The latest briefs from the world of mortgage technology…
Latest Encompass360 Release Focuses on Compliance Needs
Ellie Mae released the second software update of 2010 to its Encompass360 loan origination system, bringing a series of 24 changes aimed at improving usability and giving lenders new compliance features.
There are six compliance issues addressed in the Version 6.7 update. In preparation for an upcoming government-sponsored enterprise initiative to require appraisal data be transferred in XML-formatted electronic documents, Encompass360 can now import XML appraisal e-docs. The software can also import appraisal independence certificates.
Pleasanton, Calif.-based Ellie Mae also added the ability for its Encompass Compliance Service software to access individual company and branch licensing information from the LOS to reference locations for state-specific compliance tests. Another feature in the LOS lets users access the master fee list that controls settlement services fees that are referenced in loan document templates and runs automated compliance tests on fees.
In addition, the software provides lenders with an automatic unsubscribe option for recipients of marketing e-mails and pre-made privacy policies to set corporate disclosure policy.
Other changes update the technology’s product and pricing engine integration, e-disclosure workflow and other features. The bi-annual updates are based on user feedback the company receives from customers, in addition to making changes to keep up with evolving regulatory requirements.
CoreLogic Launches Income Verification Software
Data and technology firm CoreLogic launched a software product that checks potential mortgage borrower’s income.
The IncomeAdvisor technology uses predictive modeling to project a borrower’s ability to repay and provides a report that includes a fraud score and income estimation. It can also alert lenders with recommendations on specific additional income information to request in reviewing a borrower’s financial footing.
Santa Ana, Calif.-based CoreLogic said its software goes beyond credit bureau data that shows previous payment history and can be helpful in determining a borrower’s creditworthiness when there is a short or limited credit history.
Okla. Bank Adds Compliance Tech
Bank of Commerce implemented the ComplianceOne mortgage compliance software developed by Wolters Kluwer Financial Services.
The software provides mortgage document preparation, transaction tracking and compliance automation. The integration included training and support for the Tulsa-area bank.
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