Ellie Mae says the title and closing center within its Encompass mortgage management solution will be enhanced and expanded to assist its clients and partners to prepare for the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosure (TRID) rule, which will go into effect on Aug. 1.
Encompass is a single system of record that allows banks, credit unions and mortgage lenders to originate and fund mortgages and improve overall compliance, quality and efficiency. Thousands of users leverage Encompass' Title & Closing Center to order and receive title services, fees and closing documents all from within a single system.
Specifically, Ellie Mae intends to add approximately 275 new title and recording fields, new borrower and transaction fees and details, and expand fee reconciliation workflows within the Encompass Title & Closing Center in order to help lenders comply with TRID.
These enhancements follow the release of Ellie Mae's new TRID solution, which includes new loan estimate and closing disclosure forms as well as disclosure tracking and fee itemization tools.