Ellie Mae, a provider of software and services for the mortgage industry, has released version 3.5 of the Standard and Professional Editions of the Encompass Mortgage Management System. Among the system's numerous enhancements are upgrades that are intended to 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.
Some of the most market-pertinent enhancements include adjustments that make it easier for users to originate increasingly popular FHA loans. According to Ellie Mae, a new 'FHA Maximum Mortgage and Cash Needed' worksheet simplifies calculations of statutory investment requirements, maximum mortgages and actual cash requirements, and a new 'Energy Efficient Mortgage' calculation feature tallies a borrower's energy-efficient items, along with the borrower's actual costs and maximum amounts available according to Federal Housing Authority guidelines.
The product also includes 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. Additionally, Encompass user profiles now include a CHUM field, which automatically copies approval codes into the Freddie Mac additional form.
Source: Ellie Mae