Encompass REPORT

TRENDS, TECHNOLOGY UPDATES AND USEFUL NEWS FOR MORTGAGE PROFESSIONALS
SEPTEMBER 2015
RESPA-TILA Readiness
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 ready.

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?
INDUSTRY INSIGHTS
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.

“We 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 operations.”

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.
EVENTS
Recent case studies released by Ellie Mae add real-world credence to their ROI claims.

Jeanie 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.”

Also 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
Encompass Product 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.
SEE A DEMO
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 100,000 mortgage professionals.

Find out how Ellie Mae earned their trust. Find out what Encompass can do for your business.