Ellie Mae has introduced Encompass Docs Solution, a new tool that helps users create and complete the compliance documents needed to process a loan, from initial disclosures to closing.
The technology is built within Ellie Mae's Encompass360 mortgage management software system, taking data directly from the information inputted throughout the origination process to ensure data accuracy and consistency. It populates template forms with up-to-date information and calculations, and as changes are made in one section of the application, all the fields affected by the changes are automatically updated through the entire set of relevant documents.
Encompass Docs Solution also offers ‘flexibility and control over which documents are returned for each loan and in which order,’ the company says. When the loan package is complete, the solution automatically stacks documents according to investor requirements, and the platform includes a library of disclosures and closing documents that can be used to create customized documents.
‘There are high risks of compliance-related buybacks deriving from improper or incomplete loan documentation,’ says Jonas Moe, vice president of product strategy at Ellie Mae. ‘Encompass Docs Solution is designed to offer new features that deliver flexibility, accuracy, compliance and speed.’