Ellie Mae ® (NYSE: ELLI), a leading provider of enterprise level, on-demand automated solutions for the residential mortgage industry, today announced the introduction of Encompass Docs Solution™. The new solution was built from the ground up to provide users a fast, flexible and accurate tool to create and complete the compliance documents needed to process a loan from initial disclosures to closing.
The new solution is natively built within Ellie Mae’s Encompass360 ® mortgage management software system so it takes data directly from the information inputted throughout the entire origination process to assure data accuracy and consistency. It drives efficiency by populating the template forms with up-to-date information and calculations. 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.
In addition, Encompass Docs Solution initiates a comprehensive set of compliance tests through the Encompass Compliance Service™, prior to document production. The compliance engine also includes audit tests that alert the users to potential issues such as missing fields, overflow fields, inconsistent loan data and Annual Percentage Rate (APR) tolerance problems before a document clears each step in the process.
Encompass Docs Solution also adds flexibility and control over which documents are returned for each loan and in which order. When the loan package is complete, the solution automatically stacks documents according to investor requirements, making the system both flexible and intuitive. In addition, the Encompass Docs Solution includes a broad library of disclosures and closing documents and can also be used to create customized documents.“We’ve been using the new Encompass Docs Solution since August 2012 and we’ve already seen improvements in the amount of time it takes for our closers to draw documents,” said Marty Richards, director of information technology at First Centennial Mortgage, Aurora, Ill. “With Encompass Docs Solution part of one system, the accuracy has improved and we’ve seen that it takes much less time to draw closing documents. We also like the flexibility of the new stacking order.”