Ellie Mae Announces New Major Releases of Encompass Digital Mortgage Solution
April 16 2018 - 09:00AM
Business Wire
Releases Drive Quality, Compliance and
Efficiency for Encompass and Encompass TPO Connect
Ellie Mae® (NYSE:ELLI), the leading cloud-based platform
provider for the mortgage finance industry, announced today that it
has launched a new major release of its Encompass® digital mortgage
solution. The release of Encompass 18.2 will help lenders of all
sizes originate more loans, lower origination costs and shorten the
time to close with compliance, efficiency and quality.
Specifically, the new major release of Encompass includes
compliance updates related to Know Before You Owe (KBYO) and the
Home Mortgage Disclosure Act (HMDA), and Construction Workflow and
Correspondent Trades. Ellie Mae also announced plans for new
innovative Encompass TPO Connect® functionality that will be
available later this month.
“Our mission is to provide complete digital mortgage technology
to help our customers succeed by enabling them to close more loans
by increasing efficiencies, reduce the time to close by offering
intelligent automation and reducing the cost to originate,” said
Jonathan Corr, president and CEO of Ellie Mae. “With the 18.2 major
release of Encompass, we are providing expanded support and new
capabilities to improve efficiency, transparency and workflow
automation while offering the quality and compliance synonymous
with the Ellie Mae name. Additionally, by offering an array of new
functionality to Encompass TPO Connect, we're helping our third
party originators be more productive while growing their
businesses.”
The major release of Encompass 18.2 includes:
Know Before You Owe Mortgage Disclosure Updates:
Implementation of the first phase KBYO Technical Corrections rule
published by the Federal Register on August 11, 2017 with a
mandatory implementation date of October 1, 2018. Updates were made
to the Loan Estimate and Closing disclosure for treatment of gift
funds, closing cost expiration after Intent to Proceed and other
workflows to incorporate these technical clarifications.
Construction Loan Workflow: Updates to cash to close
calculations on the Loan Estimate and Closing Disclosure input
forms to align with KBYO clarifications and guidance for
construction and construction-to-permanent transactions. This
represents a significant improvement in workflow and efficiency for
construction loans originated on the platform.
Extensions for Correspondent Trades: Continued
investments in solutions that enable a seamless, automated workflow
with correspondent lenders that reduces the time to qualify and
purchase loans. Correspondent lenders can now request, and
investors can now initiate trade expiration date extensions for
multiple loans within a trade, removing the friction and manual
communication process between lenders and investors that is often
required to extend loan expiration dates.
To help correspondent investors and lenders originate better
loans faster, Ellie Mae also announced upcoming enhancements to
Encompass TPO Connect, Ellie Mae’s solution for optimizing
wholesale and correspondent channels. The following updates will be
available in late April:
- Individual login credentials for TPOs
with multiple sales representatives.
- Configurable loan buckets to organize
loans by lifecycle stage, size and geography for easier management
and reporting.
- Disclosure tracking status reports that
enable TPOs to easily identify the status of their loan disclosure
sent to TPO Connect administrators.
Plus new functionality to enable lenders to customize their
website user experience based on their business workflow:
- The ability to embed third party
content in the TPO website with secure scripting to provide TPOs
with customized workflow and improved experience.
- The ability to create a customizable
web page login, enabling lenders to extend their brand to their TPO
Connect websites.
- Customizable milestone fields that give
lenders transparency into the status of their TPO’s loans.
For more information about Encompass, visit:
http://www.elliemae.com/encompass/encompass-overview
For more information about Encompass TPO Connect, visit:
https://www.elliemae.com/encompass/sales-marketing/encompass-tpo-connect
About Ellie Mae
Ellie Mae (NYSE:ELLI) is the leading cloud-based platform
provider for the mortgage finance industry. Ellie Mae’s technology
solutions enable lenders to originate more loans, lower origination
costs, and reduce the time to close, all while ensuring the highest
levels of compliance, quality and efficiency. Visit EllieMae.com or
call (877)355-4362 to learn more.
Forward-Looking Statements
This press release contains forward-looking statements under the
safe harbor provisions under The Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
statements regarding the benefits to Ellie Mae’s customers of the
Encompass 18.2 software release. These statements involve
known and unknown risks, uncertainties, and other factors which may
cause actual results to be materially different than those
expressed or implied in such statements. The forward-looking
statements included in this press release are made only as of the
date hereof. Ellie Mae cannot guarantee future results, levels of
activity, performance or achievements. Accordingly, you should
not place undue reliance on these forward-looking
statements. Finally, Ellie Mae expressly disclaims any intent
or obligation to update any forward-looking statements to reflect
subsequent events or circumstances, unless otherwise required by
law.
© 2018 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®,
Mavent®, Velocify®, the Ellie Mae logo and other trademarks or
service marks of Ellie Mae, Inc. appearing herein are the property
of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other
company and product names may be trademarks or copyrights of their
respective owners.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180416005060/en/
Ellie Mae, Inc.Erica Harvill,
925-227-5913Erica.harvill@elliemae.comorAllison+PartnersAlexandra
Gardell Kreuter, 646-428-0618EllieMae@allisonpr.com
Ellie Mae, Inc. (NYSE:ELLI)
Historical Stock Chart
From Feb 2024 to Mar 2024
Ellie Mae, Inc. (NYSE:ELLI)
Historical Stock Chart
From Mar 2023 to Mar 2024