Ellie Mae has released the latest version of its loan origination system, which includes an integration with Freddie Mac's Loan Advisor Suite.
The Pleasanton, Calif.-based company is the first to market with the Freddie Mac integrations, fulfilling earlier expectations from when the new suite of Freddie Mac technology offerings was announced. Other updates to the Encompass LOS include changes to the Total Quality Loan program and to its Product and Pricing Service.
Regarding the new Freddie Mac offerings, Encompass will now offer Loan Product Advisor, the underwriting system that replaced Loan Prospector. Ellie Mae's software also integrates with Freddie Mac's Loan Quality Advisor, a risk and loan eligibility assessment tool available to Freddie Mac sellers.
Adding Loan Quality Advisor to Encompass will allow Ellie Mae customers "to originate loans within Freddie Mac guidelines more easily and with greater certainty, taking immediate advantage of the new features Freddie Mac is bringing to market," the company said in a news release Monday.
For Ellie Mae's Total Quality Loan Program, the company has added DataVerify's DRIVE services and First American Mortgage Solutions' FraudGuard support tool. DataVerify's DRIVE services provide fraud detection and support for 4506-T income verification and FraudGuard was created to identify risk in transactions.
Ellie Mae has also updated the Product and Pricing Services component of Encompass to support the construction and construction-perm loan programs. The service allows clients to create ARM loan programs from a wider array of ARM indices.