(NYSE: ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, today announced that it has integrated Encompass Flood Service™ into its Total Quality Loan™ (TQL) program to provide mortgage lenders with the accurate, efficient and consistent ordering of required flood certifications from one centralized tool in their Encompass® mortgage management solution.
Using Encompass Flood Service, Encompass users can now order basic and life-of-loan flood certifications directly from the TQL tool without leaving the loan file or logging into another provider’s website.
Encompass Flood Service now automatically populates more than a dozen key data elements, as documented in the flood certificate, and returns the certification to the borrower’s electronic loan file and can transfer both the data and certification, along with additional required documentation, directly to an investor. Lenders now also have the capability to order related/refinance determinations, a cost effective solution when a second record is needed for piggyback loans.
Encompass Flood Service also provides special property determinations for non-resident dwellings that may fall into special flood hazard areas; and life-of-loan determinations for portfolio lenders that service their loans in-house.
“One of the top reasons that clients tell us their loans contain suspense conditions is due to missing flood certifications. Our Total Quality Loan program’s best practice workflow now directly addresses this issue by incorporating the ordering of flood services,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “Encompass Flood Service is a logical expansion of our TQL services that also includes automated income verification, compliance checks, fraud detection and collateral risk reviews. Together these services help assure loan quality and drive cost and inefficiency out of the process.”
TQL enables lenders to confirm quality in their loan origination processes by:
- Auto-reviewing against industry and investor-defined standards.
- Transforming the loan review process into an “exception-based” process.
- Providing a digital vault for all verifications and documentation and images to capture the steps taken to promote quality and compliance.
Earlier this year, TQL was expanded with new capabilities to help lenders comply with Ability-to-Repay (ATR) and Qualified Mortgages (QM) requirements. These features enable mortgage lenders to demonstrate the controls that have been put in place to track loan quality and the steps they have taken to promote compliance, including:
- A central repository for all data, proof of verification and documentation.
- Quality validations for compliance, income verification, fraud detection and documentation.
This press release contains forward-looking statements under the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include the capabilities, quality and reliability of the Total Quality Loan program and the benefits that individual lenders and investors may experience. Additional risks and uncertainties related to the Company’s business are discussed in the Company’s Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2013. Unless otherwise required by applicable laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.