Ellie Mae launched a new version of Encompass, its mortgage management solution, adding extensive updates to support construction loans.
The newest 17.1 update also introduces better integration with the GSEs, trade management enhancements and updates to Encompass reports
When it comes to expanded construction lending support, Ellie Mae developed a way to process construction-only and construction-to-permanent loans within Encompass, including a construction management tool, blended and separate Know Before You Owe disclosures, federal and state compliance reviews and closing documents.
And for the GSEs, Ellie Mae said Encompass will now offer support for Fannie Mae’s HomeReady offering, designed to meet the diverse needs of today’s buyers with the enhanced affordable lending product.
The update also includes a new integration with Freddie Mac Loan Closing Advisor, Freddie Mac’s solution for the Uniform Closing Disclosure delivery mandate.
“With this new release of Encompass we’re providing innovative capabilities that enable our banks, credit unions and mortgage lenders to originate and fund mortgages with improved compliance, loan quality and efficiency,” said Jonathan Corr, president and CEO of Ellie Mae.