Ellie Mae (ELLI) said Monday it had introduced a new document creation and management solution tool, called Encompass Docs Solution.
Built within Ellie Mae's Encompass360 mortgage management software system, the EDS creates and helps users complete the compliance documents needed to process a loan from initial disclosures to closing.
"Mortgage finance is a document-intensive process with increased scrutiny on loan quality. There are high risks of compliance-related buybacks deriving from improper or incomplete loan documentation," explained Jonas Moe, vice president of product strategy at Ellie Mae.
According to the company, the new solution was built to help users create and complete the compliance documents needed to process a loan from initial disclosures to closing.
Beyond populating templated forms with up-to-date information and calculations, Encompass Docs Solution also initiates a comprehensive set of compliance tests prior to document production.
The compliance engine also includes audit tests that alert the users to potential issues such as missing fields, overflow fields, inconsistent loan data and Annual Percentage Rate (APR) tolerance problems before a document clears each step in the process, the company said in a statement.