Daily Briefing Weekend Edition

A New Version For Encompass

By Brad Finkelstein

Ellie Mae has released version 3.5 of the Standard and Professional Editions of Encompass, its loan origination system. Among the numerous enhancements are upgrades that simplify data entry, increase system performance and make it even faster and easier for both brokers and bankers to ensure quality and compliance when originating FHA loans, the company said.

At the National Association of Mortgage Brokers annual convention here, Jonathan Corr, chief strategy officer for Ellie Mae, said as part of the FHA upgrade, Encompass now has worksheets that will ease origination.

Those worksheets include a FHA Maximum Mortgage and Cash Needed worksheet, an Energy Efficient Mortgage calculation feature, a direct link to the good faith estimate displayed at the top of the mortgage credit analysis worksheets, and a new auto entry button ensures that contract sales prices are accurately entered for a 203(k) loan.

Mortgage insurance tables, not just for FHA, but for conforming and Veterans' Administration loans as well, can be accessed with the click of a button. FHA county loan limits can be accessed by the click of a button as well. The reason for making this upgrade is the state of the mortgage market, he added. FHA is a big part of what companies are originating right now, he said.

Therefore, Mr. Corr said Ellie Mae wants to help originators have "an easy transition" back into doing this product, which many had forsaken during the subprime boom.