In preparation for the 2018 changes to Home Mortgage Disclosure Act data collection and reporting, Ellie Mae has launched a new release of Encompass.
Through Encompass 17.4, Ellie Mae aims to support the 2018 changes while improving efficiency and compliance.
For clients needing to report HMDA under multiple entities with separate reporting requirements, lenders will be able to develop a HMDA profile for each Legal Entity Identifier to be used within their organization. Lenders will also have the option to express which fields they use for their underwriting practice as relied upon factors for income, combined loan-to-value and debt-to-income for HMDA reporting.
Since consumers will no longer have to identify a race or ethnicity before selecting a more specific subcategory as per HMDA's final rule, borrowers will have the option to select multiple ethnicity options within Encompass.
"HMDA readiness remains a top priority for the entire mortgage industry and Ellie Mae is committed to supporting our customers as they prepare by offering solutions, information, training and resources well in advance," said Jonathan Corr, president and CEO of Ellie Mae, in a press release.
"With the 17.4 major release of Encompass, we are providing additional 2018 HMDA collection and reporting updates as well as Correspondent Trade enhancements. This comprehensive release offers technology to ensure complete compliance with regulatory updates, as well as the innovative capabilities that enable our banks, credit unions and mortgage lenders to originate and fund more loans, lower origination costs and shorten the time to close," he continued.
Updates to Encompass will also include electronic document enhancements as the industry trends toward a more digital process.