Ellie Mae updates Encompass to support new HMDA requirements
HMDA to take effect January 2018
Ellie Mae released an updated version of Encompass, its mortgage management solution, which integrates coming requirements under the new Home Mortgage Disclosure Act, which goes into effect in January of 2018.
Encompass 17.2 includes support for 2018 HMDA collection and reporting changes that expand data capture related to applicants, property and loan features. For example, the solution now enables collection of the new data set required for loans with a final disposition in a single system of record, along with a HMDA LAR (Loan Application Register) compliant with new guidelines published in the rule.
Beyond HMDA, the release offers secondary marketing enhancements and updates to Encompass Product and Pricing Service.
“With this major release of Encompass, we’re providing the innovative capabilities that enable our banks, credit unions and mortgage lenders to originate and fund mortgages with complete compliance, loan quality and efficiency,” said Jonathan Corr, president and CEO of Ellie Mae. “While data collection under the new Home Mortgage Disclosure Act begins in January of 2018, this release gives clients support in advance for the new fields to provide greater time to educate, train and prepare.”
The last update came in February and added extensive updates to support construction loans.