Updates to Features and Enhancements for 20.1 May Service Pack
New Bi-weekly Loan Payment Summary Form
New Bi-weekly Loan Payment Summary Form Available
A new Bi-weekly Loan Payment Summary form is available in Encompass LO Connect. Use the Bi-weekly Loan Payment Summary input form to view calculated payment amounts for bi-weekly loans and apply the information in closing documents and disclosures. These fields are calculated based on entries in the Borrower Summary and 2015 Itemization forms.
If available, click the Lock icon to manually overwrite the calculated field value.
In this release, the Aggregate Escrow button is visible but disabled.
To view a list of all calculated editable Encompass fields and their corresponding details such as the source fields (fields that determine the values in this form) and to which forms the source fields belong view the Bi-Weekly Loan Payment Summary help topic in the Encompass help.
To View the Bi-weekly Loan Payment Summary Form:
- Open a loan file in Encompass LO Connect.
- In the Forms section in the left navigation menu, select Bi-weekly Loan Payment Summary.
- The form displays.
New Amortization Schedule Tool
Amortization Schedule Tool Now Available
The Amortization Schedule tool has been added to Encompass LO Connect. The Amortization Schedule tool displays detailed information (such as principal, interest, and balance) for the life of the loan. You can view a Complete Schedule that displays details for every loan payment, or a Yearly Schedule that displays totals for each year of the loan.
To View and Use the Amortization Schedule Tool:
- From a loan in Encompass LO Connect, select Tools from the left navigation menu.
- Select Amortization Schedule. The Amortization Schedule displays details for every payment throughout the life of the loan.
- To change the report to display yearly totals, select Yearly Schedule.
- To return to payment details, select Complete Schedule.
- Use the Worst Case and Best Case options to switch the report between the worst and best case scenario view.
Note: In this initial release, the Amortization Schedule tool does not support FHA and USDA loans. This will be supported in a future release.
Features and Enhancements
New Field Added to ULDD Forms
A new Escrow Balance Amount field (Encompass field CORRESPONDENT.X466) has been added to the ULDD - Fannie Mae and ULDD Freddie Mac forms in Encompass LO Connect. This new field enables the user to modify the value for the Escrow Balance Amount that is used when the loan data is exported. This field is located in the Escrow Items section.
New Escrow Holdback Field Added To Correspondent Purchase Advice Form
A new Escrow Holdback field has been added to the Purchase Details section on the Purchase Advice page of the Correspondent Purchase Advice Form. This change enables the users to enter a Escrow Holdback fee that the correspondent lender is keeping in an escrow account to complete work done to a home prior to selling the home. The value is entered manually and is deducted from the Wire Amount calculation.
