and GSEs.
  • A Product Comparison search allows lenders to compare loan products by 44 different data points to see how they stack up down to a granular level, with the ability to export results in multiple formats.
  • A Product Overlay search enables lenders to select a baseline investor, such as Fannie Mae, and compare other loan programs against it to show where and how products differ, and where some are more restrictive and others more lenient.
Market Clarity 3.0 is also fully integrated with the AllRegs Loan Library, an online reference library that includes investor underwriting and insuring guidelines and federal and state statutes and regulations.

For more information about AllRegs and Market Clarity 3.0, visit www.allregs.com.
And if you’re ready to see how it can work for you, click here to arrange your personalized demo.
PARTNER CORNER
Wells Fargo Data Delivery – It Just Got Easier
If you do business with Wells Fargo, life just got a little easier. Now there’s a cleaner, simpler way to deliver data to Wells Fargo right from Encompass.
 
We worked closely with Wells Fargo to streamline the data delivery connection so that you can easily register your loan with Wells Fargo through the “Access Lenders” menu found under the “Services” tab.

The workflow now allows you to reside in Encompass without having to download files locally or navigate to multiple web-portals to register your loan.
 
This is the first of many changes we are making to help Encompass Lenders streamline the delivery of data and documents to our Investor Partners. Stay tuned for more to come.
 
To take advantage of this feature, review this video so you can get connected and make the Wells Fargo part of your life a little easier.


Ellie Mae and Nationstar Teamed Up for a Webinar – Watch the Recorded Replay On Demand

On March 17, 2015, we held a webinar, Encompass Product and Pricing Enhancements and New Investor Options, discussing new functionality coming your way in the Encompass 15.1 Release.

Don’t worry if you missed it – we recorded it. Watch it here.

Led by our Solution Specialist, Tom Lyons, The webinar took a look at how 15.1 will handle:
  • Historical Pricing
  • Auto-Lock
  • Secondary Marketing improvements
And you’ll also hear from Nationstar, a leading Investor. Their National Sales Director – Correspondent, John Hodge, delivers some insight into the competitive loan options they provide and helps you understand the top items to consider when selling your loans to investors.

Take 60 minutes to watch the webinar – it’s an informative hour that will help you maximize the Encompass 15.1 update and gain an inside look at what investors looking for from your loans.

The Encompass Product and Pricing Enhancements and New Investor Options webinar replay is available here.
COMPLIANCE CORNER
Closing the RESPA-TILA Training Gap – Ellie Mae Compliance Central
Many lenders are finding that tools and education for RESPA-TILA preparation are lacking, confusing or just hard to find. That’s why we put a concentrated effort in closing the educational gap with the tools available on their website’s resource page, Compliance Central.

There, you may access recordings of our six-part RESPA-TILA webinar series, as well as the recently held RESPA-TILA Integration – Policy Impacts webinar. Access all the tools at Compliance Central here, or go directly to the webinars here.

Hosted by two AllRegs® experts, Professional Services Group Manager, Joy K. Gilpin, and Vice President, Director of Compliance, Richard Triplett, RESPA-TILA Integration – Policy Impacts shined a light on the necessity of having up-to-date policies, procedures and documentation that will satisfy compliance when the RESPA-TILA takes effect on August 1, 2015.

The webinars in the six part RESPA-TILA series include:
  • RESPA-TILA: Integrated Mortgage Disclosure Rules 
  • RESPA-TILA: Delivery Timing & Tolerances
  • RESPA-TILA: The Loan Estimate – Parts 1 & 2
  • RESPA-TILA: The Closing Disclosure - Parts 1 & 2
  • RESPA-TILA: Q&A Townhall
As an additional resource, you can access a PDF of RESPA-TILA FAQ's here.

These are just a small number of the webinars we host each year, all free to the industry and focused on helping everyone navigate compliance issues, improve efficiencies and examine emerging trends and technologies.

More information, as well as informational videos and whitepapers, is available at Ellie Mae Compliance Central.

AllRegs by Ellie Mae – Taking It to the Next Level

In October, following its acquisition, AllRegs® became AllRegs by Ellie Mae. Why? Because merging AllRegs’ mission critical content, tools and services with our market leading compliance and mortgage management technology takes both of us – and our clients – to the next level. Now Encompass users have access to the broad array of AllRegs educational courses, certifications, risk mitigation and other services – including their extensive content library of regulations and investor guidelines.

And we just launched Market Clarity® 3.0. This new version lets you compare and contrast more than 3,000 loan products from 95 different investors, giving you better insight on the differences between products and investors.

You can find out more about AllRegs by Ellie Mae here, or – if you are ready to find out how this game-changer can make your team better – you can arrange a demo.