Ellie Mae Releases New Version of Encompass
Ellie Mae has launched a new version of its Encompass mortgage management product, which features expanded support for construction loans and streamlined integrations with Fannie Mae and Freddie Mac among other developments.
"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," Ellie Mae CEO and President Jonathan Corr said in a news release Monday.
Perhaps the biggest change to Encompass is the increased support for construction-only and construction-to-permanent loans. Encompass has a new construction management tool, which will allow lenders to originate loans and input construction tracking information. Additionally, Ellie Mae can now provide both blended and separate Know Before You Owe disclosures for construction loans and necessary federal, state and local compliance reviews.
Ellie Mae also updated Encompass to include new integration to the Uniform Closing Dataset from Fannie Mae and Freddie Mac. Additionally, Ellie Mae improved the workflow with the government-sponsored enterprises beyond the UCD integration, including new support for Fannie Mae's HomeReady offering.
Other changes made to Encompass include enhancements to the platform's trade management capabilities to allow multiple loan trades, mortgage-backed securities pools or correspondent trades to be processed in a single queue in the background. Encompass also now offers expanded reports that display user group settings to help in auditing user access to the platform within lenders' operations.