Ellie Mae has launched the second major release of Encompass360 for 2010, which includes 24 upgrades designed to make it easier for users to comply with lending regulations and improve business management, productivity and visibility.
Six of the Encompass360 enhancements focus on compliance. Enhanced functionalities include an ability to set up and store company and branch licensing information in Encompass360's settings, which can then be referenced by the automated Encompass Compliance Service when running state-specific compliance tests; an ability to create a user-accessible master fee list and employ a compliance testing service without having to map manually entered fees as they are added to the system; and three risk-based pricing disclosures that will be required by Jan. 1, 2011.
"Compliance is a twofold concern for lenders – there is the issue of the fees and fines for compliance failures, but there is also a huge concern about buybacks," says Jonathan Corr, chief strategy officer for Ellie Mae. "These enhancements help address those concerns with improved tools that promote total loan quality, which is ultimately the cornerstone of achieving fully compliant operations."
SOURCE: Ellie Mae