TRENDS, TECHNOLOGY UPDATES AND USEFUL NEWS FOR MORTGAGE PROFESSIONALS
RESPA-TILA: It’s Real, It’s Here. Are You Ready? RESPA-TILA is just days away. In less than a week, this Jurassic-sized regulatory prospect becomes a reality. Ellie Mae® has
put educational and practical resources in place to prepare lenders,
answer key questions, and show how others in the industry are getting
RESPA-TILA Online FAQs – New Additions Complete the Series Ellie
Mae has created a far-reaching list of RESPA-TILA FAQs. Authored by
their team of compliance experts, this online resource delivers clear,
concise answers that can help provide a deeper understanding of the new
rules. Easily searchable, it allows visitors to get right to the answers
they are seeking. For example:
When do the disclosures begin? For what transactions?
Is there a penalty for providing both the current and new disclosures post October 3?
If the transaction has a mortgage broker, who should provide the Loan Estimate?
When do I need to provide a Closing Disclosure to a consumer? When do they need to receive it?
Ellie Mae Online ROI Calculator: Helping Lenders Get Right to the Bottom Line Ellie Mae® and their all-in-one mortgage management solution, Encompass®,
are highly regarded and widely used. But before any lender makes a
major LOS decision, they need to know how it could impact what matters
most: the bottom line.
Ellie Mae just introduced an online ROI
calculator. It is simple, quick and easy to use, and delivers powerful
truths about how Encompass helps lenders achieve returns as high as $970
of savings and added value per loan via improved compliance, loan
quality, and efficiency.
Case Study – Ellie Mae RESPA-TILA Prep Works Leveraging
Ellie Mae RESPA-TILA training tools sounds like a great idea, but do
they work? Here’s testimony from a recent Ellie Mae Client Case Study
citing a leading lender who used these tools to effectively prepare.
were actually disappointed when the deadline was pushed back because we
had worked so hard and were ready,” Josh Byrom, Director, Loan
Origination System at Prosperity Home Mortgage said. “We were ready
because we had the early start from Ellie Mae and had adapted our
Learn just what Josh Byrom did to prepare, and see how he engaged with Ellie Mae to improve their performance.
MBA Annual: Connect with Ellie Mae, See What’s New Ellie
Mae will be attending the MBA Annual Convention & Expo 2015 in San
Diego October 18-21, 2015. This is the country's largest gathering of
real estate finance industry leaders, and a key opportunity to connect
with Ellie Mae in person. Lenders can arrange an Encompass® demo, see what’s on the technology horizon, and get a personal look at how Ellie Mae has made Encompass RESPA-TILA ready.
Learn more about MBA's Annual Convention & Expo 2015 right here.
Recent case studies released by Ellie Mae add real-world credence to their ROI claims.
Nivison, COO at VanDyk Mortgage leveraged Encompass to elevate
efficiencies and streamline compliance effectiveness to help grow
profits while scaling back man-hours. “Using Encompass and all the
available technology that went with it was one of the three things that
made us so much more efficient and, ultimately, more profitable,” says
Nivison. “Ellie Mae has proven to be a real game changer for us.”
available are studies highlighting how Gold Star Mortgage Financial
Group elevated their operational efficiency and how EverBank
successfully executed their nationwide retail branch lending initiative
by leveraging Encompass.
Ellie Mae Origination Insights: Credit Scores Fall, Closing Rates Stay High Credit scores on closed loans fell to their lowest level since February of 2014, according to the latest Ellie Mae®
Origination Insight Report. The average FICO score on all closed loans
reached 724, while average FICO scores on closed FHA refinances and
purchases held steady at 660 and 689 respectively.
Over 66% of
all loan applications closed for the second straight month, remaining at
the highest level since August 2011. The closing rate on purchase loans
remained above 70%.
The monthly Origination Insight Report
mines its application data from a robust sampling of approximately 66%
of all mortgage applications that are initiated through Ellie Mae's
Encompass all-in-one mortgage management solution.
Encompass Product and Pricing Service: New Features, New Investor Available EncompassProduct
and Pricing Service™ just got better with the addition of new
functionality – historical pricing and auto lock – as well as an
expanded investor list.
Working seamlessly within the Encompass,
Encompass Product and Pricing Service helps lenders save time, keep data
accurate and in sync, quickly find a variety of offers, and easily stay
on top of pricing changes that affect loan scenarios. The new
historical pricing feature lets lenders easily view pertinent archived
loan information in the event of borrower credit, appraisal, purchase
price, or other changes to the locked information. The auto lock feature
automates the loan lifecycle in Encompass and auto confirms the lock so
no manual intervention is needed.
And – in addition to these
big feature upgrades – Banc Home Loans products are now available in
Encompass Product and Pricing Service.
Ellie Mae recently produced a short video that overviews the new features.