What's New

In this release, the mapping between the Encompass Application Date field (HMDA.X29) and the Mavent ApplicationDate element in the XML has been updated. The field now accepts values in the "yyyyMMdd" format, and exports values that do not conform to this format unchanged. Based on the value entered for application date and the value selected for Action Taken field (1393), the following Warning status message will be returned when Action Taken is set to 6. Purchase Loan and the application date does not conform to the acceptable format.

Encompass		Mavent
Application Date (ID HMDA.X29)	Action Taken (ID 1393)	ApplicationDate	Status Message
Blank/Null	6. Purchase Loan	Blank/Null	Review Error (V619) - Action Taken Date(50001086) An invalid Action Taken Date was reported. Please review the information below and update your file accordingly. 1) Action Taken Date must be a valid date using YYYYMMDD format, and cannot be left blank. 2) The Action Taken Date must be in the reporting year. 3) If Action Taken equals 1, 2, 3, 4, 5, 7 or 8, then the Action Taken Date must be on or after the Application Date.
As entered	6. Purchase Loan	As entered	Review Error (V610) - Application Date(50001077) An invalid data field was reported. Please review the information below and update your file accordingly. 1) Application Date must be either a valid date using YYYYMMDD format or NA, and cannot be left blank. 2) If Action Taken equals 6, then Application Date must be NA, and the reverse must be true. Review Error (V619) - Action Taken Date(50001086) An invalid Action Taken Date was reported. Please review the information below and update your file accordingly. 1) Action Taken Date must be a valid date using YYYYMMDD format, and cannot be left blank. 2) The Action Taken Date must be in the reporting year. 3) If Action Taken equals 1, 2, 3, 4, 5, 7 or 8, then the Action Taken Date must be on or after the Application Date.
01/24/2025	6. Purchase Loan	20250124	Review Error (V610) - Application Date(50001077) An invalid data field was reported. Please review the information below and update your file accordingly. 1) Application Date must be either a valid date using YYYYMMDD format or NA, and cannot be left blank. 2) If Action Taken equals 6, then Application Date must be NA, and the reverse must be true.
01/24/2025	7. Preapproval request denied	20250124
NA	6. Purchase Loan	NA

In the Encompass 25.2 Major Release, a new global setting, Calculate APR using Actual Number of Days for Initial Period, has been created in the Encompass Admin Tools > Settings Manager > Category > Policies setting. This setting enables lenders to calculate the APR for loans using the actual number of days for the first loan payment date rather than the standard 30 number of days for the first payment date. When the actual number of days is used, the actual number of days in the month are used when determining the first payment date that’s used to calculate APR (e.g., January = 31 days, February = 28 days (except for leap year), March = 31 days, and so on).

Also, in the Encompass 25.2 Major Release, a new Use Actual Days checkbox (5062) has been added in the Disclosure Information section, located next to the Current APR field (799), on the RegZ-LE and RegZ-CD input forms in the desktop interface and on the RegZ input form in the web interface. This option enables the selection between actual number of days and standard 30 days for APR calculation, overriding the global setting for the APR calculation at the loan level.

In this release, Encompass now sends the “Actual Period” APR calculation to ECS and maps to the FirstPaymentPeriodTreatment element in Mavent. When the new Use Actual Days checkbox (5062) is selected, the system will update the value for FirstPaymentPeriodTreatment to use actual period logic for APR calculation. Conversely, when the checkbox is not selected, the system will update the value for FirstPaymentPeriodTreatment to use standard period logic for APR calculation. By default, the Use Actual Days checkbox is not selected.